Highlights
Operating profit before goodwill, acquired intangibles, non-operating items and taxation and after other non-controlling interests ("operating profit") decreased 2.3% to GBP222.8 million (2012: GBP228.1 million)
Overall group results have been negatively impacted by the depreciation of the average Rand: Pounds Sterling exchange rate of approximately 16% over the period
Asset Management reported results 6.8% ahead of the prior year and Wealth & Investment's results increased 35.0%, with both divisions benefiting from higher levels of average funds under management and combined net inflows in excess of GBP1.8 billion
The Specialist Banking business reported a decline in operating profit of 12.9%
The South African Specialist Bank posted a strong performance from the majority of businesses, with operating profit increasing 45.4% in Rands
In the UK Specialist Bank the ongoing business reported an operating profit of GBP76.1million, whilst the legacy business reported a loss of GBP49.2 million
In Australia a review of the business was undertaken and a number of businesses subsequently, closed down. Continuing operations reported an operating profit of A$11.9 million
Recurring income as a percentage of total operating income amounted to 72.1% (2012: 69.4%)
Impairments have decreased by 28.2%, with the credit loss charge as a percentage of average gross core loans and advances improving from 0.84% at 31 March 2013 to 0.71%
The group maintained a sound capital position with core/common equity tier one ratios of 9.1% for Investec plc (per Basel II) and 9.5% for Investec Limited (per Basel III).
Liquidity remains strong with cash and near cash balances amounting to GBP8.6 billion
