Investec edges up its earnings

SOUTH African investment bank and asset manager Investec said first-quarter profit was marginally higher, as it battled tougher-than-expected economic conditions and weak debt and equity markets.

Investec, which has been boosting its asset management business to diversify beyond lending, said yesterday that its principal banking activities have been under pressure.

But the bank said that pre-tax operating profit was “marginally higher” in the three months to the end of June compared with a year earlier.