Investec half-year profit jumps 15%

JOHANNESBURG (Reuters) – South African lender Investec on Thursday reported half-year profit up 15.3%, led by increased loan volumes, corporate deposits and funds under management.

The bank, which also operates in the UK, reported headline earnings per share of 36.9 pence for the six months to Sept. 30 and an interim dividend of 15.5 pence per share.

Investec was helped by a customer base that largely comprises wealthy private clients more able than most to navigate through inflationary pressures and high interest rates.

The lender and wealth manager said its credit loss ratio (CLR) – a measure of bad loans versus total loans – increased to 32 basis points from 15 basis points but remained within its targeted range of 25-35 basis points.

“Our balance sheet remains strong and highly liquid, positioning us well to … achieve our financial targets,” Group Chief Executive Fani Titi said in a statement.

(Reporting by Promit Mukherjee; Editing by David Goodman)