Something to bank on
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,