Investec's first quarter inflows of £900m
Investec said on Thursday (1 August) that total operating income (excluding depreciation on operating leased assets) for the quarter ended June was 4% ahead higher than the previous year. It's first quarter inflows reached £900m.
The asset management and wealth and investment businesses have continued to see net inflows in the quarter and have benefited from higher average funds under management‚ with both divisions recording results ahead of the previous year.
Releasing an interim management statement‚ the group said the specialist banking business reported results that lagged last year leaving its results flat on a neutral currency basis‚ largely due to lower activity levels from the weak trading environment and the weakness of the Rand.
Overall results have been affected by the depreciation of the rand with the pound exchange rate of rising by about 13%.
Impairment losses on loans and advances decreased by 6% and operating costs increased by 4% compared with last year.
Operating profit
Operating profit before goodwill‚ acquired intangibles‚ non-operating items and taxation - and after non-controlling interests - is in line with last year. There has been an increase of 11% on a currency neutral basis.
Recurring income as a percentage of total operating income amounted to about 76% (2012: 73%)‚ supported by higher average funds under management.
At the end of June the capital adequacy ratio of Investec plc (applying UK Prudential Regulatory Authority rules to its capital base) was 16.8% and the capital adequacy ratio of Investec Limited (applying South African Reserve Bank rules to its capital base) was 14.8%.
The group had about £9.3bn in cash and near-cash to support its activities.
Since the end of March, third party assets under management decreased by 4% to £105.8bn - a decrease of 1% on a currency neutral basis.
Customer deposits decreased by 4% to £23.5bn - an increase of 1% on a currency neutral basis - and core loans and advances decreased by 4% to £17.7bn - an increase of 2% on a currency neutral basis.
Loans and advances as a percentage of customer deposits were 71.2%
Source: I-Net Bridge
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.zaRelated
Putting the Multichoice decline in context 14 Nov 2024 A South African perspective on Bitcoin ETFs 20 Feb 2024 Multichoice profit falls, Showmax-Comcast platform to launch by early 2024 17 Nov 2023 Egypt in talks for Emirati funding to buy Kazakh wheat, says traders 26 Sep 2023 Women driving retail spend as key decision makers 18 Aug 2023
