Investec: UK Operations Performed Well

30th Jul 2010 07:14

LONDON (Dow Jones)--Investec PLC (INVP.LN) said Friday the U.K. business performed well with particularly strong results recorded by the Asset Management and Capital Markets divisions. MAIN FACTS: -The South African and Australian operations were affected by weak equity markets and low levels of economic activity posting results behind the prior year. -Net operating income (after expenses and minorities but before impairments on loans and advances) increased by 11%. -Impairments remain at elevated levels with the credit loss charge as a percentage of average gross loans and advances annualised for the period amounting to 0.83% (March 31: 1.16%). -The effective tax rate increased from 22.5% to 26.3%. -Recurring income as a percentage of total operating income amounts to 66%. -The group maintained a strong liquidity position and currently has GBP9.8 billion of cash and near cash available to support its activities. -Since March 31 (the end of the group's financial year) core loans and advances decreased by 2% to GBP17.5 billion, customer deposits increased by 1% to GBP22.2 billion and third party assets under management decreased by 4% to GBP70.9 billion. -Shares closed Thursday at 507.0 pence. By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; [email protected] (END) Dow Jones Newswires July 30, 2010 02:14 ET (06:14 GMT)