Summit TV

Transcript:

Investec came out with a very positive set of results. We are quite keen on all the banking shares - this is obviously a little bit more of a niche play with quite a bit of exposure around the world. One very positive thing is the impact of asset management into their business - we’ve seen assets under management have grown quite dramatically and that’s improved margins. The private banking division has historically been the cornerstone of their business however I think that’s gone through some tough times - but I think that’s definitely turned a corner. We are seeing a lot of the business units capital markets and private equity are also starting to tick-up. One other key thing that I really liked around the numbers was the growth in retail deposits - they had a top five rate that they provide to clients that’s increased their retail deposit base and that’s offset a lot of loans and advances so I think the regulatory implications are quite stable at the moment.

Broker:
Glen Copans, RMB Asset Management

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