Investec's bad debt stays high

Investment bank and asset manager Investec said it expected a slight uptick in first-half profit as weak demand for loans was offset by growth in its fund business.

South Africa's fifth-largest bank, also listed in London, said in an investor update yesterday that the slow pace of the economic recovery was keeping bad debt high.

The company expects operating profit to be "marginally higher" in the six months to the end of September. It gave no figures. Operating profit totalled £350.28-million (R3.89-billion) in the corresponding period a year earlier.