Some­thing to bank on

Finweek English Edition - - Companies & Markets -

IT’S A LONG SHOT and in­vestors might have to wait a year or more to see re­sults, but In­vestec is in­creas­ingly looking like a buy. Though its man­age­ment state­ment for the nine months to endDe­cem­ber 2008 didn’t pro­vide an en­cour­ag­ing out­look for its full-year re­sults, the lo­cal mar­ket seemed to like it, adding more than 7% to In­vestec’s share over the past week.

The im­por­tant part is the last quar­ter of 2008. And here CEO Stephen Kos­eff says loans and ad­vances grew by 12,9% to £16,4bn. That’s not bad growth – and good to see that some banks are still lend­ing money (what we thought banks were in busi­ness to do).

De­posits also grew by 6,2%, al­most match­ing ad­vances at £13,7bn. The in­crease in third party as­sets was a fairly neg­li­gi­ble 1,1%, but the to­tal num­ber is a huge £52,5bn. How­ever good the fi­nal quar­ter 2008 in­creases look,

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