The Close Brothers Group board is proposing a full year dividend of 66.0p (2018: 63.0p) per share, up 5%, in line with their progressive dividend policy.
Other financial highlights include:
The group delivered a solid performance with continued strong returns and profitability
They achieved higher profits in Banking while the Asset Management division and Winterflood faced more challenging conditions and overall, adjusted operating profit reduced 3% to £270.5 million
The CET1 capital ratio increased to 13.0% and return on opening equity remained strong at 15.7%
Banking adjusted operating profit increased 1% to £253.7 million, benefiting from their continued disciplined approach to lending and the diversity of their business portfolio. The net interest margin was broadly stable at 7.9%, the bad debt ratio remained low at 0.6% and the loan book grew by 5.7% to £7.6 billion
Continued good momentum in the Asset Management division with strong net inflows at 9%. Adjusted operating profit of £21.8 million, down 6%, reflects lower average market levels throughout the year and continued investment to support the long-term growth potential of the business
Winterflood delivered solid trading profitability in a difficult market environment, with only two loss days in the year. Operating profit of £20.0 million, down 29%, reflects significantly lower market activity
On a statutory basis, group operating profit before tax from continuing operations decreased 2% to £264.7 million
As separately announced today, Preben Prebensen has decided to step down after ten years as chief executive. Preben will remain with the group for the next 12 months to ensure a successful handover
