News Column

Investec hurt by strong sterling

August 1, 2014



Investec hurt by strong sterling ? British and South African bank Investec yesterday reported flat second quarter earnings, hurt by the rand's weakness against the sterling. It said profits edged up one per cent on the year - or 11 per cent on a currency-neutral basis. The rand fell around 20 per cent against sterling over the period. The economic recovery helped the bank, as impairment losses fell 17 per cent. Its London-listed shares fell 0.87 per cent on the results.


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Source: City A.M. (UK)


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