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Interim Results

Investec operating profits up

19 November 2015 08:03

Investec's operating profit increased 16.5% to £315.0 million in the six months to the end of September - an increase of 22.2% on a currency neutral basis.

The group said results have been negatively impacted by the 8.2% depreciation of the average rand:sterling exchange rate over the period. The combined South African businesses operating profit rose 13.0% in rand, whilst the combined UK and other businesses posted a 37.8% increase in operating profit in sterling. Operating profit in the Specialist Banking business increased 29.1% benefiting from good levels of client activity across our geographies, supported by a deepening of the client franchise. Wealth & Investment's operating profit decreased by 0.5% and Asset Management's operating profit declined 8.0%. Both divisions have continued to experience higher levels of average funds under management and net inflows.

- Adjusted earnings attributable to shareholders before goodwill, acquired intangibles and non-operating items increased 15.2% to £222.6 million (2014: £193.2 million) - an increase of 20.9% on a currency neutral basis.

- Adjusted earnings per share (EPS) before goodwill, acquired intangibles and non-operating items increased 13.3% from 22.5 pence to 25.5 pence - an increase of 19.1% on a currency neutral basis.

- Recurring income as a percentage of total operating income amounted to 71.6% (2014: 74.6%).

- The annualised credit loss charge as a percentage of average gross core loans and advances amounted to 0.22% (2014: 0.29%), with impairments decreasing by 14.3% to GBP17.7 million.

- Third party assets under management decreased 8.2% to £113.9 billion (31 March 2015: £124.1billion) - a decrease of 3.1% on a currency neutral basis.

- Customer accounts (deposits) decreased 4.2% to £21.7 billion (31 March 2015: £22.6 billion) - an increase of 4.5% on a currency neutral basis.

- Core loans and advances decreased 2.5% to £16.1 billion (31 March 2015: £16.5 billion) - an increase of 7.1% on a currency neutral basis.

At 8:03am: (LON:INVP) Investec PLC share price was +16.25p at 527.25p

Story provided by StockMarketWire.com

Related Company: INVP

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