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Close Brothers shares tank as motor finance provisions lead to H1 loss

Close Brothers shares tanked on Tuesday after the merchant banking group swung to a heft loss in the first half on the back of a £165m provision for motor finance commissions.
Close Brothers, a UK merchant banking group, reported a significant financial setback in its half-year results, leading to a sharp decline in its share price. The company announced a pre-tax loss of £77.4m for the six months ending January 31, a stark contrast to the £107.1m profit recorded in the same period the previous year. This downturn was primarily attributed to a £119.7m provision for potential liabilities related to motor finance, following an investigation by the Financial Conduct Authority (FCA) into historical motor finance commission arrangements. The FCA's probe focuses on whether customers were overcharged due to discretionary commission arrangements, which were banned in 2021. Close Brothers also noted a 2% decrease in adjusted operating profit to £107.1m, with its banking division seeing a 15% drop in profit due to lower loan book margins and increased costs. Despite these challenges, the company's asset management and Winterflood divisions performed well, with increases in operating profit. The shares fell by 17% to 340p following the announcement.

Read the Full Sharecast Article at:
[ https://www.sharecast.com/news/news-and-announcements/close-brothers-shares-tank-as-motor-finance-provisions-lead-to-h1-loss--19165216.html ]