Close Bros lifts dividend after small rise in first-half profit

Wealth manager Close Brothers reported a small rise in interim profits, helped by growth in its merchant banking operation, offset by a fall in trading at its broking division.

Group operating profit increased 1% to £128.9m, reflecting 12% income growth in banking and 14% in asset management, offset by a reduction in trading income in Winterflood, where income was halved.

The company lifted its interim dividend by 22% to 22p a share.

“Looking ahead, we are mindful of the highly uncertain external environment, including the impact of increasing geopolitical tensions and rising inflation on our customers and wider financial market conditions. Nevertheless, we remain well placed to continue delivering on our long track record of profitability and disciplined growth,” said chief executive Adrian Sainsbury.