Johannesburg - Investment bank Investec [JSE:INL] on Thursday reported a 1% rise in first-quarter operating income, while bad debt losses fell 17%.
The asset manager, also listed in London, said loans and advances were unchanged at £17.2bn while third party assets under management were £114.9bn in the three months to end June, an increase of 5%.
Investec, which has been hit by souring economies in its key markets in the United Kingdom and Australia, said the sale of some businesses to the Bank of Queensland became effective on Thursday.
It is also working on a separate sale for its UK-based mortgage business, Kensington.