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CBG Close Brothers Group Plc

418.20
17.00 (4.24%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Close Brothers Group Plc LSE:CBG London Ordinary Share GB0007668071 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  17.00 4.24% 418.20 415.00 417.00 420.40 396.00 396.00 755,602 16:35:16
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Asset - Backed Securities 1.01B 81.1M - N/A 0

Close Brothers Group PLC Enhanced Segmental Disclosures (4310X)

21/02/2017 11:00am

UK Regulatory


Close Brothers (LSE:CBG)
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TIDMCBG

RNS Number : 4310X

Close Brothers Group PLC

21 February 2017

Press Release

Enhanced Segmental Disclosures

21 February 2017

The group and particularly the Banking division have grown significantly in recent years. Therefore, we now believe it is appropriate to increase the level of financial disclosure for the three operating segments within the Banking division.

This announcement sets out the planned changes and provides comparative figures for these segments in advance of the group's 2017 half year results announcement on 14 March 2017. These enhancements to our reporting do not reflect any changes to the structure of the group and will have no effect on the reported group financial statements or the Banking division as a whole.

The three operating segments in the Banking division are Retail Finance (motor and premium finance), Commercial Finance (asset and invoice finance) and Property Finance (residential development and bridging finance). In addition to existing income disclosure for each of these three operating segments, we will report adjusted operating profit and key performance ratios. The analysis of the loan book by line of business given in previous results announcements will remain unchanged.

The Securities and Asset Management operating segments will remain unchanged.

The following pages set out the comparative figures for the Banking segments for FY 2016 and H1 2016. All figures are before the charge for amortisation of intangible assets on acquisition, and therefore on our normal adjusted basis.

Enquiries

Sophie Gillingham Close Brothers Group plc 020 7655 3844

Eva Hatfield Close Brothers Group plc 020 7655 3350

Liya Dashkina Close Brothers Group plc 020 7655 3468

Andy Donald Maitland 020 7379 5151

About Close Brothers

Close Brothers is a leading UK merchant banking group providing lending, deposit taking, wealth management services and securities trading. We employ around 3,000 people, principally in the UK. Close Brothers Group plc is listed on the London Stock Exchange and is a member of the FTSE 250.

BANKING DIVISION TOTAL (Unchanged)

 
 
                                     H1 2016   FY 2016 
                                        GBPm      GBPm 
---------------------------------   --------  -------- 
 Operating income                      248.7     511.2 
 Operating expenses                  (123.6)   (250.3) 
 Impairment losses on loans and 
  advances                            (16.7)    (37.9) 
----------------------------------  --------  -------- 
 Operating profit                      108.4     223.0 
----------------------------------  --------  -------- 
 
 Net interest margin                    8.3%      8.2% 
 Expense/income ratio                    50%       49% 
 Bad debt ratio                         0.6%      0.6% 
 
 Closing loan book                     5,969     6,432 
 Operating lease assets                  140       160 
 Average loan book and operating 
  leases                               5,987     6,226 
 
 
 
 RETAIL FINANCE 
                                H1 2016   FY 2016 
                                   GBPm      GBPm 
----------------------------   --------  -------- 
 Operating income                 100.4     204.6 
 Operating expenses              (53.3)   (107.7) 
 Impairment losses on loans 
  and advances                    (8.2)    (17.8) 
-----------------------------  --------  -------- 
 Operating profit                  38.9      79.1 
-----------------------------  --------  -------- 
 
 Net interest margin               8.7%      8.6% 
 Expense/income ratio               53%       53% 
 Bad debt ratio                    0.7%      0.7% 
 
 Closing loan book                2,332     2,511 
 Average loan book                2,299     2,388 
 
 
 

COMMERCIAL FINANCE

 
                                          H1 2016   FY 2016 
                                             GBPm      GBPm 
---------------------------------  ----  --------  -------- 
 Operating income                            97.2     202.3 
 Operating expenses                        (57.2)   (116.2) 
 Impairment losses on loans 
  and advances                              (6.5)    (16.5) 
---------------------------------------  --------  -------- 
 Operating profit                            33.5      69.6 
---------------------------------------  --------  -------- 
 
 Net interest margin                         8.2%      8.2% 
 Expense/income ratio                         59%       57% 
 Bad debt ratio                              0.6%      0.7% 
 
 Closing loan book                          2,278     2,463 
 Operating lease assets                       140       160 
 Average loan book and operating 
  leases                                    2,359     2,460 
 
 
 
 
 PROPERTY FINANCE 
                                H1 2016   FY 2016 
                                   GBPm      GBPm 
----------------------------   --------  -------- 
 Operating income                  51.1     104.3 
 Operating expenses              (13.1)    (26.4) 
 Impairment losses on loans 
  and advances                    (2.0)     (3.6) 
-----------------------------  --------  -------- 
 Operating profit                  36.0      74.3 
-----------------------------  --------  -------- 
 
 Net interest margin               7.7%      7.6% 
 Expense/income ratio               26%       25% 
 Bad debt ratio                    0.3%      0.3% 
 
 Closing loan book                1,358     1,457 
 Average loan book                1,329     1,378 
 
 
 

DEFINITIONS

The following definitions used in this release are unchanged from previous reporting:

Adjusted: adjusted measures are used to increase comparability between periods by excluding amortisation of intangible assets on acquisition, and any goodwill impairments and exceptional items

Expense/income ratio: total adjusted operating expenses on adjusted operating income

Bad debt ratio: impairment losses on average net loans and advances to customers and operating lease assets

Net interest margin: net income generated by lending activities, including net interest income, net fees and commissions and net operating lease income (deducting depreciation), on average net loans and advances to customers and operating lease assets

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

February 21, 2017 06:00 ET (11:00 GMT)

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