Business
Half-year Report for six months to 31 January 2025
Half-year Report for six months to 31 January 2025.
About this update from Close Brothers Group Plc
[{"type":"text","content":"\n\n \nHalf Year Results for the Six Months to 31 January 2025\n18 March 2025 \nFOCUSING ON RESILIENCE AND LONG-TERM GROWTH\nMike Morgan, Chief Executive, said:\n\"The group's performance reflects the strength and resilience of our business model, with robust underlying profit in the Banking business. We have made significant progress on our capital actions, achieving a pro-forma CET1 capital ratio of 13.4% at 31 January 2025, following the sale of Close Brothers Asset Management (\"CBAM\") and despite the impact of a £165 million provision relating to motor finance commissions.\"\n\"At our core, we have been here to serve our customers, deliver excellent service, provide specialist expertise and build strong, lasting relationships over the years. Today we are a trusted partner to UK SMEs, millions of customers, and our dedicated colleagues. Our banking model is more relevant than ever, and aligned with the UK government's growth agenda. We will build on our strong foundations while making the right strategic choices for long-term success. My priorities include focusing on greater simplification, improving operational efficiency, and driving sustainable growth. Our goal is to ensure that, once the motor finance commissions uncertainty has been resolved, the group is well positioned to generate strong, sustainable returns. Alongside a stronger capital position, delivering on these priorities will create a more efficient and resilient business, one that delivers greater value for shareholders and continues to support customers, as we have through many cycles.\"\nKey Financials1\n\n\n\n\n \n\n\nFirst half\n2025\n\n\nFirst half\n2024\n\n\nChange\n%\n\n\n\n\nOperating (loss)/profit before tax2\n\n\n£(103.0)m\n\n\n£88.1m\n\n\n(217)\n\n\n\n\nAdjusted operating profit3\n\n\n£74.9m\n\n\n...