Investec Posts Rise In H1 Adjusted Profit

Investec PLC IVTJF posted a rise in its adjusted profit for the fiscal 2015 half year to September 30. Its adjusted net income surged 3.6% to 169 million pounds. Its adjusted earnings per share gained 3.7% to 19.7 pence. Investec reported a 25.6% decline in its net profit, due to drop in the South African rand versus the UK pound. Investec posted a net profit of 121.6 million pounds ($190.5 million) for the period, versus a year-ago profit of GBP163.4 million. The company increased its dividend by 6.3% to 8.5 pence per share. Stephen Koseff, Chief Executive Officer of Investec said, “These results demonstrate that we are delivering on our promises. The results would have been even stronger but for the continued weakness of the Rand. The investments we have made in the Asset Management and Wealth & Investment businesses are supporting solid net inflows. The performances in our South African bank and the corporate and institutional bank in the UK demonstrate the strength of our franchise.”