Investec: Numis raises target price from 470p to 576p, but downgrades to add.
31 Jan '13
In a statement the company said: "The Asset Management business has continued to see net inflows, recording results ahead of the prior year. The Wealth & Investment division reported net inflows and profits ahead of the prior year, and has continued to make good progress with the integration of Williams de Bro�. "The South African Specialist Banking business reported a solid increase in operating profit in Rand terms benefiting from growth in revenue and cost containment. The Australian Specialist Banking business is performing significantly ahead of the prior period mainly as a result of a substantial decrease in impairments. The UK Specialist Banking business reported results behind the prior period largely due to lower investment income earned. "Overall results have been impacted by the depreciatio
31 Jan '13
Investec, the FTSE 250 Anglo-South African banking group, said Thursday that operating costs rose by four per cent in the nine months ended December 31st, compared to the same period the previous year. More positively, total operating income rose 1.0%, while impairment losses on loans and advances decreased by 20% and the credit loss charge as a percentage of average gross loans and advances annualised for the period amounted to 0.83% (March 31st 2012: 1.12%). Operating profit before goodwill, acquired intangibles, non-operating items and taxation and after non-controlling interests was 5.0% ahead of the prior year. Since the end of the group's financial year, March 31st, third party assets under management increased by 7.0% to �103.3bn - an increase of 12% on a currency neutral basis. The group recorded net inflows of �2.8bn. Core loans and advances remained flat at �18.1bn - an increase of 7.0% on a currency neutral basis, while customer accounts (deposits) decreased by 4.0% to �24.4bn - an increase of 3.0% on a currency neutral basis.
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