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Investec may sell UK mortgage unit

Johannesburg - Lender and asset manager Investec on Thursday reported flat earnings for the first nine months of the year, hit by a downturn in the rand currency and as it wrote fewer loans.

Investec, which is already looking to sell some of its Australia businesses, said it would also consider the sale of its British mortgage business, Kensington.

The bank said total operating income for the nine months to end-December was just 1% higher.

Investec, which is also listed in London and reports its results in pounds, said it was hit by the sharp slide in the rand.

Core loans fell by 9% to £16.8bn, while impairment losses shrunk by 26%.

Third party assets under management decreased by 2% to £108bn.

Investec's shares were flat in Johannesburg at 07:35 GMT, underperforming a 0.6% rise by the Top-40 index.

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Rand - Dollar
19.00
-0.5%
Rand - Pound
24.02
-0.5%
Rand - Euro
20.51
-0.2%
Rand - Aus dollar
12.35
-0.0%
Rand - Yen
0.13
-0.6%
Platinum
900.15
+0.4%
Palladium
1,000.00
-0.2%
Gold
2,210.45
+0.7%
Silver
24.60
-0.2%
Brent Crude
86.09
-0.2%
Top 40
68,142
+0.7%
All Share
74,329
+0.6%
Resource 10
56,957
+2.3%
Industrial 25
103,635
+0.4%
Financial 15
16,485
-0.2%
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