Wealth, investment and financial services giant Investec delivered a healthy set of half-year results on Thursday, with headline earnings per share surging 29.6%, to 32 pence per share or 663 cents per share in South African currency terms. Heps is a key profit measure for most corporates in SA. The surge in profit for Investec came as the group dished out more loans and benefitted from higher interest rates.
5bn “The income in our wealth and investment businesses, however, was negatively impacted by the effects of the market sell-off on average funds under management,” noted Titi. For its South African wealth and investment unit, Investec expanded global investment offerings during the reporting period, recording discretionary and annuity net inflows of R2.1 billion. Adjusted operating profit was up 7.6% to R300.7 million.
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