Half Year Results to 30 September
Investec Limited JSE hybrid code: INPR JSE debt code: INLV NSX share code: IVD BSE share code: INVESTEC ISIN: ZAE000081949 LEI: 213800CU7SM6O4UWOZ70 | Investec plc JSE share code: INP |
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Investec (comprising Investec plc and Investec Limited) - Reviewed condensed combined consolidated financial results for the six months ended 30 September 2024 and cash dividend declaration
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Fani Titi, Group Chief Executive commented:
"The Group has delivered a solid performance in the first half of the 2025 financial year in an evolving environment. Adjusted operating profit grew 7.6% to £475 million demonstrating continued momentum from our differentiated client franchises. We are pleased to report a ROE of 13.9% putting us on track to achieve the Group's full year ROE guidance. The Group has maintained strong capital and liquidity levels, positioning us well to support our clients and pursue disciplined growth in an improving operating environment. We remain committed to our purpose of creating enduring worth for all our stakeholders."
Basis of presentation
The comparability of the Group's total period on period performance is impacted by the financial effects of the combination of Investec Wealth & Investment UK (IW&I UK) with the Rathbones Group (Rathbones) and the disposal of the property management companies to Burstone Group Limited (formerly known as Investec Property Fund (IPF)), which result in IW&I UK and IPF being presented as discontinued operations in the prior period in line with applicable accounting standards.
The interim statements are unaudited but have been reviewed by the auditors and their independent review report is included in this report.
Key financial metrics
Given the nature of the IW&I UK and IPF transactions completed in the prior period, the Group essentially retained similar economic interest to these investments before and after the transactions. To provide information that is more comparable to the current period, the prior period has been presented on a pro-forma basis as if the transactions had been in effect from the beginning of the prior period, i.e. IW&I UK has been presented as an equity accounted investment and IPF as an investment at fair value through profit or loss in the prior period.
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£'millions | Revenue | Cost to income | CLR | Adjusted operating profit | Adjusted EPS (pence) | Basic EPS* (pence) | HEPS (pence) | ROE | ROTE | Total DPS (pence) | NAV per share (pence) | TNAV per share (pence) |
1H2025 | 1Â 102.6 | Â Â Â Â Â Â Â Â Â Â Â Â Â 50.8%Â Â Â Â Â Â Â Â Â Â Â Â Â | 42bps | 474.7 | 39.5 | 36.6 | 36.6 | Â Â Â Â Â Â Â Â Â Â Â Â 13.9%Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â 16.4%Â Â Â Â Â Â Â Â Â Â Â Â Â | 16.5 | 575.7 | 491.6 |
1H2024 | 1Â 043.8 | Â Â Â Â Â Â Â Â Â Â Â Â Â 53.3%Â Â Â Â Â Â Â Â Â Â Â Â Â | 32bps | 441.4 | 38.7 | 69.6 | 36.9 | Â Â Â Â Â Â Â Â Â Â Â Â 14.6% | Â Â Â Â Â Â Â Â Â Â Â Â 16.5% | 15.5 | 554.0 | 467.7 |
% change in £ |           5.6%          |  |  |           7.6%          |          2.1%         |                        (47.4%) |                        (0.8%) |  |  |           6.5%          |           3.9%          |          5.1%         |
% change in Rands | Â Â Â Â Â Â Â Â Â Â 5.2%Â Â Â Â Â Â Â Â Â Â | Â | Â | Â Â Â Â Â Â Â 4.4Â Â Â Â Â Â Â % | Â Â Â Â Â Â Â Â Â 1.8%Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (47.6%) | Â Â Â Â Â Â Â Â (0.5)Â Â Â Â Â Â % | Â | Â | Â | Â Â Â Â Â Â Â Â Â Â 4.4%Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â 5.6%Â Â Â Â Â Â Â Â Â Â |
Totals and variances are presented in £'millions which may result in rounding differences.
*Â Â Â Â Â Â Â The Basic EPS decrease reflects the impact of significant net gains from strategic actions executed in the prior period.
Group financial summary:
Pre-provision adjusted operating profit increased 11.1% to £541.6 million (1H2024: £487.7 million), as revenue grew 5.6% against operating cost growth of 0.8%, resulting in a positive jaws ratio.
Revenue benefitted from balance sheet growth, the breadth and depth of our client franchises, as well as the elevated interest rate environment. Net interest income (NII) was supported by higher average lending books and higher average interest rates, partly offset by the effects of deposit repricing in the UK. Non-interest revenue (NIR) growth reflects increased capital-light income from our Banking businesses, as well as strong growth in fees from our SA Wealth & Investment business. Investment income also contributed positively to NIR growth given the improving global markets backdrop. Trading income was lower in the current period due to the non-repeat of prior-year risk management gains from hedging the remaining financial products run down book in the UK, as well as due to the implementation of hedge accounting in the South African credit investments portfolio from the first quarter of the current period.
The cost to income ratio improved to 50.8% (1H2024: 53.3%) as revenue grew ahead of costs. Total operating costs remained broadly flat increasing by 0.8%. Fixed operating expenditure increased 6.7% reflecting continued investment in people and technology for growth and inflationary pressures. Variable remuneration in each geography was in line with respective performance.
Credit loss ratio (CLR) on core loans was 42bps (1H2024: 32bps), at the upper end of the Group's through-the-cycle (TTC) range of 25bps to 45bps. Expected credit loss (ECL) impairment charges increased to £66.9 million (1H2024: £46.3 million). The overall credit quality remained strong, with no evidence of trend deterioration.
Return on equity (ROE) of 13.9% (1H2024: 14.6%) is within the Group's upgraded medium-term 13% to 17% target range, notwithstanding the increase in the average equity base resulting from the net gain recognised on completion of the combination of IW&I UK with Rathbones at the end of the prior period. Return on tangible equity (ROTE) was 16.4% (1H2024: 16.5%) within the Group's upgraded medium-term 14% to 18% target range.
Net asset value (NAV) per share amounted to 575.7p (31 March 2024: 563.9p), driven by strong capital generation in the current period and foreign exchange translation gains, partly offset by distribution to shareholders.
Tangible net asset value (TNAV) per share increased to 491.6p (31 March 2024: 477.5p).
Key drivers
Net core loans increased 5.4% annualised to £31.7 billion (31 March 2024: £30.9 billion) and grew by 1.9% annualised on a neutral currency basis; driven by growth from private clients lending in both geographies alongside muted overall growth in corporate lending portfolios which were offset by higher repayment rates given the elevated interest rate environment.
Customer deposits increased by 4.7% annualised to £40.4 billion (31 March 2024: £39.5 billion) and grew by 1.3% in neutral currency. Investec plc grew customer deposits by 8.1% annualised in a competitive deposit market. Investec Limited continued its strategy to increase the more efficient retail deposits (up 6.9% annualised) and reduce shorter term wholesale deposits (down 22.2% annualised); and consequently, lengthened the deposit tenure. As a result, total Investec Limited customer deposits decreased by 6.2% annualised in neutral currency.
Funds under management (FUM) in Southern Africa increased by 11.9% to £23.4 billion (31 March 2024: £20.9 billion) driven by net inflows in our discretionary and annuity funds of R10.0 billion (£428 million), as well as increased market levels. These were partly offset by FX translation losses and non-discretionary outflows of R1.9 billion (£79 million).
Investec Wealth & Investment UK FUM is now reported as part of the Rathbones Group following the completion of the combination in September 2023. Rathbones Funds Under Management and Administration (FUMA) totalled £108.8 billion at 30 September 2024. Investec owns 41.25% of Rathbones.
Balance sheet strength and strategic execution:
The Group remained well capitalised in both our anchor geographies, with Investec Limited reporting a CET1 ratio of 14.8% measured on the Advanced Internal Ratings-Based approach and the Investec plc CET1 at 12.6% measured on a standardised approach. The strong capital generation from our client franchises gives us the ability to continue to support our clients, invest in the business, and make distributions to our shareholders. Liquidity levels remained strong and well ahead of regulatory and board-approved minimums.
The Group remains committed to its strategic priority to optimise shareholder returns. The investment in Bud Group Holdings reduced significantly to £108.7 million / R 2.5 billion at 30 September 2024 from £179.6 million / R4.3 billion at 31 March 2024 following the completion of the previously announced disposal of Assupol. The UK business continues to make progress towards migrating its capital measurement from the standardised approach to the internal ratings-based approach.
The Board has proposed an interim dividend of 16.5p per share (1H2024: 15.5p), translating to a 41.7% payout ratio and within the Group's current 35% to 50% payout policy.
FY2025 Outlook
Revenue momentum is expected to be underpinned by average book growth, stronger client activity levels given expected improvement in GDP growth and continued success in our client acquisition strategies, partly offset by the effects of reducing global interest rates.
The Group currently expects:
•  Group ROE to be c.14.0% and ROTE to be c.16.0%. Southern Africa is expected to report ROE of c.19.0%, and UK & Other is expected to report ROTE of c.13.5% in line with 1H2025
•  Overall costs to be well managed in the context of inflationary pressures and continued investment in the business, with cost to income ratio expected to be between 51.0% and 53.0%
•  The credit loss ratio to be within the through-the-cycle range of 25bps to 45bps. Southern Africa is expected to be close to the lower end of the TTC range of 15bps to 35bps. UK & Other credit loss ratio is expected to be between 50bps and 60bps.
The Group has maintained strong capital and liquidity levels and is well positioned to continue supporting our clients and build to scale our identified growth opportunities, in an improving economic environment.
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Key financial data
This announcement covers the results of Investec plc and Investec Limited (together "the Investec Group" or "Investec" or "the Group") for the six months ended 30 September 2024 (1H2025). Unless stated otherwise, comparatives relate to the Group's operations for the six months ended 30 September 2023 (1H2024).
