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Close Brothers plc have declared an interim dividend per share of 22.7p, up 3%, in line with their progressive dividend policy

Investment Tools Ltd.
Close Brothers plc have declared an interim dividend per share of 22.7p, up 3%, in line with their progressive dividend policy

Close Brothers plc have announced an interim dividend of 22.7p (2019: 22.0p) represents an increase of 3% from the prior year and reflects our commitment to a progressive dividend policy, which aims to grow the dividend year on year while maintaining a prudent level of dividend cover.  The interim dividend is due to be paid on 22 April 2020 to shareholders on the register at 20 March 2020.

Other financial highlights include:

The group delivered a strong return on opening equity of 13.6%

On an adjusted basis, group operating profit reduced 9% year on year to £125.7 million. On a statutory basis, group operating profit before tax from continuing operations decreased 8% to £124.1 million

Their capital position has strengthened further, with the CET1 capital ratio increasing to 13.4%

Banking adjusted operating profit reduced 12% year on year to £115.4 million, reflecting modest income growth combined with some normalisation of bad debts and ongoing investment

The net interest margin was 7.8%, reflecting continued pricing discipline. The loan book remained broadly flat in the period, and the bad debt ratio increased to 0.9%, from historically low levels. Overall credit quality of the loan book remains strong. 

Asset Management achieved an adjusted operating profit of £12.6 million, up 17% year on year, supported by strong annualised net inflows at 12% and positive market movements, reflecting the strength of their client proposition and ongoing investment in the business

Winterflood benefited from a recovery in investor trading activity following the UK general election and delivered operating profit of £10.6 million, up 14% year on year

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