Close Brothers Group plc (CBG) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to the presentation of Close Brothers' 2024 full year results. Unfortunately, Adrian can't be here with us today. As announced earlier this week, he is taking a temporary medical leave of absence from the business, so I will be taking you through the presentation this morning. I'll start with an overview of the year before taking you through our financials. After that, I'll cover the progress we've made to date on the capital management actions and our strategy update. I'll be happy to take your questions afterwards, both via the telephone conference line and over the webcast, which you can submit either during or after the presentation. Our business delivered a resilient performance in an uncertain environment with the key metrics in line with guidance we had given you for the full year 2024. In banking, we continue to deliver growth at strong margins, albeit at a reduced pace due to the measures taken to moderate capital consumption. CBAM delivered market leading net inflows, although Winterflood's performance remained impacted by the unfavorable market conditions. We remained focused on cost discipline and have made further progress against the cost actions identified to improve future efficiency. The FCA's review of historical motor finance commissions announced in January introduced significant uncertainty for the industry and the group. We're taking a series of proactive steps and we're making significant progress against the capital actions outlined at the half year. We said that, combined, these actions could increase the group's CET1 capital by up to approximately 400 million by the end of the 2025 financial year. Following a comprehensive strategic review, we are pleased to announce the sale of our Asset Management Division this mor...