LONDON (ShareCast) - (Sharecast News) - Financial services group Investec reported a jump in half-year profits on Thursday, despite a "difficult" macroeconomic backdrop.
The lender, which is dual-listed in London and Johannesburg, said revenues rose 8.6% to £1.04bn, while headline earnings per share jumped 15.3% to 36.9p per share

Fani Titi, chief executive, said the first-half had benefited from successful client acquisition strategies, loan book growth and rising interest rates.

He continued: "The group has delivered strong results against a difficult macroeconomic backdrop, which was characterised by high inflation, elevated global interest rates and persistent market volatility.

"Our balance sheet remains strong and highly liquid, positioning us well to support our clients in navigating the uncertain macroeconomic backdrop and achieve our financial targets."

The cost-to-income ratio - a key metric for banks - improved to 53.3% from 55.6%, as revenue growth outstripped costs.

Expected credit loss impairment charges jumped to £46.3m from £29.4m, giving it a credit loss ratio of 32 basis points. However, Investec said that was within its through the cycle range of between 25bps and 35bps.

Return on equity was 14.6%, compared to 12.9% a year previously, within the group's range of 12% to 16%.

As at 0946 GMT, Investec's London-listed shares were down 2% at 520.4p

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE