JOHANNESBURG (Reuters) - Investec, the South African bank and asset manager, reported a slight decline in first-half profit on Thursday, hit by lower income from lending, investments and trading.
Investec, also listed in London, has been squeezed by its exposure to crisis-hit Europe and tepid demand for credit in many of its markets.
The bank said diluted headline earnings per share totalled 15.1 pence in the six months to end-September, compared with 17.6 pence a year earlier.
The bank had earlier flagged that it expected flat profit.
Net interest income, the measure of earnings from lending, totalled 349.7 million pounds, compared with 364.7 million pounds a year earlier.
Investment income slid 11 percent, it said, due to weaker performance in its UK fixed income and investment portfolios.
Investec has been bulking up its asset management business to generate more fees and cut its reliance on lending.
The bank said it would continue to focus on building up the wealth management.
Shares of Investec were down nearly 2 percent in Johannesburg trade.
Source: http://news.yahoo.com/investec-h1-profit-down-lending-investments-075047435--finance.html
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