Johannesburg - Specialist banker and asset manager Investec [JSE:INL] reported on Thursday that its attributable earnings in the nine month period to 31 December 2010 compared to the nine month period to 31 December 2009 had lifted 4%.
In its interim management statement the group said operational performance was underpinned by a solid recurring income base and the majority of the group's six core businesses areas had recorded increased earnings.
Investec said the asset and wealth management businesses had benefited from ?substantial inflows and a good investment performance?.
Operating conditions within the group's banking and advisory businesses, however, were seen as mixed and although improving, the demand for credit and levels of transactional activity remained subdued.
Attributable earnings refer to net profit before goodwill, acquired intangibles and non-operating items but after taxation and adjusting for earnings attributable to minorities and preference shareholders.
In its interim management statement the group said operational performance was underpinned by a solid recurring income base and the majority of the group's six core businesses areas had recorded increased earnings.
Investec said the asset and wealth management businesses had benefited from ?substantial inflows and a good investment performance?.
Operating conditions within the group's banking and advisory businesses, however, were seen as mixed and although improving, the demand for credit and levels of transactional activity remained subdued.
Attributable earnings refer to net profit before goodwill, acquired intangibles and non-operating items but after taxation and adjusting for earnings attributable to minorities and preference shareholders.