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Johannesburg - Investec [JSE:INL] reported an expected 14% rise in first-half earnings on Thursday as it benefited from a drop in bad loans and a boost in assets under management.
The Johannesburg-based investment bank and asset manager said diluted headline earnings grew to 16.7 pence a share in the six months to end-September, from 14.7 pence a year earlier.
The bank has been offloading struggling units in Europe and Australia that had dragged on its performance. In September it sold £540m of Irish mortgages to US private equity firm Lone Star.
Investec, which is also listed in London, said bad debt costs dropped by 20%, to £66.4m.
Net interest income, the measure of earnings from lending, totalled £332.4m, a 4% increase from a year earlier, even as loan volume declined.
Income from fees and commissions rose 5% to £590.7m.
Investec shares traded in Johannesburg are up 40% so far this year, outpacing a 21% rise by South Africa's banking index.
The Johannesburg-based investment bank and asset manager said diluted headline earnings grew to 16.7 pence a share in the six months to end-September, from 14.7 pence a year earlier.
The bank has been offloading struggling units in Europe and Australia that had dragged on its performance. In September it sold £540m of Irish mortgages to US private equity firm Lone Star.
Investec, which is also listed in London, said bad debt costs dropped by 20%, to £66.4m.
Net interest income, the measure of earnings from lending, totalled £332.4m, a 4% increase from a year earlier, even as loan volume declined.
Income from fees and commissions rose 5% to £590.7m.
Investec shares traded in Johannesburg are up 40% so far this year, outpacing a 21% rise by South Africa's banking index.
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