LONDON--Investec PLC's (INVP.LN) operating profit rose slightly
in the first nine months of the year and it said it could sell its
U.K.-based intermediary mortgage business.
The South African investment bank Thursday posted a 1% increase
in operating profit for the nine months to Dec. 31, excluding
depreciation on operating leased assets, compared with the
year-earlier period.
Impairment losses on loans and advances fell 26%.
"Investec is exploring a potential sale of Kensington, the
group's intermediary mortgage business in the U.K., having received
certain expressions of interest," Investec, which bought the unit
in 2007, said in a statement. "There can be no certainty any sale
will take place," it added.
Third-party assets under management fell 2% to 108 billion
pounds ($176.2 billion) due to the depreciation of the rand. Assets
under management rose 6% on a currency neutral basis. Operating
costs rose 2%.
Write to Ed Ballard at ed.ballard@wsj.com
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