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...
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