Basic earnings per share in the prior period includes a gain of £360.9 million on the combination of Investec Wealth & Investment UK with Rathbones plc, partly offset by the net loss on deconsolidation of IPF totalling £95.3 million.
Performance | 1H2025 | 1H2024^ | Variance | % change | Neutral currency % change |
Operating income (£'m)* | 1 102.6 | 1 043.8 | 58.8 |             5.6%            |             5.4%            |
Operating costs (£'m) | (560.3) | (556.1) | (4.2) |             0.8%            |             0.6%            |
Adjusted operating profit (£'m) | 474.7 | 441.4 | 33.3 |             7.6%            |             7.3%            |
Adjusted earnings attributable to shareholders (£'m) | 337.9 | 329.8 | 8.1 |             2.5%            |             2.1%            |
Adjusted basic earnings per share (pence) | 39.5 | 38.7 | 0.8 | Â Â Â Â Â Â Â Â Â Â Â Â 2.1%Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â 1.8%Â Â Â Â Â Â Â Â Â Â Â Â |
Basic earnings per share (pence) | 36.6 | 69.6 | (33.0) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (47.4%) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (47.6%) |
Headline earnings per share (pence) | 36.6 | 36.9 | (0.3) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (0.8%) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (1.1%) |
Dividend per share (pence) | 16.5 | 15.5 | Â | Â | Â |
Dividend payout ratio | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 41.7%Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 40.1%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â | Â | Â |
CLR (credit loss ratio) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 0.42%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 0.32%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â | Â | Â |
Cost to income ratio | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 50.8%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 53.3%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â | Â | Â |
ROE (return on equity) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 13.9%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 14.6%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â | Â | Â |
ROTE (return on tangible equity) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 16.4%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 16.5%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â | Â | Â |
*Â Â Â Â Â Â Â Operating income has been prepared on a pro-forma basis for the prior period. ^ Restated.
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Balance sheet | 30 Sept 2024 | 31 March 2024 | Variance | % change | Neutral currency % change |
Funds under management (£'bn) |  |  |  |  |  |
IW&I Southern Africa | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 23.4Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 20.9Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 2.5Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 11.9%Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â 8.4%Â Â Â Â Â Â Â Â Â Â Â Â |
Rathbones/IW&I UK** | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 108.8 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 107.6 | Â | Â | Â |
Customer accounts (deposits) (£'bn) |                          40.4 |                          39.5 |                             0.9 |             2.4%            |             0.7%            |
Net core loans and advances (£'bn) |                           31.7 |                          30.9 |                             0.8 |             2.7%            |             1.0%            |
Cash and near cash (£'bn) |                           17.2 |                           16.4 |                             0.8 |             4.9%            |              3.3%             |
NAV per share (pence) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 575.7Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 563.9Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 11.8Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â 2.1%Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â 1.6%Â Â Â Â Â Â Â Â Â Â Â Â |
TNAV per share (pence) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 491.6 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 477.5Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 14.1Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â 3.0%Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â 2.4%Â Â Â Â Â Â Â Â Â Â Â Â |
Totals and variances are presented in £'billions which may result in rounding differences.
**      Following the all-share combination of IW&I UK and Rathbones, IW&I UK now forms part of the Rathbones Group. As at 30 September 2024, Rathbones Group, of which Investec holds a 41.25% economic interest, had funds under management of £108.8 billion.
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Salient features by geography | 1H2025 | 1H2024 | Variance | % change | % change in Rands |
Investec Limited (Southern Africa) | Â | Â | Â | Â | Â |
Adjusted operating profit (£'m) | 252.0 | 205.9 | 46.1 |                 22.4%                |                21.9%               |
Cost to income ratio | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 49.3%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 52.5%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â | Â | Â |
ROE | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 19.9%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 16.2%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â | Â | Â |
ROTE | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 19.9%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 16.3%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â | Â | Â |
CET1 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 14.8%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 13.2%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â | Â | Â |
Leverage ratio | Â Â Â Â Â Â Â Â Â Â Â Â 6.3%Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â 5.9%Â Â Â Â Â Â Â Â Â Â Â Â | Â | Â | Â |
Customer accounts (deposits) (£'bn) |                       18.8    |                      20.0     | (1.2) |           (6.0) % |                        (5.5%) |
Net core loans and advances (£'bn) |                       15.0    |                       14.7    | 0.3 |         1.8        % |             2.3%            |
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Investec plc (UK & Other) | Â | Â | Â | Â | Â |
Adjusted operating profit (£'m) | 222.7 | 235.4 | (12.7) |                        (5.4%) |  |
Cost to income ratio | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 52.2%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 53.9%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â | Â | Â |
ROE | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 10.3%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 13.6%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â | Â | Â |
ROTE | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 13.5%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 16.7%Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â | Â | Â |
CET1 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 12.6%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 11.7%Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â | Â | Â |
Leverage ratio | Â Â Â Â Â Â Â Â Â Â Â Â 9.9%Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â 8.7%Â Â Â Â Â Â Â Â Â Â Â Â | Â | Â | Â |
Customer accounts (deposits) (£'bn) |                       21.6    |                       19.9    |                              1.7 |         8.5       % |  |
Net core loans and advances (£'bn) |                       16.7    |                       16.3    |                             0.4 |             2.5%            |  |
Totals and variance are presented in £'billions, unless otherwise stated, which may result in rounding differences.
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Enquiries
Investec Investor Relations
Results: Qaqambile Dwayi
Tel: +27 (0) 11 291 0129
General enquiries:
Tel: +27 (0) 11 286 7070 or [email protected]
Brunswick (SA PR advisers)
Tim Schultz
Tel: +27 (0) 82 309 2496
Lansons (UK PR advisers)
Tom Baldock
Tel: +44 (0) 78 6010 1715
Presentation/conference call details
Investec will host its interim results presentation live from Cape Town and broadcast live in London today at 11h00 (SA)/ 09h00 (UK) time.
Please register for the presentation at: www.investec.com/investorrelations
A live video webcast of the presentation will be available on www.investec.com
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About Investec
Investec partners with private, institutional, and corporate clients, offering international banking, investments, and wealth management services in two principal markets, South Africa, and the UK, as well as certain other countries. The Group was established in 1974 and currently has 7,700+ employees.
Investec has a dual listed company structure with primary listings on the London and Johannesburg Stock Exchanges.
Johannesburg and London
JSE Debt and Equity Sponsor: Investec Bank Limited
Group financial performance
Overview
Pre-provision adjusted operating profit increased 11.1% to £541.6 million (1H2024: £487.7 million).
Revenue increased 5.6% to £1 102.6 million (1H2024: £1 043.8 million)
Net interest income increased 2.0% to £684.4 million (1H2024: £670.9 million) driven by higher average interest earning assets and higher average interest rates which was partly offset by the effects of deposit repricing in the UK. Southern Africa also benefitted from lower cost of funds as we continued to implement our strategies to optimise the cost of funds.
Non-interest revenue increased 12.2% to £418.2 million (1H2024: £372.9 million).
•  Net fee and commission income increased 13.0% to £221.6 million (1H2024: £196.1 million). This growth benefitted from higher average discretionary FUM in the SA wealth business, higher UK M&A fees primarily from the consolidation of Capitalmind for the full period, and higher fees from the SA Private Banking business given increased activity levels
•  Investment income of £63.2 million (1H2024: £25.4 million) reflects net fair value gains and dividends received on investment portfolios
•  Share of post tax operating profit of associates and joint venture holdings decreased to £35.2 million (1H2024: £39.1 million), primarily driven by lower share of earnings from the wealth and investment business in the UK, comprising IW&I UK in the prior period versus our 41.25% share of operating earnings from Rathbones in the current period
•  Trading income arising from customer flow decreased to £74.3 million (1H2024: £94.6 million), primarily as a result of lower risk management gains in hedging the remaining and significantly reduced financial products run down book in the UK. The implementation of hedge accounting for the credit investment portfolio in South Africa from the first quarter of the current period has also resulted in lower trading income in the current period. MTM movements in the derivatives associated with credit investments are now recognised in the balance sheet and amortised over the life of the hedging instrument. Equity trading income arising from client flow in both anchor geographies was strong as markets trended upwards
•  Trading income from balance sheet management and other trading activities increased to £22.3 million (1H2024: £17.9 million), largely as a result of gains arising from MTM movements in the value of interest rate hedges on the balance sheet in South Africa.
Expected credit loss (ECL) impairment charges increased to £66.9 million (1H2024: £46.3 million) resulting in a credit loss ratio on core loans of 42bps (1H2024: 32bps)
Asset quality remains within Group appetite limits, with exposures to a carefully defined target market well covered by collateral. The increase in the ECL impairment charges was primarily driven by higher specific impairments on certain Stage 3 exposures.
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Operating costs are broadly flat, up 0.8% to £560.3 million (1H2024: £556.1 million)
The cost-to-income ratio improved to 50.8% from 53.3% in 1H2024. Fixed operating expenditure increased by 6.7% due to inflationary pressures and continued investment in technology and people for growth. Higher expenses primarily on personnel was due to annual salary increases and growth in headcount as well as higher business expenses given increased business activity. Variable remuneration in each geography is in line with respective performance.
Taxation
The taxation charge on adjusted operating profit was £98.3 million (1H2024: £89.1 million), resulting in an effective tax rate of 22.3% (1H2024: 22.3%).
Investec plc effective tax rate is 23.3% (1H2024: 22.3%), reflecting the weighted effective tax rate from multiple jurisdictions where Investec plc has operations.
Investec Limited effective tax rate is 21.6% (1H2024: 22.3%).
