The asset management business of Investec has reported operating profit of £71.9 million for the first six months ended 30 September 2013, an increase of 6.8% from £67.4 million in the previous year.
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The division’s operating margin remained stable at 34.3%.
For the first six months of 2013, operating profit at the wealth and investment division increased 35% to £30.8 million from £22.9 million a year ago.
Operating profit at the bank’s specialist banking division decreased by 12.9% to £120.0 million in the first half of 2013 from £137.8 million in same period of 2012.
Overall, the bank’s operating profit in the first six months of 2013 decreased 2.3% to £222.8 million from £228.1 million a year ago.
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By GlobalDataInvestec managing director Bernard Kantor said they are showing good growth in the vast majority of their businesses, and where growth is not in line with their expectations, they are tackling those issues head on.
"Our aim is to ensure we focus, build and expand the areas where we have core competencies that can generate appropriate shareholder returns across our business. As previously mentioned, we will effectively deal with those businesses that cannot deliver decent returns," Kantor added.
