Close Brothers Group, the UK merchant bank, has reported increased net profits for the year to July 31, boosted by a strong performance from its corporate finance side and despite a 50% fall in operating profits from asset management.

Close Brothers Corporate Finance, the division that gives mergers and acquisitions, debt and restructuring advice, more than doubled its pre-tax profits to £5.3m (€7.6m), with operating income rising by 27% to £33.3m.