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Investec Post Lower Profits In H1

Banking and wealth management group Investec Plc.(INVP.L) Thursday reported lower profits for the half year, with decline in net interest income, impacted primarily by lower interest rates.

The Group's profit before tax from continuing operations decline to 112.8 million pounds from 260.5 million pounds, and profit attributable to shareholders slid to 108.8 million pounds from 256.2 million pounds last year.

On a per share basis, basic earnings declined by 49.5 percent to 9.6 pence, and adjusted basic earnings decreased by 50.0 percent to 11.2 pence.

Adjusted operating profit was down 48.4 percent to 142.5 million pounds. The Group said its results for the six months ended 30 September 2019 have been restated to reflect the asset management business as a discontinued operation.

For the first half, the Group's net interest income decreased by 15.6 percent to 359.4 million pounds, hurt by lower interest rates.

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