Funding and liquidity
Customer deposits increased 4.8% annualised to £40.4 billion (March 2024: £39.5 billion) on a reported basis and 1.3% annualised in neutral currency. Customer deposits increased by 8.1% annualised to £21.6 billion for Investec plc since 31 March 2024. Investec Limited continued its strategy to increase the more efficient retail deposits and reduce short to medium term wholesale deposits; and consequently lengthened the wholesale deposit tenure. As a result, total Investec Limited customer deposits decreased by 6.2% annualised in neutral currency to R434.7 billion since 31 March 2024.
Cash and near cash of £17.2 billion (£9.8 billion in Investec plc and R170.9 billion in Investec Limited) at 30 September 2024 represent approximately 42.4% of customer deposits (45.2% for Investec plc and 39.3% for Investec Limited). Loans and advances to customers as a percentage of customer deposits was 78.0% (1H2024: 72.1%, FY2024: 75.2%) for Investec Limited and 77.4% (1H2024: 81.7%, FY2024: 79.7%) for Investec plc.
The Group comfortably exceeds Board-approved internal targets and Basel liquidity requirements for the Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR)
•  Investec Bank Limited (consolidated Group) reported a LCR of 176.3% and an NSFR of 122.3% at 30 September 2024
•  Investec plc reported a LCR of 433% and a NSFR of 149% at 30 September 2024.
Capital adequacy and leverage ratios
Capital and leverage ratios remain sound, ahead of regulatory requirements. The CET1 and leverage ratio were 14.8% and 6.3% for Investec Limited (Advanced Internal Ratings Based scope) and 12.6% and 9.9% for Investec plc (Standardised approach) respectively.
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Segmental performance
Specialist Banking
Adjusted operating profit from Specialist Banking increased 5.6% to £426.9 million (1H2024: £404.2 million). Pre-provision adjusted operating profit increased 9.6% to £493.8 million (1H2024: £450.5 million).
Specialist Banking | Southern Africa | UK & Other | Total | ||||||||
 | 1H2025 | 1H2024 | Variance | 1H2025 | 1H2024 | Variance | 1H2025 | 1H2024 | |||
 | £'m | £'m | £'m | % | Rands % | £'m | £'m | £'m | % | £'m | £'m |
Operating income (before ECL) | Â Â Â Â Â Â 441.0Â | Â Â Â Â Â 390.2Â Â | Â Â Â Â Â Â 50.8Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 13.0%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 12.6%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â 539.3Â Â | Â Â Â Â Â 553.4Â | Â Â Â Â Â Â (14.1)Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (2.5%)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â 980.3Â Â | Â Â Â Â Â 943.6Â Â |
ECL impairment charges | Â Â Â Â Â Â Â Â (14.1)Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â (7.0)Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â (7.1)Â Â Â Â Â Â Â Â | (>100.0%) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (95.2%)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â (52.8)Â Â Â Â Â Â | Â Â Â Â Â Â (39.3)Â Â Â Â Â Â | Â Â Â Â Â (13.5)Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (34.4%)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â (66.9)Â Â Â Â Â Â | Â Â Â Â Â Â (46.3) |
Operating costs | Â Â Â (202.4) | Â Â Â Â (186.2)Â Â Â Â | Â Â Â Â (16.2)Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (8.7%)Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (8.3%)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â (283.3) | Â Â Â (306.9)Â Â Â | Â Â Â Â Â Â Â 23.6Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â 7.7%Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â (485.7)Â Â Â | Â Â Â Â (493.1)Â Â Â Â |
(Profit)/loss attributable to NCI | Â Â Â Â Â Â Â Â Â Â Â Â 0.1Â | Â Â Â Â Â Â Â Â Â (0.2)Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â 0.3Â Â | (>100.0%) | (>100.0%) | Â Â Â Â Â Â Â Â Â (0.8)Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â - | Â Â Â Â Â Â Â Â (0.8)Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 100.0%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â (0.7)Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â (0.2)Â Â Â Â Â Â Â Â Â |
Adjusted operating profit | Â Â Â Â Â 224.6Â Â Â Â | Â Â Â Â Â 196.8Â Â Â | Â Â Â Â Â Â 27.7Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 14.1%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 13.8%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â 202.3Â Â Â Â | Â Â Â Â Â 207.4Â Â Â | Â Â Â Â Â Â Â (5.0) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (2.4%) | Â Â Â Â 426.9Â Â Â Â | Â Â Â Â 404.2Â Â Â Â |
Totals and variances are presented in £'million which may result in rounding differences.
Southern Africa Specialist Banking (in Rands)
Pre-provision adjusted operating profit increased by 16.6% to R 5 579 million. Adjusted operating profit increased 13.8% to R5Â 251Â million (1H2024: R4 616 million), delivered against a backdrop of weak economic activity and uncertainty in the initial months of the period ahead of the national elections. We remain focused on building to scale our various growth initiatives and gaining market share in our core client franchises.
Net core loans grew by 1.5% annualised to R346.2 billion (FY2024: R343.7 billion) reflecting the subdued activity leading up to the SA elections, as well as the translation impact on the dollar denominated lending books given the strengthening of the Rand against the US Dollar since 31 March 2024. The latter months of the period saw increased growth in the private client loan book and certain corporate credit portfolios, partly offset by higher redemptions relative to prior periods.
Revenue increased 12.6%, benefitting from higher average net interest margins, increased activity levels and continued client acquisition in line with our growth strategies. This was augmented by positive investment income.
•  Net interest income (NII) growth of 12.7% benefitted from lower cost of funds as we continued to implement our strategies to optimise the funding pool, as well as higher average advances and interest rates. Our non-wholesale deposits grew by 6.9% annualised in line with our strategy to increase the proportion of non-wholesale deposits in our funding pool
•  Non-interest revenue increased 12.3% driven by:
-Â Â Net fee and commission income increased 2.7%, benefitting from growth in activity levels in the private banking business which was partly offset by the higher costs associated with the increased transactional activity. Higher structuring, FX and equity market fees in the corporate and institutional banking business were offset by lower investment banking fees and muted utilization of trade finance facilities
-Â Â Income from Balance sheet management activities increased due to a reduction in losses from MTM movements associated with managing fixed deposit interest rate risk. Recognition of these MTM movements are temporary and reverse over the life of the fixed deposits
-Â Â Positive contribution from Investment income, driven by higher net fair value gains from investment portfolios in our client franchises as South African assets repriced following the successful formation of the Government of National Unity (GNU)
Offset by:
-Â Â The reduction in trading income from customer flow; stronger client flows from equity derivatives and interest rate desks were offset by the net impact of hedge accounting implementation in the credit investments portfolio.
ECL impairment charges amounted to R328 million (1H2024: R167 million), resulting in a credit loss ratio of 16bps (1H2024: 8bps), driven by higher Stage 3 ECL charges and lower recoveries from previously impaired exposures
The cost to income ratio improved to 45.9% (1H2024: 47.7%). Operating costs increased by 8.3% driven by higher personnel expenses due to annual salary increases and higher headcount, as well as increased IT spend to support business growth. Variable remuneration increased in line with performance.
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UK & Other Specialist Banking
Pre-provision adjusted operating profit increased by 3.4% to £255.2 million. Adjusted operating profit decreased by 2.4% to £202.3 million (1H2024: £207.4 million); our diversified client franchises in the UK mid-market and selected geographies performed well within the context of a challenging macro-economic environment. The two-year (i.e. post COVID-19) adjusted operating profit compound annual growth rate (CAGR) is 25.4%. We have continued to successfully execute our client acquisition strategies to build scale and relevance in the UK and other markets in which we operate. Our value proposition is underpinned by our 'One Investec' integrated approach, taking our clients along both their personal and business journey.
Net core loans grew by 2.3% annualised to £16.7 billion driven by 6.9% annualised growth in the UK residential mortgage lending book, alongside a flat corporate lending portfolio within a constrained market environment. Moderate growth across the corporate loan book was offset by higher levels of repayments, particularly in the real estate lending portfolio, as well as the translation impact of US Dollar and Euro denominated loans. Our diversified lending franchises allowed us to navigate the uncertain operating environment which prevailed over the period.
Revenue decreased by 2.5%; strong growth in net fee and commission income generated from our M&A advisory business in line with our strategy to grow capital light earnings was offset by lower net interest income and lower trading income from customer flow. Investment income contributed positively given the improving global markets backdrop.
•   Net interest income decreased by 5.2%, the benefit of a larger average loan book and higher average interest rates was offset by higher cost of funding as deposits repriced
•   Non-interest revenue increased by 4.6% driven by:
-Â Â Higher M&A advisory fees primarily from the consolidation of Capitalmind as it became a subsidiary in June 2023. We have also seen higher arrangement fees in certain lending areas
-Â Â Higher investment income was largely driven by net fair value gains from equity investments
Offset by:
-Â Â Lower trading income from customer flow, primarily as a result of lower risk management gains from hedging the significantly reduced financial products run down book and lower interest rate and FX hedging volumes in our Treasury Risk Solutions business. This was partially offset by strong equity trading income from customer flow on the back of positive market sentiment
ECL impairment charges amounted to £52.8 million, resulting in a credit loss ratio of 67bps (1H2024: 55bps) in line with September 2024 pre-close guidance. The increase in ECL charges was largely driven by stage 3 ECL charges on certain exposures. Overall asset quality of the book remained stable; Stage 3 and Stage 2 exposures decreased to 3.2%
(31 March 2024: 3.3%) and 6.9% (31 March 2024: 8.6%) of gross core loans subject to ECL at 30 September 2024 respectively. We have seen a reduction in exposures migrating into Stage 3.
