Investec reports higher credit impairments as interest rates bite
Financial services group assures shareholders of the overall credit quality of its book as interim profit rises 8.6% to £1.04bn while the dividend increases by 15% to 15.5p per share
Specialist bank and wealth manager Investec reported a rise in impairments in the six months to end-September as customers felt the impact of higher inflation, elevated interest rates and market volatility.
The group’s expected credit loss (ECL) impairment charges jumped 57.7% to £46.3m (R1.04bn) and the credit loss ratio (CLR) doubled to 32 basis points (bps)...
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