Investec claims strong performance in first half

14 September 2006

South African investment bank Investec has confirmed that it is on course to deliver strong performance results for the first half of the year, despite increasingly challenging financial market conditions.

In a statement, the bank said that it had in fact seen strong growth in its income and strong performance across most of its business.

"Average advances and average third party assets under management have grown over the reporting period, the result of which is we have experienced strong growth in net interest income, fees and commissions," the Investec statement said.

The bank, which is listed on stock exchanges in Johannesburg and London, said that private banking, treasury and specialized finance and asset management businesses had done particularly well.

Increased brand recognition in its European and Australian operations had also begun to pay off, it said.

"We remain committed to maintaining a distinctive growth strategy and we are well placed to once again deliver on our financial targets and objectives," conformed Investec's chief executive Stephen Koseff.

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