Close Brothers posts £103m pre-tax operating loss for H1 2025

Wealth manager sees losses mount amid sale of asset management arm

Sorin Dojan
clock • 2 min read

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 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. But despite the "short-term impact of the motor finance commissions uncertainty" on the firm's financial performance, Close Brothers said its core banking model "remains resilient" as it continues to post a "robust" underlying profit in its banking business. Abou...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Companies

FSCS declares firm failed over pensions advice

FSCS declares firm failed over pensions advice

Not British Steel related

Isabel Baxter
clock 25 April 2025 • 1 min read
SJP still working on historic advice review with charges overhaul given summer start date

SJP still working on historic advice review with charges overhaul given summer start date

Cost and efficiency programme continues

Jenna Brown
clock 24 April 2025 • 2 min read
Marlborough develops bespoke portfolio service for advisers' HNW clients

Marlborough develops bespoke portfolio service for advisers' HNW clients

Developed and headed up by Edward Kennedy

Isabel Baxter
clock 22 April 2025 • 3 min read