The cost to income ratio improved to 52.6% (1H2024: 55.4%). Total operating costs decreased by 7.7%. Fixed operating costs increased by 3.4%, in line with the average UK inflation rate over the period. Variable remuneration decreased in line with business performance.
The Group notes the recent Court of Appeal decisions on the Wrench, Johnson and Hopcraft cases relating to motor commission arrangements. The Group has assessed the potential impact of these decisions, as well as any broader implications, pending the outcome of the intended appeal applications and concluded the provision of £30 million at 31 March 2024 still remains appropriate based on the information currently available. The ultimate financial impact of the Court of Appeal decision and ongoing FCA investigation into motor commission could materially vary, pending further guidance from the FCA or the outcome of the intended appeal to the UK Supreme Court.
Wealth & Investment
Adjusted operating profit from the Wealth & Investment businesses increased 2.3% to £54.6 million (1H2024: £53.3 million).
Wealth & Investment | Southern Africa | UK & Other | Total | ||||||||
 | 1H2025 | 1H2024 | Variance | 1H2025 | 1H2024 | Variance | 1H2025 | 1H2024 | |||
 | £'m | £'m | £'m | % | % in Rands | £'m | £'m | £'m | % | £'m | £'m |
Operating income | Â Â Â Â Â Â Â Â Â 70.7Â | Â Â Â Â Â Â Â Â Â 59.2Â | Â Â Â Â Â Â Â Â Â Â 11.5Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 19.5%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 18.9%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â 32.3Â | Â Â Â Â Â Â Â Â Â 35.9Â | Â Â Â Â Â Â Â Â Â (3.5)Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (9.8%)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â 103.1Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â 95.1Â |
Operating costs | Â Â Â Â Â Â (48.5)Â Â Â Â Â Â | Â Â Â Â Â Â Â (41.7)Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â (6.8)Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 16.2%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 15.8%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â - | Â Â Â Â Â Â Â Â Â Â Â Â Â Â - | Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â -%Â Â | Â Â Â Â Â Â (48.5)Â Â Â Â Â Â | Â Â Â Â Â Â Â (41.7)Â Â Â Â Â Â Â |
Adjusted operating profit | Â Â Â Â Â Â Â Â 22.2Â Â Â | Â Â Â Â Â Â Â Â Â 17.5Â Â | Â Â Â Â Â Â Â Â Â Â Â 4.8Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 27.2%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 26.3%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â 32.3Â Â Â | Â Â Â Â Â Â Â Â 35.9Â Â Â | Â Â Â Â Â Â Â Â (3.5) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (9.8%) | Â Â Â Â Â Â Â Â 54.6Â Â Â | Â Â Â Â Â Â Â Â 53.3Â Â Â |
Totals and variances are presented in £'million which may result in rounding differences.
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Southern Africa Wealth & Investment International Business (in Rands)
Adjusted operating profit increased by 26.3% to R519 million (1H2024: R411 million) in an evolving operating environment.
Total FUM increased by 7.9% to R540.9 billion (FY2024: R501.3 billion) driven by discretionary and annuity net inflows of R10.0Â billion, positive market movements partly offset by foreign currency translation impact on dollar denominated portfolios as the South African Rand strengthened against the US Dollar and non-discretionary outflows of R1.9 billion. The business reported strong client retention and acquisitions in a challenging market, demonstrating the strength and quality of our international wealth management offering.
Revenue grew by 18.9% underpinned by strong inflows in our discretionary and annuity portfolios across local and offshore investment products in the current and prior periods. We also experienced strong growth in fee income generated from structured products. Non-discretionary brokerage increased in the current period due to higher trading volumes. Revenue in Switzerland grew by 6.4% in Pounds driven by higher fee income and customer flow foreign currency trading income.
Operating costs increased 15.8%, driven by investment in people for growth, higher technology spend, and higher variable remuneration in line with performance. Fixed operating expenditure increased by 10.7%. Operating margins increased to 31.4% (1H2024: 29.5%).
UK & Other Wealth & Investment
The all-share combination of IW&I UK and Rathbones successfully completed at the end of the prior period, creating the UK's leading discretionary wealth manager with £108.8 billion FUMA at 30 September 2024.
In the prior period (pre the combination) the IW&I UK business generated adjusted operating profit (post-tax) of £35.9 million and an operating margin of 25.2%, on a pro-forma basis this is recognised as post taxation profit from associates.
The current period consists of the Group's 41.25% share of the combined Rathbones Group operating earnings recognised as post taxation income from associates of £32.3 million. As disclosed by Rathbones on 17 October 2024, going forward the Investec Group will be incorporating Rathbones' latest published interim results i.e. post taxation earnings for the six months ended 30 June 2024 in our interim results for the six months to 30 September 2024. Rathbones reported underlying operating margin of 25.1% for the six months to 30 June 2024 (31 December 2023: 22.3%), showing progress towards the target of a 30%+ margin.
The Rathbones Group reported that synergy delivery increased to £25.5 million per annum on a cash run-rate basis at 30 September 2024, significantly ahead of the first-year post-combination objective of £15 million.
We remain confident that the combination will deliver scale and efficiency to power future long-term growth.
Group Investments
Group Investments includes the holding in Ninety One, Bud Group Holdings, Burstone Group (formerly known as IPF) and other equity investments
Group Investments | Southern Africa | UK & Other | Total | ||||||||
 | 1H2025 | 1H2024 | Variance | 1H2025 | 1H2024 | Variance | 1H2025 | 1H2024 | |||
 | £'m | £'m | £'m | % | % in Rands | £'m | £'m | £'m | % | £'m | £'m |
Operating income (net of ECL charges) | Â Â Â Â Â Â Â Â Â 13.3Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â (1.1)Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â 14.4Â Â Â Â Â Â Â Â Â | >100.0% | >100.0% | Â Â Â Â Â Â Â Â Â Â Â Â 6.0 | Â Â Â Â Â Â Â Â Â Â Â Â 6.2 | Â Â Â Â Â Â Â Â Â (0.3)Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (4.5%)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â 19.3Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â 5.1 |
Operating costs | Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â (0.3)Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â 0.3Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 100.0%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 100.0%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â - | Â Â Â Â Â Â Â Â Â Â -Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â (0.2)Â Â Â Â Â Â Â Â Â |
Adjusted operating profit | Â Â Â Â Â Â Â Â 13.3Â Â | Â Â Â Â Â Â Â Â Â (1.4) | Â Â Â Â Â Â Â Â Â 14.7Â | >100.0% | >100.0% | Â Â Â Â Â Â Â Â Â Â Â 6.0Â Â | Â Â Â Â Â Â Â Â Â Â Â 6.2Â | Â Â Â Â Â Â Â Â (0.3) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (4.5%) | Â Â Â Â Â Â Â Â 19.3Â Â | Â Â Â Â Â Â Â Â Â Â Â 4.9Â Â |
Totals and variances are presented in £'million which may result in rounding differences.
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Adjusted operating profit from Group Investments increased to £19.3 million (1H2024: £4.9 million) driven by higher investment income on the fair value measurement of our shareholding, and higher dividend income from our investment, in Burstone Group.
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Further information
Additional information on each of the business units is provided in the Group results analyst book published on the Group's website: http://www.investec.com.
The maintenance and integrity of the Investec website are the responsibility of the directors; the review report carried out by the statutory auditors does not involve a review of the analyst booklets or any other interim financial information that is published on the website.
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On behalf of the Boards of Investec plc and Investec Limited
Philip Hourquebie | Â | Fani Titi |
Chair | Â | Group Chief Executive |
20 November 2024 | Â | Â |
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Notes to the commentary section above
Presentation of financial information
Investec operates under a Dual Listed Companies (DLC) structure with primary listings of Investec plc on the London Stock Exchange and Investec Limited on the JSE Limited.
In terms of the contracts constituting the DLC structure, Investec plc and Investec Limited effectively form a single economic enterprise from a shareholder perspective, in which the economic and voting rights of ordinary shareholders of the companies are maintained in equilibrium relative to each other. Creditors, however, are ring-fenced to either Investec plc or Investec Limited as there are no cross-guarantees between the companies. The directors of the two companies consider that for financial reporting purposes, the fairest presentation is achieved by combining the results and financial position of both companies.
Accordingly, these interim results reflect the results and financial position of the combined DLC Group under UK adopted International Financial Reporting Standards (IFRS) which comply with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and the (EC) No. 1606/2022 as it applies in the European Union, denominated in Pounds Sterling. In the commentary above, all references to Investec or the Group relate to the combined DLC Group comprising Investec plc and Investec Limited.
Following a review of the liquidity, capital position, profitability, the business model and operational risks facing the business, the directors have a reasonable expectation that the Investec Group will be a going concern for a period of at least 12 months. The results for the six months ended 30 September 2024 have accordingly been prepared on the going concern basis.
Unless the context indicates otherwise, all comparatives included in the commentary above relate to the six months ended 30 September 2024.
Amounts represented on a neutral currency basis for income statement items assume that the relevant average exchange rates for the six months ended 30 September 2024 remain the same as those in the prior period. Amounts represented on a neutral currency basis for balance sheet items assume that the relevant closing exchange rates as at 30 September 2024 remain the same as those at 31 March 2024.
Pro-forma financial information was prepared for illustrative purposes and because of its nature may not fairly present the issuer's financial position, changes in equity, or results of operations.
Foreign currency impact
The Group's reporting currency is Pounds Sterling. Certain of the Group's operations are conducted by entities outside the UK. The results of operations and the financial condition of these individual companies are reported in the local currencies in which they are domiciled, including Rands, Australian Dollars, Euros, US Dollars and Indian Rupee. These results are then translated into Pounds Sterling at the applicable foreign currency exchange rates for inclusion in the Group's combined consolidated financial statements. In the case of the income statement, the weighted average rate for the relevant period is applied and, in the case of the balance sheet, the relevant closing rate is used.
