South African investing banking and asset-management group Investec said on Thursday that pretax operating profit increased 23,8% to £254,3-million (R3,6-billion) in the six months to September 30.
”Whilst current conditions within the UK credit markets remain, activity levels are likely to be impacted,” said chief executive officer Stephen Koseff in a statement.\
Headline earnings per share for the half-year increased by 15,2% from 22,4 pence to 25,8 pence.
Earnings attributable to ordinary shareholders before goodwill and non-operating items increased 25% to £160,8-million and 40,3% to R2,29-billion.
The group said its diverse and balanced revenue streams, geographic footprint and business mix had enabled it to deliver continued growth for the six-month period.
It added that all financial and growth targets had been achieved, supported by a strong performance from the majority of businesses. South Africa and Australia delivered strong growth in operating profit before goodwill, non-operating items and taxation of 38,7% and 61,4%, respectively,
Key earnings drivers for the group — core loans and advances to customers increased by 31,5% to £11,8-billion (26,8% to R164,3-billion) and third-party assets under management by 21,9% to £59,5-billion (17,6% to R831,7-billion), respectively. – Reuters, I-Net Bridge