Close Brothers sees losses mount amid sale of asset management arm

£103m pre-tax operating losses

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 for 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. Close Brothers Asset Management becomes an independent wealth business following sale to Oaktree But despite the "short-term impact of the motor finance commissions uncertainty" on the firm's financial performance, Close Brothers said its core banking mo...