The following table sets out the movements in certain relevant exchange rates against Pounds Sterling over the period:
 | 30 Sept 2024 | 31 Mar 2024 | 30 Sept 2023 | |||
Currency | Closing | Average | Closing | Average | Closing | Average |
per GBP1.00 | ||||||
South African Rand | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 23.11Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 23.40Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 23.96Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 23.54Â | 22.99 | 23.48 |
Euro | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1.20 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1.18Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1.17Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1.16Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | 1.15 | 1.16 |
US Dollar | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1.34Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1.28 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1.26 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1.26 | 1.22 | 1.26 |
Profit Forecast
Revenue momentum is expected to be underpinned by average book growth, stronger client activity levels given expected improvement in GDP growth and continued success in our client acquisition strategies, partly offset by the effects of reducing global interest rates.
The Group currently expects:
•  Group ROE to be c.14.0% and ROTE to be c.16.0%. Investec Limited is expected to report ROE of c.19.0%, and Investec plc is expected to report ROTE of c.13.5% in line with 1H2025
•  Overall costs to be well managed in the context of inflationary pressures and continued investment in the business, with cost to income ratio expected to be between 51.0% and 53.0%
•  The credit loss ratio to be within the through-the-cycle (TTC) range of 25bps to 45bps. Investec Limited is expected to be close to the lower end of the TTC range of 15bps to 35bps. Investec plc credit loss ratio is expected to be between 50bps to 60bps range.
The Group has maintained strong capital and liquidity levels and is well positioned to continue supporting our clients and build to scale our identified growth opportunities, in an improving economic environment.
The basis of preparation of this statement and the assumptions upon which it was based are set out below. This statement is subject to various risks and uncertainties and other factors - these factors may cause the Group's actual future results, performance or achievements in the markets in which it operates to differ from those expressed in this Profit Forecast.
Any forward-looking statements made are based on the knowledge of the Group at 20 November 2024.
This forward-looking statement represents a profit forecast under the Listing Rules of the UK's Financial Conduct Authority. The Profit Forecast relates to the year ending 31 March 2025.
The financial information on which the Profit Forecast was based is the responsibility of the Directors of the Group and has not been reviewed and reported on by the Group's auditors.
Basis of preparation
The Profit Forecast has been properly compiled using the assumptions stated below, and on a basis consistent with the accounting policies adopted in the Group's 31 March 2024 audited annual financial statements, which are in accordance with UK adopted international accounting standards and International Financial Reporting Standards Accounting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).
At 30 September 2024, UK adopted IAS are identical in all material respects to current IFRS applicable to the Group, with differences only in the effective dates of certain standards.
Assumptions
The Profit Forecast has been prepared on the basis of the following assumptions during the forecast period:
Factors outside the influence or control of the Investec Board:
•  There will be no material change in the political and/or economic environment that would materially affect the Investec Group
•  There will be no material change in legislation or regulation impacting on the Investec Group's operations or its accounting policies
•  There will be no business disruption that will have a significant impact on the Investec Group's operations, whether for the economic effects of increased geopolitical tensions or otherwise
•  The Rand/Pound Sterling, Euro/Pound, INR/Pound and US Dollar/Pound Sterling exchange rates and the tax rates remain materially unchanged from the prevailing rates detailed above
•  There will be no material changes in the structure of the markets, client demand or the competitive environment
•  There will be no material change to the facts and circumstances relating to legal proceedings and uncertain tax matters.
•  There have been no material changes to the Group's principal risks as disclosed on pages 8 to 26 of the Investec Group Risk and Governance report for the year ended 31 March 2024.
Estimates and judgements
In preparation of the Profit Forecast, the Group makes estimations and applies judgement that could affect the reported amount of assets and liabilities within the reporting period. Key areas in which judgement is applied include:
•  Valuation of unlisted investments primarily in private equity, direct investments portfolios and embedded derivatives. Key valuation inputs are based on the most relevant observable market inputs, adjusted where necessary for factors that specifically apply to the individual investments and recognising market volatility
•  The determination of ECL against assets that are carried at amortised cost and ECL relating to debt instruments at fair value through other comprehensive income (FVOCI) involves the assessment of future cash flows, the underlying model assumptions and economic scenarios all which are judgmental in nature
•  Valuation of investment properties is performed by capitalising the budgeted net income of the property at the market related yield applicable at the time
•  The Group's income tax charge and balance sheet provision are judgmental in nature. This arises from certain transactions for which the ultimate tax treatment can only be determined by final resolution with the relevant local tax authorities. The Group recognises in its tax provision certain amounts in respect of taxation that involve a degree of estimation and uncertainty where the tax treatment cannot finally be determined until a resolution has been reached by the relevant tax authority. The carrying amount of this provision is often dependent on the timetable and progress of discussions and negotiations with the relevant tax authorities, arbitration processes and legal proceedings in the relevant tax jurisdictions in which the Group operates. Issues can take many years to resolve and assumptions on the likely outcome would therefore have to be made by the Group. Where appropriate, the Group has utilised expert external advice as well as experience of similar situations elsewhere in making any such provisions
•  Determination of interest income and interest expense using the effective interest rate method involves judgement in determining the timing and extent of future cash flows
•  There will be no business disruption that will have a significant impact on the Investec Group's operations, whether due to the economic effects of increased geopolitical tensions or otherwise.
Accounting policies, significant judgements and disclosures
These reviewed condensed combined consolidated financial results have been prepared in terms of the recognition and measurement criteria of International Financial Reporting Standards (IFRS) and the presentation and disclosure requirements of IAS 34, "Interim Financial Reporting" and IFRS as adopted by the UK which comply with IFRS as issued by the IASB. At 30 September 2024, UK adopted IFRS are identical in all material respects to current IFRS applicable to the Group, with differences only in the effective dates of certain standards.
The accounting policies applied in the preparation of the results for the six months ended 30 September 2024 are consistent with those in the audited financial statements for year ended 31Â March 2024.
The financial results have been prepared under the supervision of Nishlan Samujh, the Group Finance Director. The interim financial statements for the six months ended 30 September 2024 are available on the Group's website:
www.investec.com
Proviso
•  Please note that matters discussed in this announcement may contain forward-looking statements which are subject to various risks and uncertainties and other factors, including, but not limited to:
-Â Â changes in the political and/or economic environment that would materially affect the Investec Group
-Â Â changes in legislation or regulation impacting the Investec Group's operations or its accounting policies
-Â Â changes in business conditions that will have a significant impact on the Investec Group's operations
-Â Â changes in exchange rates and/or tax rates from the prevailing rates outlined in this announcement
-Â Â changes in the structure of the markets, client demand or the competitive environment
•  A number of these factors are beyond the Group's control
•  These factors may cause the Group's future results, performance or achievements in the markets in which it operates to differ from those expressed or implied
•  Any forward-looking statements made are based on the knowledge of the Group at 20 November 2024
•  The information in the Group's announcement for the six months ended 30 September 2024, which was approved by the Board of Directors on 20 November 2024, does not constitute statutory accounts as defined in Section 435 of the UK Companies Act 2006. The 31 March 2024 financial statements were filed with the registrar and were unqualified with the audit report containing no statements in respect of sections 498(2) or 498(3) of the UK Companies Act
•  The financial information on which forward-looking statements are based is the responsibility of the Directors of the Group and has not been reviewed and reported on by the Group's auditors.
This announcement is available on the Group's website:
www.investec.com
Definitions
•  Adjusted operating profit refers to operating profit before goodwill, acquired intangibles and strategic actions and after adjusting for earnings attributable to other non-controlling interests. Non-IFRS measures such as adjusted operating profit are considered as pro-forma financial information as per the JSE Listing Requirements. The pro-forma financial information is the responsibility of the Group's Board of Directors. Pro-forma financial information was prepared for illustrative purposes and because of its nature may not fairly present the issuer's financial position, changes in equity or results of operations
•  Adjusted earnings is calculated by adjusting basic earnings attributable to shareholders for the amortisation of acquired intangible assets, non-operating items including strategic actions, and earnings attributable to perpetual preference shareholders and other additional tier 1 security holders
•  Adjusted basic earnings per share is calculated as adjusted earnings attributable to shareholders divided by the weighted average number of ordinary shares in issue during the year
•  Headline earnings is adjusted earnings plus the after tax financial effect of strategic actions and the amortisation of acquired intangible assets. Headline earnings is an earnings measure required to be calculated and disclosed by the JSE and is calculated in accordance with the guidance provided in Circular 1/2023
•  Headline earnings per share (HEPS) is calculated as headline earnings divided by the weighted average number of ordinary shares in issue during the year
•  Basic earnings is earnings attributable to ordinary shareholders as defined by IAS33 "Earnings Per Share"
•  Dividend payout ratio is calculated as the dividend per share divided by adjusted earnings per share
•  Pre-provision adjusted operating profit is calculated as total operating income before expected credit loss impairment charges, net of operating costs and net of operating profits or losses attributable to other non-controlling interests
•  The credit loss ratio is calculated as expected credit loss (ECL) impairment charges on gross core loans as a percentage of average gross core loans subject to ECL
•  Revenue refers to operating income as found on the face of the condensed combined consolidated income statement
•  The cost to income ratio is calculated as operating costs divided by operating income before expected credit loss impairment charges (net of operating profits or losses attributable to other non-controlling interests)
•  Return on average ordinary shareholders' equity (ROE) is calculated as adjusted earnings attributable to ordinary shareholders divided by average ordinary shareholders' equity
•  Return on average tangible ordinary shareholders' equity (ROTE) is calculated as adjusted earnings attributable to ordinary shareholders divided by average tangible ordinary shareholders' equity
•  Core loans is defined as net loans to customers plus net own originated securitised assets
•  Cash and near cash includes cash, near cash (other 'monetisable assets' which largely include short-dated trading assets) and central bank cash placements and guaranteed liquidity
•  NCI is non-controlling interests.
