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July 26, 2010updated 12 Apr 2017 4:21pm

Close Bros expects good performance

Close Brothers Group has said it is confident of a sturdy performance for the year to 31 July, following good organic growth in its asset and motor finance arms. However, Close reportedly warned bad debts are still sensitive to economic conditions, and added its loan book totalled £2.9 billion (3.5 billion) at 30 June, up from £2.6 billion at the end of January

By Claire Hack

Close Brothers Group has said it is confident of a sturdy performance for the year to 31 July, following “good organic growth” in its asset and motor finance arms.

The parent company of Close Asset Finance and Close Motor Finance said that loans saw “better-than-expected” growth and its bad debt ratio also improved.

However, Close reportedly warned bad debts are still sensitive to economic conditions, and added its loan book totalled £2.9 billion (€3.5 billion) at 30 June, up from £2.6 billion at the end of January.

In the five months to 30 June, the asset management arm’s underlying results were subdued in comparison to the first half, Close said, although there were investment gains in the third and fourth quarters.

Claire Hack

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