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Investec ups profit in tough conditions

Johannesburg - Investment bank and asset manager Investec said first-quarter profit was marginally higher, as it battled tougher-than-expected economic conditions and weak debt and equity markets.

Investec, which has been boosting its asset management business to diversify beyond lending, said on Thursday its principal banking activities have been under pressure.

The bank, which is also listed in London, said pretax operating profit was "marginally higher" in the three months to end-June compared with a year earlier.

"Against a backdrop of poor economic fundamentals and weak debt and equity markets, operating conditions have been more difficult than anticipated," the bank said.

The bank said it recorded strong growth in net interest income and fees and commissions, although principal transaction income was lower.

Bad debt costs represented 0.82% of total loans, down from 1.27% at the end of March.

Shares of Investec, which are down about 2.4% so far this year, declined 1.4% to R54 in Johannesburg trade.
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