Financial assistance
Shareholders are referred to Special Resolution number 3, which was approved at the annual general meeting held on 8 August 2024, relating to the provision of direct or indirect financial assistance in terms of Section 45 of the South African Companies Act, No 71 of 2008 to related or inter-related companies. Shareholders are hereby notified that in terms of S45(5)(a) of the South African Companies Act, the Boards of Directors of Investec Limited and Investec Bank Limited provided such financial assistance during the period 1 April 2023 to 31 March 2024 to various Group subsidiaries.
Exchange rate impact on statutory results
Exchange rates between local currencies and Pounds Sterling have fluctuated over the period. The most significant impact arises from the volatility of the Rand. The average Rand: Pound Sterling exchange rate over the period has appreciated by 0.3% against the comparative 30 September 2023, and the closing rate has depreciated by 3.6% since 31 March 2024. The following tables provide an analysis of the impact of the Rand on our reported numbers.
 | Results in Pounds Sterling | Results in Rands | ||||||
Total Group | Six months to 30 Sept 2024 | Six months to 30 Sept 2023 | % change | Neutral currency^ Six months to 30 Sept 2024 | Neutral currency % change | Six months to 30 Sept 2024 | Six months to 30 Sept 2023 | % change |
Adjusted operating profit before taxation (million) | £475 | £453 |             4.7%            | £473 |              4.4%             | R11 105 | R10 640 |              4.4%             |
Earnings attributable to shareholders (million) | £351 | £615 |                        (42.9%) | £351 |                        (42.9%) | R8 222 | R14 435 |                        (43.0%) |
Adjusted earnings attributable to shareholders (million) | £338 | £330 |             2.5%            | £337 |             2.1%            | R7 904 | R7 737 |             2.2%            |
Adjusted earnings per share | 39.5p | 38.7p | Â Â Â Â Â Â Â Â Â Â Â Â 2.1%Â Â Â Â Â Â Â Â Â Â Â Â | 39.4p | Â Â Â Â Â Â Â Â Â Â Â Â 1.8%Â Â Â Â Â Â Â Â Â Â Â Â | 924c | 908c | Â Â Â Â Â Â Â Â Â Â Â Â 1.8%Â Â Â Â Â Â Â Â Â Â Â Â |
Basic earnings per share | 36.6p | 69.6p | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (47.4%) | 36.5p | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (47.6%) | 856c | 1635c | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (47.6%) |
Headline earnings per share | 36.6p | 36.9p | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (0.8%) | 36.5p | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (1.1%) | 855c | 859c | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (0.5%) |
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 | Results in Pounds Sterling | Results in Rands | ||||||
 | At 30 Sept 2024 | At 31 March 2024* | % change | Neutral currency^^ At 30 Sept 2024 | Neutral currency % change | At 30 Sept 2024 | At 31 March 2024* | % change |
Net asset value per share |          575.7p |          563.9p |             2.1%            | 573.2p |             1.6%            | 13 302c | 13 511c |                        (1.5%) |
Tangible net asset value per share |           491.6p |          477.5p |              3.0%             | 489.1p |             2.4%            | 11 358c | 11 441c |                        (0.7%) |
Total equity (million) | £5 668 | £5 474 |             3.5%            | £5 594 |             2.2%            | R130 960 | R131 159 |                        (0.2%) |
Total assets (million)* | £58 114 | £56 569 |             2.7%            | £57 114 |             1.0%            |  R1 342 730 | R1 355 414 |                        (0.9%) |
Core loans (million) | £31 731 | £30 901 |             2.7%            | £31 196 |             1.0%            | R733 147 | R740 401 |                        (1.0%) |
Cash and near cash balances (million) | £17 164 | £16 359 |             4.9%            | £16 900 |              3.3%             | R396 574 | R391 978 |             1.2%            |
Customer accounts (deposits) (million) | £40 438 | £39 508 |             2.4%            | £39 766 |             0.7%            | R934 324 | R946 626 |                        (1.3%) |
^ Â Â Â Â Â Â Â For income statement items we have used the average Rand: Pound Sterling exchange rate that was applied in the prior period, i.e. 23.48.
^^Â Â Â Â Â For balance sheet items we have assumed that the Rand: Pound Sterling closing exchange rate has remained neutral since 31 March 2024.
*Â Â Â Â Â Â Â Restated as detailed below.
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Condensed combined consolidated income statement
£'000 | Six months to | Six months to  30 Sept 2023^ | Year to  31 March 2024 |
Interest income | Â Â Â Â Â Â Â Â Â Â Â Â Â 2Â 127Â 120 | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 972Â 340Â | Â Â Â Â Â Â Â Â Â Â Â Â 4Â 124Â 150Â |
Interest expense | Â Â Â Â Â Â Â Â Â (1Â 442Â 735)Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â (1Â 301Â 460)Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â (2Â 785Â 457)Â Â Â Â Â Â Â Â Â |
Net interest income | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 684Â 385Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 670Â 880Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â 1Â 338Â 693Â Â Â Â Â Â |
Fee and commission income | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 252Â 260Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 225Â 672Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 482Â 668Â Â |
Fee and commission expense | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (30Â 672)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (29Â 611)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (66Â 481)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Investment income | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 63Â 153Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 22Â 436Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 60Â 381Â |
Share of post-taxation profit of associates and joint venture holdings | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 35Â 214Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 3Â 241Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 55Â 949Â Â |
Trading income arising from | Â | Â | Â |
- customer flow | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 74Â 287Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 94Â 575Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 131Â 712Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
- balance sheet management and other trading activities | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 22Â 327Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 17Â 933Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 41Â 496Â |
Other operating income/(loss) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1Â 656Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (230)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1Â 961Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Operating income | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 102Â 610Â Â Â Â | Â Â Â Â Â Â Â Â Â Â 1Â 004Â 896Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â 2Â 046Â 379Â Â Â Â Â Â Â |
Expected credit loss impairment charges | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (66Â 897)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (46Â 291)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (79Â 113)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Operating income after expected credit loss impairment charges | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 035Â 713Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 958Â 605Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â 1Â 967Â 266Â Â Â Â Â Â |
Operating costs | Â Â Â Â Â Â Â Â Â Â Â Â Â (560Â 280) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â (556Â 108)Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â (1Â 120Â 245)Â Â Â Â Â Â Â Â Â Â |
Operating profit before goodwill and acquired intangibles | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 475Â 433Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 402Â 497Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 847Â 021Â Â Â Â Â |
Amortisation of acquired intangibles | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (543)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (1Â 483)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Amortisation of acquired intangibles arising on equity accounting | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (5Â 679)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (5Â 679)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Amortisation of acquired intangibles reported by associate* | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (6Â 359)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (6Â 945)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Acquisition related and integration costs within associate* | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (7Â 195)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (9Â 631)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Financial impact of strategic actions | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (4Â 406) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â |
Closure and rundown of the Hong Kong direct investments business | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (1Â 269)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 2Â 304Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (785)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Profit before taxation from continuing operations | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 450Â 525Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 404Â 258Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 822Â 498Â Â Â Â Â Â |
Taxation | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (98Â 318)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (88Â 971)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (171Â 187)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Taxation on operating profit before goodwill and acquired intangibles | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (98Â 318)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (89Â 123)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â (172Â 066)Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Taxation on acquired intangibles and net gain on distribution of associate to shareholders | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 152 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 879Â |
 |  |  |  |
Profit after taxation from continuing operations | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 352Â 207Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 315Â 287Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 651Â 311Â Â Â |
Profit after taxation and financial impact of strategic actions from discontinued operations** | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 311Â 367Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 302Â 877Â |
Operating profit before non-controlling interests from discontinued operations | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 45Â 824Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 45Â 824Â Â |
Financial impact of strategic actions net of taxation from discontinued operations | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 265Â 543Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 257Â 053Â |
 |  |  |  |
Profit after taxation from total Group | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 352Â 207Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 626Â 654Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 954Â 188Â Â Â Â Â |
Profit attributable to non-controlling interests | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (712)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (4)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (1Â 382)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Profit attributable to non-controlling interests of discontinued operations | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (11Â 766)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (11Â 766)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Earnings of total Group attributable to shareholders | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 351Â 495Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 614Â 884Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 941Â 040Â Â Â Â Â Â |
Earnings attributable to ordinary shareholders | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 313Â 004Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 593Â 230Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 891Â 964Â |
Earnings attributable to perpetual preferred securities and other Additional Tier 1 security holders | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 38Â 491Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 21Â 654Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 49Â 076Â |
 |  |  |  |
^Â Â Â Â Â Â Â Restated
* Â Â Â Â Â Â The lines 'amortisation of acquired intangibles reported by associate' and 'acquisition related and integration costs within associate' reported in the prior year as 'financial impact of strategic actions' have been disaggregated to provide information at a more granular level.
