Investec sees mixed trading

29th Jan 2010 07:09

South Africa-focused bank Investec's operating fundamentals 'remain mixed' with activity levels below historic trends despite recent stability in financial markets.Net operating income before impairments on loans and advances rose by 1% in the nine months to end December. Bad debts increased in line with previous guidance provided. The credit loss charge as a percentage of average gross core loans and advances annualised for the last nine months period amounted to 1.1% (31 March 2009: 1.1%). Over the nine months, core loans and advances grew by 7% to £17.4bn, customer deposits increased by 33% to £19.3bn and third party assets under management increased by 38% to £67.2bn. Core advances (excluding own originated assets) as a percentage of customer deposits fell to 84% from 103.6% in March. 'While the pace of economic recovery remains uncertain the group believes that it is well placed to capitalise on opportunities presented in a much changed operating environment' Investec added.