British bank and wealth manager Close Brothers has recorded a 15 per cent increase in operating profits buoyed by better stock market and lending conditions.

British bank and wealth manager Close Brothers has recorded a 20 per cent increase in operating profits buoyed by better stock market and lending conditions.

Operating profits came in at £200.6 million for the year ended July, while its loan book grew 14 per cent to £5.3 billion. Profit attritutable to shareholders was recorded at £149.8 million, up from £120 million at the same time last year.

Share dealing arm Winterflood saw profits leap 57 per cent as interest returned to smaller quoted companies and retail investors jumped on flotations.

The company also said it was looking to grow its wealth and asset management businesses.

“In 2014 we recruited a number of portfolio managers in our high net worth business and will seek to recruit selectively over the next few years to enhance our proposition and benefit from the structural market opportunities created by the Retail Distribution Review,” it said in a statement.

The bank also raised its final dividend to 32.5 pence per share from 29.5 pence a year earlier.