Business
Preliminary results for year ended 31 July 2017
Preliminary results for year ended 31 July 2017.
About this update from Close Brothers Group Plc
[{"type":"text","content":"\n \nRNS Number : 7673R Close Brothers Group PLC 26 September 2017 \n\n \n\n \nPreliminary results for the year ended 31 July 2017\n\n \nGood Performance in the Year\n\n\n\n\n· \n\n\nThe group reported a good performance for the year, with a 13% increase in adjusted1 operating profit to £264.8 million, and an RoE2 of 17.9%\n\n\n\n\n· \n\n\nBanking delivered an adjusted operating profit of £243.5 million, up 9% on the prior year, with stable net interest margin and continued low impairments\n\n\n\n\n· \n\n\nThe increase in Banking profit was driven by Property Finance, with operating profit growth of 24%. Adjusted operating profit in Commercial Finance was up 4%, while Retail Finance was broadly flat\n\n\n\n\n· \n\n\nThe loan book grew by 7.0% to £6.9 billion, as we continue to apply our disciplined approach to lending in a competitive environment\n\n\n\n\n· \n\n\nWinterflood reported operating profit of £28.1 million, almost 50% higher than the prior year, reflecting strong retail investor trading activity\n\n\n\n\n· \n\n\nAsset Management continued to make good progress with adjusted operating profit of £17.4 million and good net inflows, at 9% of opening managed assets\n\n\n\n\n· \n\n\nThe proposed full year dividend per share of 60.0p represents growth of 5%, reflecting our progressive dividend policy\n\n\n\n\n \nFinancial Highlights2\n\n\n\n\n \n\n\nFull year\n2017\n\n\nFull year\n2016\n\n\nChange\n%\n\n\n\n\nAdjusted operating profit \n\n\n£264.8m\n\n\n£233.6m\n\n\n13\n\n\n\n\nOperating profit before tax\n\n\n£258.6m\n\n\n£228.5m\n\n\n13\n\n\n\n\nAdjusted basic earnings per share \n\n\n131.7p\n\n\n128.4p\n\n\n3\n\n\n\n\nBasic earnings per share \n\n\n128.3p\n\n\n125.7p\n\n\n2\n\n\n\n\nDividend per share\n\n\n60.0p\n\n\n57.0p\n\n\n5\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nReturn on opening equity \n\n\n17.9%\n\n\n18.9%\n\n\n \n\n\n\n\nNet interest margin \n\n\n8.1%\n\n\n8.2%\n\n\n \n\n\n\n\nBad debt ratio\n\n\n0.6%\n\n\n0.6%\n\n\n \n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n \n\n\n31 July\n2017\n\n\n31 July\n2016\n\n\nChange\n%\n\n\n\n\nLoan book \n\n\n£6.9bn\n\n\n£6.4bn\n\n\n7.0\n\n\n\n\nTotal client assets\n\n\n£11.2bn\n\n\n£9.9bn\n\n\n13\n\n\n\n\nCommon equity tier 1 capital ratio \n\n\...