Weaker rand takes its toll on Investec’s SA arm
The company’s Southern African specialist bank suffered a small decline, while its UK asset management division grew
Investec’s UK arm managed to offset stagnant results from Southern Africa, its interim results released on Thursday morning showed. Investec segments itself into three divisions, which in turn are each broken into two geographic regions. The group grew its overall operating profit by 3% to £383m, its results statement for the six months to end-September showed. Its largest operating profit generator, Southern African specialist banking, which contributed 43% of the total, suffered a 0.4% decline to £164.6m. The South African business reported an increase in operating profit in rands of 4.2%. “It’s been a smooth transition and [Fani and I] are working together very well. These are a sound set of numbers, and there is good business momentum despite the headwinds faced in our two key geographies,” says Investec co-CEO, Hendrik du Toit. Its second biggest operating profit generator is its “UK and other” specialist banking division, which contributed 21% of the group’s total. It speciali...
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