Close Brothers' profits plunge as volatility hits Winterflood business

Valeria Martinez
clock • 2 min read

Close Brothers saw its profits drop by 13% in the year to July as its Winterflood business was hit by volatile markets and a decline in trading activity. The group's adjusted operating profit reduced to £234.8m from £270.7m in the 12 months to July as Winterflood was struck by a 77% plunge in profits to £14.1m, down from £60.9m last year. The core banking division grew its earnings by 7% to £227m, but the firm also recorded weakness in the asset management division. Adjusted operating profit for Close Brothers Asset Management was down 8% to £21.7m, due to negative market movements...

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