Close Brothers Group plc (CBG.L) stated that, despite a slower start, the Group remains confident in delivering a satisfactory outcome for the year. Close Brothers sees continued opportunities for growth in the Banking division, whilst maintaining its prudent risk profile and focus on returns.
The Group said market conditions in the first quarter have been challenging. Overall returns in Banking division remained strong, but slightly lower than the prior year. The net interest margin reduced modestly on the prior year, principally reflecting ongoing price competition in some of the Group's markets. Winterflood's trading has been affected by difficult market conditions, resulting in lower profitability compared to the same period last year.
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