Close Brothers Group plc released its preliminary results for the year ended 31 July 2024. The groups resilient performance was reflected in its banking division, which grew its loan book with strong margins and stable underlying credit quality. Close Brothers Asset Management delivered strong net inflows, while Winterfloods performance remained impacted by unfavourable market conditions. The groups operating income increased by 1% to £944.2 million, with growth in both banking and Close Brothers Asset Management. The statutory operating profit before tax increased by 27% to £142 million, reflecting non-recurrence of prior year impairment charges. The groups adjusted operating profit increased by 50% to £170.6 million, as the significant decrease in impairment charges and 1% growth in income more than offset a 10% growth in adjusted operating expenses. The groups common equity tier 1 capital ratio was 12.8%, significantly above its applicable requirement of 9.7%. The groups board remains confident that its actions leave it well positioned to navigate the current uncertainty.
| Year | Operating Income | Adjusted Operating Expenses | Statutory Operating Profit Before Tax | Adjusted Operating Profit | Return on Average Tangible Equity | Net Interest Margin | Bad Debt Ratio | Loan Book | CBAM Total Client Assets | CET1 Capital Ratio |
|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 944.2 | 674.8 | 142.0 | 170.6 | 8.3% | 7.4% | 1.0% | 10.1 | 20.4 | 12.8% |
| 2023 | 932.6 | 615.0 | 112.0 | 113.5 | 5.9% | 7.7% | 2.2% | 9.5 | 17.3 | 13.3% |