Close Brothers Annual Profit Down While Net Interest Income Rises

UK merchant banking group Close Brothers Group PLC (CBG.L) on Tuesday reported operating profit before tax of 232.8 million pounds for the year ended July 31, 2022, lower than 265.2 million pounds last year.

Excluding one-time items, adjusted operating profit reduced 13% to 234.8 million pounds from 270.7 million pounds in the prior year, primarily reflecting a lower income in Winterflood and increase in impairment charges.

Net profit for the year declined to 165.2 million pounds or 110.4p per basic share from 202.1 million pounds or 134.8p per basic share a year ago.

Adjusted basic earnings per share was 111.5p per share compared with 140.4p per share in the previous year.

Net interest income increased to 578 million pounds from 537.5 million pounds last year.

The board has proposed a final dividend of 44.0p per share, resulting in a full-year dividend per share of 66.0p, up 10% on the prior year. The final dividend will be paid on November 22 to shareholders on the register as on October 14.

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