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Close Brothers Says Continued To Perform Strongly In Q3

Close Brothers Group PLC (CBG.L), in its third-quarter trading update, said that it continued to perform strongly in the third quarter, in line with the trends reported in the first half of the year. There are positive signs of economic recovery, but uncertainty remains.

The company said it remains mindful of the threat of climate change and are supportive of the 2050 net zero goals of the Paris Agreement.

In Banking, the loan book increased 3.2% in the quarter and 7.7% year-to-date to 8.2 billion pounds.The Asset Management division generated annualized net inflows of 6%, despite the continued im

pact of reduced face-to-face interaction with clients arising from Covid-19. Including favourable market movements, managed assets increased to 14.8 billion pounds and total client assets increased to 16.0 billion pounds.

Winterflood's year-to-date operating profit is ahead of the level achieved in the whole of the 2020 financial year. Winterflood remains well positioned to continue trading profitably in a range of conditions, but due to the nature of the business, it remains sensitive to changes in the market environment.

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