London · Delayed Price · Currency is GBP · Price in GBX Close Brothers Group Earnings Call Transcripts
Fiscal Year 2026
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Resilient first-half performance with adjusted operating profit of GBP 65.2 million and strong capital position (CET1 14.3%), despite a statutory loss driven by motor finance commission provisions. Transformation and cost savings are ahead of plan, with a clear path to double-digit RoTE by 2028.
Fiscal Year 2025
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Capital position strengthened with CET1 at 13.8% and £400m generated or preserved. Adjusted operating profit fell 14% to £144m, impacted by £267m in adjusting items, including motor finance provisions. Portfolio simplification and cost-saving initiatives position the group for double-digit ROTE by FY 2028.
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Underlying profit remained robust with strong margins and credit quality, but a £165m motor finance provision led to a statutory loss. CET1 capital ratio is strong at 13.4% pro forma, and cost-saving initiatives are on track. Uncertainty remains around motor finance commission outcomes.
Fiscal Year 2024
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Resilient FY 2024 performance with adjusted operating profit up 50% and strong loan book growth. Capital actions, including the sale of CBAM and cost initiatives, aim to boost CET1 to 14-15% by FY 2025 amid ongoing FCA review uncertainty.