Close Brothers Group (GB:CBG) has released an update.
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Close Brothers Group has reported a resilient financial performance amidst market uncertainties, with a 27% increase in statutory profit before tax and a 50% rise in adjusted operating profit. The company has strengthened its capital position, partly by deciding not to pay a dividend for the financial year 2024, and is poised to sell its asset management division to Oaktree, further boosting its common equity tier 1 capital ratio. Despite challenging conditions affecting its Winterflood business, Close Brothers saw loan book growth in Banking and strong net inflows in Asset Management.
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