**Â Â Â Â Â Â Refer to discontinued operations disclosure
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Earnings per share
 | Six months to | Six months to  30 Sept 2023 | Year to  31 March 2024 |
Basic earnings for total Group per share - pence | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 36.6Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 69.6Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 105.3 |
Diluted basic earnings for total Group per share - pence | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 35.3Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 67.0Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 101.0Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Basic earnings for continuing operations per share - pence | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 36.6Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 34.5Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 71.0 |
Diluted basic earnings for continuing operations per share - pence | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 35.3Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 33.2Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 68.1 |
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Combined consolidated statement of total comprehensive income
£'000 | Six months to | Six months to 30 Sept 2023^ | Year to 31 March 2024 |
 |  |  |  |
Profit after taxation | Â Â Â Â Â Â Â Â Â Â Â Â 352Â 207Â | Â Â Â Â Â Â Â Â Â Â Â Â 626Â 654Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â 954Â 188Â |
Other comprehensive income: | Â | Â | Â |
Items that may be reclassified to the income statement | Â | Â | Â |
Fair value movements on cash flow hedges taken directly to other comprehensive income* | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (4Â 510)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â (15Â 308)Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â (16Â 585)Â Â Â Â Â Â Â Â Â Â Â Â Â |
Fair value movements on debt instruments at FVOCI taken directly to other comprehensive income* | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 457Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (9Â 047)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 11Â 359 |
Gain on realisation of debt instruments at FVOCI recycled through the income statement* | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (383)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (2Â 873)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (4Â 789)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Foreign currency adjustments on translating foreign operations | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 30Â 832Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â (51Â 920)Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â (139Â 257)Â Â Â Â Â Â Â Â Â Â |
Items that will never be reclassified to the income statement | Â | Â | Â |
Share of other comprehensive (loss)/income of associates and joint venture holdings | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (3Â 741)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 257Â |
Fair value movements on equity instruments at FVOCI taken directly to other comprehensive income* | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 4Â 871Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (338)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â (14Â 415)Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Movement in post-retirement benefit liabilities* | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (362)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Net (loss)/gain attributable to own credit risk* | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (220)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 866Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 748Â |
Total comprehensive income | Â Â Â Â Â Â Â Â Â Â Â Â 379Â 513Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â 548Â 034Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â 791Â 144Â Â Â Â |
Total comprehensive income attributable to ordinary shareholders | Â Â Â Â Â Â Â Â Â Â Â 340Â 463Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â 553Â 179Â | Â Â Â Â Â Â Â Â Â Â Â Â Â 767Â 726Â |
Total comprehensive income/(loss) attributable to non-controlling interests | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 559Â | Â Â Â Â Â Â Â Â Â Â Â Â Â (26Â 799)Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â (25Â 658)Â Â Â Â Â Â Â Â Â Â Â Â Â |
Total comprehensive income attributable to perpetual preferred securities and Other Additional Tier 1 security holders | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 38Â 491Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 21Â 654Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 49Â 076Â |
Total comprehensive income | Â Â Â Â Â Â Â Â Â Â Â Â 379Â 513Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â 548Â 034Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â 791Â 144Â Â Â Â |
 |  |  |  |
^Â Â Â Â Â Â Â Restated
*       These amounts are net of taxation of a tax credit of £3.0 million (30 September 2023: tax expense £14.2 million; 31 March 2024: tax expense £17.3 million).
Â
Â
Condensed combined consolidated balance sheet
At £'000 | 30 Sept 2024 | 31 March 2024^ | 30 Sept 2023^ |
Assets | Â | Â | Â |
Cash and balances at central banks | Â Â Â Â Â Â Â Â Â Â Â 4Â 807Â 365Â Â | Â Â Â Â Â Â Â Â Â Â Â 6Â 279Â 088Â Â | Â Â Â Â Â Â Â Â Â Â Â 5Â 335Â 622Â Â |
Loans and advances to banks | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 132Â 894Â | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 063Â 745Â | Â Â Â Â Â Â Â Â Â Â Â Â Â 1Â 441Â 768 |
Non-sovereign and non-bank cash placements | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 425Â 027Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 451Â 482Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 396Â 311 |
Reverse repurchase agreements and cash collateral on securities borrowed | Â Â Â Â Â Â Â Â Â Â Â 4Â 213Â 008Â Â | Â Â Â Â Â Â Â Â Â Â Â Â 4Â 381Â 520Â | Â Â Â Â Â Â Â Â Â Â Â 4Â 666Â 740Â Â |
Sovereign debt securities | Â Â Â Â Â Â Â Â Â Â Â 6Â 272Â 249Â Â | Â Â Â Â Â Â Â Â Â Â Â Â 4Â 943Â 147Â | Â Â Â Â Â Â Â Â Â Â Â Â Â 5Â 201Â 188 |
Bank debt securities | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 519Â 541Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 596Â 436Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 718Â 365Â |
Other debt securities | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 029Â 964Â | Â Â Â Â Â Â Â Â Â Â Â Â Â 1Â 148Â 147Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 257Â 697Â |
Derivative financial instruments | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 184Â 328Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 811Â 499 | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 272Â 946Â |
Securities arising from trading activities | Â Â Â Â Â Â Â Â Â Â Â 2Â 084Â 759Â Â | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 596Â 260Â | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 777Â 342Â |
Loans and advances to customers | Â Â Â Â Â Â Â Â Â 31Â 435Â 870Â | Â Â Â Â Â Â Â Â 30Â 645Â 313Â Â | Â Â Â Â Â Â Â Â Â 30Â 719Â 600Â |
Own originated loans and advances to customers securitised | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 306Â 081Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 269Â 034Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 281Â 543Â |
Other loans and advances | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 139Â 028Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 117Â 513Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 134Â 310 |
Other securitised assets | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 63Â 627Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 66Â 704Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 72Â 443Â Â |
Other financial instruments at fair value through profit or loss in respect of liabilities to customers^^ |                  194 415 |                 154 738 |                 133 233 |
Investment portfolio^^ | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 753Â 525Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 807Â 030Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 838Â 350Â Â |
Interests in associated undertakings and joint venture holdings | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 873Â 865Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 858Â 420Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 828Â 093Â Â |
Current taxation assets | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 61Â 077 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 64Â 378Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 70Â 415Â |
Deferred taxation assets | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 202Â 081Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 204Â 861Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 200Â 544Â Â |
Other assets | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 963Â 143Â | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 658Â 456Â | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 931Â 984Â |
Property and equipment | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 236Â 814Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 238Â 072Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 222Â 133Â |
Investment properties | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 113Â 897Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 105Â 975 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 111Â 157Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Goodwill | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 74Â 134Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 75Â 367Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 76Â 085Â |
Software | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 9Â 883Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 9Â 707Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 10Â 063Â |
Non-current assets classified as held for sale | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 17Â 574 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 22Â 270Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 3Â 262Â Â |
 |          58 114 149     |        56 569 162       |          57 701 194     |
Liabilities | Â | Â | Â |
Deposits by banks | Â Â Â Â Â Â Â Â Â Â Â 2Â 843Â 008Â Â | Â Â Â Â Â Â Â Â Â Â Â 3Â 446Â 776Â Â | Â Â Â Â Â Â Â Â Â Â Â 3Â 886Â 578Â Â |
Derivative financial instruments | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 186Â 243Â | Â Â Â Â Â Â Â Â Â Â Â Â Â 1Â 005Â 712 | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 532Â 021Â |
Other trading liabilities | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 605Â 722Â | Â Â Â Â Â Â Â Â Â Â Â 1Â 369Â 332Â Â | Â Â Â Â Â Â Â Â Â Â Â 1Â 363Â 942Â Â |
Repurchase agreements and cash collateral on securities lent | Â Â Â Â Â Â Â Â Â Â Â Â Â 1Â 311Â 433 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 915Â 208Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 892Â 434Â Â |
Customer accounts (deposits) | Â Â Â Â Â Â Â Â 40Â 438Â 009Â Â | Â Â Â Â Â Â Â Â 39Â 507Â 805Â Â | Â Â Â Â Â Â Â Â 39Â 907Â 270Â Â |
Debt securities in issue | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 460Â 896Â | Â Â Â Â Â Â Â Â Â Â Â Â Â 1Â 541Â 194Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 491Â 065Â |
Liabilities arising on securitisation of own originated loans and advances | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 220Â 106Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 208Â 571Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 170Â 095Â |
Liabilities arising on securitisation of other assets | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 67Â 988Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 71Â 751Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 76Â 084Â Â |
Current taxation liabilities | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 56Â 945Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 72Â 697Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 50Â 294Â Â |
Deferred taxation liabilities | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 14Â 212 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 5Â 198Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 20Â 295Â Â |
Other liabilities | Â Â Â Â Â Â Â Â Â Â Â Â 2Â 042Â 214Â | Â Â Â Â Â Â Â Â Â Â Â Â Â 1Â 822Â 981 | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 989Â 662Â |
Liabilities to customers under investment contracts^^ | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 187Â 981Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 154Â 889Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 133Â 233Â |
 |         51 434 757      |          50 122 114     |          51 512 973     |
Subordinated liabilities | Â Â Â Â Â Â Â Â Â Â Â Â Â 1Â 011Â 339Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 972Â 806Â | Â Â Â Â Â Â Â Â Â Â Â Â Â 1Â 013Â 237 |
 |       52 446 096        |        51 094 920       |         52 526 210      |
Equity | Â | Â | Â |
Ordinary shareholders' equity^^^ | Â Â Â Â Â Â Â Â Â Â Â Â 4Â 948Â 016Â | Â Â Â Â Â Â Â Â Â Â Â 4Â 760Â 678Â Â | Â Â Â Â Â Â Â Â Â Â Â 4Â 692Â 552Â Â |
Perpetual preference share capital and premium | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 130Â 923Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 127Â 136Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 131Â 437 |
Shareholders' equity excluding non-controlling interests | Â Â Â Â Â Â Â Â Â Â 5Â 078Â 939Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â 4Â 887Â 814Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â 4Â 823Â 989Â Â Â Â Â Â Â |
Other Additional Tier 1 securities in issue | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 589Â 264Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 586Â 103Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 352Â 168Â |
Non-controlling interests | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (150)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 325Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (1Â 173)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Total equity | Â Â Â Â Â Â Â Â Â Â 5Â 668Â 053Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â 5Â 474Â 242Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â 5Â 174Â 984Â Â Â Â Â Â |
Total liabilities and equity | Â Â Â Â Â Â Â Â Â 58Â 114Â 149Â Â Â Â Â | Â Â Â Â Â Â Â 56Â 569Â 162Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â 57Â 701Â 194Â Â Â Â Â |
^Â Â Â Â Â Â Â Restated
^^Â Â Â Â Â At 31 March 2024 the Group reassessed the order of liquidity within the balance sheet and moved 'Investment portfolio' to below 'Other financial instruments at fair value through profit or loss in respect of liabilities to customers' as it was found to be less liquid than the items that were listed above it. The reorder has now been applied to 30 September 2023. In addition, 'Insurance liabilities, including unit-linked liabilities' has been aggregated with 'Liabilities to customers under investment contracts'.
