Half Year Results 

Investec defies South African uncertainty

Investec defies South African uncertainty

A fragile South African economy and political uncertainty hampered loan book growth and client trading levels for Investec’s (INVP) core specialist banking business during the first-half. Core loans were up just 2.4 per cent on a currency neutral basis, but the credit loss ratio remained at 0.3 per cent of the loan book – towards the lower end of the longer-term average range. Together with higher net interest margins, that enabled the South African banking business to report a 4 per cent rise in operating profits in rand terms.

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