JOHANNESBURG, Nov 15 (Reuters) - South African financial services group Investec reported a 14.2 percent rise in half-year profit on Thursday buoyed by its banking unit.
Operating profit for the six months to September 30 rose to 359.3 million pounds ($467.6 million) from 314.6 million a year earlier.
Investec’s banking unit, which focuses on high net worth individuals, reported an 18 percent in operating profit to 245.4 million pounds while its asset management arm delivered a 10 percent rise to 91.5 million pounds.
The company is hiving off and separately listing its asset management operations in London to cut costs and better compete in a industry where fees are falling and costs are rising.
The break-up is expected to be completed in the second half of 2019, Investec said in the results filing.
$1 = 0.7683 pounds Reporting by Tiisetso Motsoeneng; editing by Jason Neely