Strong new business growth at Close Motor
Finance has contributed to a solid interim result for the Close
Brothers Group, which reported a pre-tax profit of £55.8m or the
first six months of its financial year.
The group’s interim statement said that its
banking segment (which incorporates CMF under its retail division)
had built its loan book 9% over the six months to reach a total of
£3.17bn.
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CMF grew faster than any other part of the
banking segment, growing its book by 14% over the period to reach
£737m and adding 200 new dealer relationships to its previous
roster of 5,800.
The lender, which is unusual in the
independent motor finance market for operating through a branch
network, expects to record similar growth in the second half of its
financial year, ending 31 July.
CMF has recently set up a new venture in the
Republic of Ireland, after starting business in Northern Ireland
last year.
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