Investec takes heart from interims

19th Nov 2009 07:57

Profit fell at South African bank Investec during the first half, but was "comfortably" ahead of the second half of last year as assets under management rose almost 29%.Operating profit before tax for the six months ended 30 September slipped to £216m from £241.8m a year ago. Private client activities slumped 62% to £28.7m, although there was a 2% lift at Capital Markets to £73.6m.Assets under management were up to £62.8bn from £48.8bn at the end of March."Looking ahead, assets under management have grown substantially, impairments appear to have peaked, and the group's business divisions appear to be moving onto the front foot," said the company. "The group believes that it is well placed to capitalise on a much changed banking landscape."