- Merchant banking group Close Brothers reported 'strong' performance in the first 11 months of the financial year amid an increase in its loan and asset management businesses.

For the 11 months to 30 June 2021, the loan book increased 9.6% in the to £8.3 billion from the prior-year period.

CBA generated annualised net inflows of 7%, up from 6% seen in 30 April 2021 despite the continued impact of reduced face-to-face interaction with clients arising from Covid-19. the company said.

Including favourable market movements, managed assets increased to £15.3 billion, up from £14.8 billion reported 30 April 2021, while total client assets increased to £16.4 billion from £16.0 billion.

The common equity tier 1 capital ratio rose to 15.9% from 14.1% last year, and 'significantly above the applicable minimum regulatory requirement,' it added.

Looking ahead, the company said that although the outlook has improved, the economic trajectory going forward remains uncertain.

Close Brothers will release its results for the full year ended 31 July 2021 on 28 September 2021.

Story provided by