Close Brothers has posted mounting losses before tax in the first half of its fiscal year 2025, driven largely by its motor finance commissions.
In its half year results released today (18 March), the company reported operating losses before tax amounting to £103m, mostly as a result of a £165m provision to cover for the firm's motor finance commissions. This was 217% down from the £88.1m in operating profits before tax reported in H1 2024, according to Close Brothers. Close Brothers Asset Management becomes an independent wealth business following sale to Oaktree But despite the "short-term impact of the motor finance commissions uncertainty" on the firm's financial performance, Close Brothers said its core banking mo...
To continue reading this article...
Join Investment Week for free
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes