- Investment management firm Investec halved its interim dividend as first-half profit was hurt by lower revenue amid falling interest rates and volatile markets owing to the pandemic. For the six months to 30 September, adjusted pre-tax profit fell 48.4% to £142.5 million year-on-year as revenue declined by 24.0%. Net interest income decreased 15.6% to £359.4 million impacted by the endowment effect from interest rate cuts, assets repricing ahead of liabilities and limited loan book growth, the company said. Net fee and commission income declined 17.9% to £324.8 million. The company declared a dividend of 5.5p, down from 11p a year earlier. The company said it expected to turn around performance in the second half of the year. 'We expect the overall performance in 2H2021 to be ahead of the first half; underpinned by improving revenue trends relative to 1H2021 as client activity levels improve and liability repricing aids net interest income.

Trading income from client flow, however, will continue to be negatively impacted by risk management and risk reduction costs on hedging our structured products book, it added.

At 8:13am: [LON:INVP] Investec PLC share price was 0p at 189.05p

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