Close Brothers Motor Finance has reported ‘broadly flat’ performance in the first quarter of its financial year (August to October).

This was revealed in Close Brothers Group’s overall result, in which it announced the total loan book for its banking division’s loan book grew 1.4% in the period to £7bn.

The company said the net interest margin and bad debt ratio remained in line with the last financial year, and that it had not seen any significant change in credit performance or trading conditions.

These results followed Close Brothers Motor Finance reporting a 3% growth in loan book size to £1.76bn for the financial year ending 31 July 2017.

On the back of the first quarter results, Close Brothers said it remained well positioned for the remainder of the year.

The stock market reacted well to the results, jumping from 1,320p at the close of 15 Nov, to 1,374p at the time of writing.