Investec’s UK specialist bank was the only drag on full-year profit
The UK specialist banking arm — the group’s second-biggest profit generator — suffered a 9% fall
All of Investec’s divisions other than its UK specialist banking arm contributed higher operating profit in its 2018 financial year, helping the group’s overall operating profit rise 5.6% to £701m. Investec declared a final dividend of R2.32, taking its total for the 2018 financial year to R4.32, an increase of 7.2% from the prior year’s R4.03. Thursday’s results presentation marked the last by CEO Stephen Koseff and MD Bernard Kantor before they hand their roles to Hendrik du Toit and Fani Titi in October. "Operating performance during the year was underpinned by sound growth in loans and funds under management and a solid recurring income base, despite a challenging backdrop in SA and the UK," Koseff said in the result statement. The group’s largest operating profit contributor was its Southern African specialist banking arm, which grew operating profit by 12.4% to £320.5m, contributing 46% of the total. "The South African specialist banking business reported an increase in operat...
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