Company Data
| Last traded |
R43.15 |
| Change |
R0.15 |
| % Change |
0.35% |
| Cumulative volume |
2.91m |
| Market cap |
R11.91bn |
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Johannesburg - Investment bank and asset manager
Investec [JSE:INL] posted a 2% decline in first-half earnings on Thursday, hit by a loss at its private banking business and a sharp decline in investment banking.
Investec, which is also listed in London, said operating profit before certain items totalled £223.63m ($353m) in the six months to end-September, compared with £228.16m a year earlier.
Investec, which is expanding its wealth and asset management businesses to scale back its dependence on lending, said it was hit by a £4.9m private banking loss, hurt again by real estate in Ireland and Australia.
Operating profit at its investment banking unit fell by more than 90% as corporate finance deal flow remains slow. Bankers have said that corporations in South Africa, a major trading partner with Europe, are unlikely to do deals as long as there is uncertainty about the outlook for Europe.