{"id":8951,"date":"2012-03-15T15:12:56","date_gmt":"2012-03-15T13:12:56","guid":{"rendered":"http:\/\/www.myza.co.za\/03\/update-1-investec-fy-profit-hit-by-investment-banking\/"},"modified":"2012-03-15T15:12:56","modified_gmt":"2012-03-15T13:12:56","slug":"update-1-investec-fy-profit-hit-by-investment-banking","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-investec-fy-profit-hit-by-investment-banking\/","title":{"rendered":"UPDATE 1-Investec FY profit hit by investment banking"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Australian operation posts a loss<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Asset management in line with previous year<\/p>\n<p> (Adds details, CEO quote)<\/p>\n<p><span><\/span><\/p>\n<p>JOHANNESBURG, March 15 &#8211; South African bank Investec<br \/>\n flagged on Thursday that full-year earnings probably<br \/>\nfell as much as 27 percent, hurt by a poorly performing<br \/>\ninvestment bank and a loss in its Australian unit.<\/p>\n<p><span><\/span><\/p>\n<p>The $2 billion bank that is also listed in London<br \/>\nsaid it was hit by a drop in principal transactions in the year<br \/>\nto the end of this month.<\/p>\n<p><span><\/span><\/p>\n<p>Chief Executive Stephen Koseff told Reuters the bank had to<br \/>\nclose down a lending division last year.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;We just need to clear that problem loan book which we are<br \/>\nin the process of doing. We have written the book down to<br \/>\nclearance levels,&#8221; he said.<\/p>\n<p><span><\/span><\/p>\n<p>Investec said third party assets under management increased<br \/>\nover 11 percent to 98.8 billion pounds ($155 billion) by the<br \/>\nend-February, which included 7.4 billion pound worth of assets<br \/>\nfrom the British investment group Evolution that it bought last<br \/>\nyear.<\/p>\n<p><span><\/span><\/p>\n<p>As part of its strategy to cut its reliance on traditional<br \/>\nlending, Investec has been diversifying its business. Its latest<br \/>\nmove was to buy Irish unlisted broker and wealth manager NCB for<br \/>\n32 million euros earlier this year.<\/p>\n<p><span><\/span><\/p>\n<p>Investec said deposits rose 4 percent while lending<br \/>\nincreased 1 percent during the 11-month period.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>* Australian operation posts a loss * Asset management in line with previous year (Adds details, CEO quote) JOHANNESBURG, March 15 &#8211; South African bank Investec flagged on Thursday that full-year earnings probably fell as much as 27 percent, hurt by a poorly performing investment bank and a loss in its Australian unit. The $2 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-8951","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/8951","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=8951"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/8951\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=8951"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=8951"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=8951"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}