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Investec specialist banking arm reports £157.4m profits

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  • 22/05/2014
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Investec's UK specialist banking arm reported operating profits of £157.4m, although the pre-2008 legacy business continues to return losses of over £100m to March 2014.

Overall profits rose almost £30m against 2013 figures, but the losses on legacy figures including Investec Private Bank and Professional mortgages, rose year-on-year by £16.6m.

On its legacy lending in UK and Europe, the bank said: “On the basis that the environment continues to be good, we expect the core business to grow off the current base. We will work hard to get the majority of the drag of the legacy portfolio behind us which may mean that we sacrifice some income in the short-term for long-term benefit.”

The international group Investec reported an operating profit up 6% to £451.9m, up 20% on a currency neutral basis, where group results have broadly been impacted by the depreciation of the Rand.

At the beginning of May Investec temporarily suspended its professional mortgage range in a bid to consolidate its mortgage offering.

Kensington Mortgages, part of Investec’s specialist banking arm is currently up for sale so no specific Kensington results were available from the group, although profits are believed to be strong.

Goldman Sachs and Virgin Money are reportedly among its raft of rumoured suitors.

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