Investec profits hit by Rand fall

SOUTH African bank and asset manager Investec has seen its rise in profit wiped out by the dramatic depreciation of the rand.

In the three months to the end of June, Investec said total operating income rose four per cent, but costs rose by the same amount wiping out any increase. The rand slumped by 13 per cent against sterling in the period. Disregarding the impact of the rand’s devaluation, group pre-tax profits rose 11 per cent.