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Investec’s UK business boosts profits

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Earnings in the year to end-March grew 5.8%, with the combined UK and other businesses contributing a 36.1% increase

Investec says earnings rose 5.8% in the year to end-March, thanks in part to gains made by its UK business.

The specialist banking unit was boosted by loan book growth, though a reduction in impairments was partly offset by a weak performance from the investment portfolio, it said. The combined SA businesses reported adjusted operating profit growth of just 1.8% in rand terms, while the combined UK and other businesses contributed a 36.1% increase in adjusted operating profit in pounds.

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