^^^Â Â Â The detailed breakdown of 'ordinary shareholders' equity' was not considered to provide useful information to decision makers and therefore the lines have been condensed to simplify the condensed results.
Â
Included in 'loans and advances to banks' £43 million (March 24: £19 million), 'reverse repurchase agreements and cash collateral on securities borrowed' £128 million (March 24: £88 million), 'sovereign debt securities' £841 million (March 24: £461 million), 'bank debt securities' £66 million (March 24: £81 million), 'other debt securities' £73 million (£41 million), 'securities arising from trading activities' £165 million (March 24: £113 million) and 'other loans and advances' £2 million (March 24: £3 million) are assets provided as collateral where the transferee has the right to resell or repledge.
Â
Condensed combined consolidated statement of changes in equity
For the six months to 30 September 2024 | Ordinary shareholders' equity^^ | Perpetual preference share capital and share premium | Shareholders' equity excluding non-controlling interests | Other Additional Tier 1 securities in issue | Non-controlling interests | Total equity |
Balance at the beginning of the period | 4Â 760Â 678 | 127Â 136 | Â Â Â Â Â 4Â 887Â 814Â | 586Â 103 | 325 | 5Â 474Â 242Â Â |
Total comprehensive income | Â Â Â Â Â Â Â 369Â 405Â Â | Â Â Â Â Â Â Â Â Â Â Â 3Â 787Â | Â Â Â Â Â Â Â Â Â 373Â 192Â | Â Â Â Â Â Â Â Â Â Â Â 5Â 762Â | Â Â Â Â Â Â Â Â Â Â Â Â Â 559Â | Â Â Â Â Â Â 379Â 513Â |
Share-based payments adjustments | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 6Â 125Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 6Â 125Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â 6Â 125Â |
Dividends paid to ordinary shareholders | Â Â Â Â Â Â (172Â 047)Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â (172Â 047)Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â (172Â 047)Â Â Â Â |
Dividends declared to perpetual preference shareholders and Other Additional Tier 1 security holders | Â Â Â Â Â Â Â Â Â (38Â 491)Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â 5Â 727Â | Â Â Â Â Â Â Â Â Â (32Â 764)Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â 32Â 764Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â |
Dividends paid to perpetual preference and Other Additional Tier 1 security holders | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â (5Â 727)Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â (5Â 727)Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â (32Â 764)Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â (38Â 491)Â Â Â Â Â Â |
Dividends paid to non-controlling interests | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â (1Â 276)Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â (1Â 276)Â Â Â Â Â Â Â Â Â Â |
Cancellation of special converting shares | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (4)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (4)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (4)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Issue of Other Additional Tier 1 security instruments | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â 25Â 968Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â 25Â 968Â Â |
Redemption of Other Additional Tier 1 security instruments | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â (28Â 569)Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â (28Â 569)Â Â Â Â Â Â |
Net equity impact of non-controlling interest movements | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â 242Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 242Â |
Movement of treasury shares | Â Â Â Â Â Â Â Â Â Â 22Â 350Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â 22Â 350Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â 22Â 350Â Â |
Balance at the end of the period | Â Â 4Â 948Â 016Â Â Â Â Â Â | Â Â Â Â 130Â 923Â Â Â Â Â | Â Â Â 5Â 078Â 939Â Â Â Â Â Â Â | Â Â Â Â 589Â 264Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â (150) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 5Â 668Â 053Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Â
For the six months to 30 September 2023^ | Ordinary shareholders' equity^^ | Perpetual preference share capital and share premium | Shareholders' equity excluding non-controlling interests | Other Additional Tier 1 securities in issue | Non-controlling interests | Total equity |
Balance at the beginning of the period | 4Â 322Â 881 | 136Â 259 | Â Â Â Â Â 4Â 459Â 140Â | 398Â 568 | 450Â 839 | Â 5Â 308Â 547Â Â |
Total comprehensive income | Â Â Â Â Â Â Â Â Â 586Â 715 | Â Â Â Â Â Â Â Â (5Â 093) | Â Â Â Â Â Â Â Â Â 581Â 622Â | Â Â Â Â Â Â Â Â Â (6Â 789)Â Â Â Â Â Â Â Â Â | Â Â Â (26Â 799)Â Â Â | Â Â Â Â Â 548Â 034Â Â |
Share-based payments adjustments | Â Â Â Â Â Â Â Â Â Â Â Â Â 8Â 909Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 8Â 909Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â 8Â 909Â Â |
Dividends paid to ordinary shareholders | Â Â Â Â Â Â Â (161Â 086)Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â (161Â 086)Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â (161Â 086)Â Â Â Â |
Dividends declared to perpetual preference shareholders and Other Additional Tier 1 security holders | Â Â Â Â Â Â Â Â Â (21Â 654)Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â 4Â 838Â Â | Â Â Â Â Â Â Â Â Â Â Â (16Â 816)Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â 16Â 816Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â |
Dividends paid to perpetual preference and Other Additional Tier 1 security holders | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â (4Â 838) | Â Â Â Â Â Â Â Â Â Â Â Â (4Â 838) | Â Â Â Â Â Â Â (16Â 816)Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â (21Â 654)Â Â Â Â Â Â |
Dividends paid to non-controlling interests | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â (12Â 599)Â Â Â | Â Â Â Â Â Â (12Â 599)Â Â Â Â Â Â |
Share buyback of ordinary share capital | Â Â Â Â Â Â Â Â Â (17Â 408)Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â (17Â 408)Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â (17Â 408)Â Â Â Â Â Â |
Repurchase of perpetual preference shares | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (14)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 271 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 257Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 257Â |
Net equity impact of non-controlling interest movements | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â 360Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 360Â |
Movement of treasury shares | Â Â Â Â Â Â Â Â (20Â 898) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â (20Â 898) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â (20Â 898) |
Derecognition of non-controlling interests on deconsolidation of subsidiary company | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | (412Â 974) | Â Â Â (412Â 974)Â Â Â |
Other equity movements | Â Â Â Â Â Â Â Â Â Â Â (4Â 893) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â (4Â 893) | Â Â Â Â Â Â Â (39Â 611)Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â (44Â 504) |
Balance at the end of the period | Â Â 4Â 692Â 552Â Â Â Â Â Â Â | Â Â Â Â Â Â 131Â 437Â Â Â Â | Â Â Â 4Â 823Â 989Â Â Â Â Â Â Â | Â Â Â Â Â 352Â 168Â Â Â Â Â | Â Â Â Â Â Â (1Â 173) | 5Â 174Â 984Â Â Â Â Â Â |
 ^      Restated
^^Â Â Â Â Â The detailed breakdown of 'ordinary shareholders' equity' was not considered to provide useful information to decision makers and therefore the additional columns previously disclosed have been condensed to simplify the condensed results.
Â
Â
Condensed combined consolidated statement of changes in equity continued
For the year to 31 March 2024 | Ordinary shareholders' equity^^ | Perpetual preference share capital and share premium | Shareholders' equity excluding non-controlling interests | Other Additional Tier 1 securities in issue | Non-controlling interests | Total equity |
Balance at the beginning of the year | 4Â 322Â 881 | 136Â 259 | Â Â Â Â Â 4Â 459Â 140Â | 398Â 568 | 450Â 839 | 5Â 308Â 547Â Â |
Total comprehensive income | Â Â Â Â Â Â Â 839Â 523Â Â | Â Â Â Â Â Â Â Â (9Â 383) | Â Â Â Â Â Â Â Â Â 830Â 140Â | Â Â Â Â Â Â (13Â 338)Â Â Â Â Â Â | Â Â Â (25Â 658)Â Â Â | Â Â Â Â Â Â 791Â 144Â Â Â Â Â Â |
Share-based payments adjustments | Â Â Â Â Â Â Â Â Â Â Â Â Â 2Â 664Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 2Â 664Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â 2Â 664Â Â |
Dividends paid to ordinary shareholders | Â Â Â Â Â Â (296Â 712)Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â (296Â 712)Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â (296Â 712)Â Â Â |
Dividends declared to perpetual preference shareholders and Other Additional Tier 1 security holders | Â Â Â Â Â Â Â Â (49Â 076)Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â 10Â 441 | Â Â Â Â Â Â Â Â Â (38Â 635) | Â Â Â Â Â Â Â Â 38Â 635Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â |
Dividends paid to perpetual preference and Other Additional Tier 1 security holders | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â (10Â 441)Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â (10Â 441)Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â (38Â 635) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â (49Â 076)Â Â Â Â Â |
Dividends paid to non-controlling interests | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â (12Â 599)Â Â Â | Â Â Â Â Â Â (12Â 599)Â Â Â Â Â Â |
Share buyback of ordinary share capital | Â Â Â Â Â Â Â Â Â (17Â 408)Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â (17Â 408)Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â (17Â 408)Â Â Â Â Â Â |
Repurchase of perpetual preference shares | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (14)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 260Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 246Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 246Â |
Issue of Other Additional Tier 1 security instruments | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â 382Â 130Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â 382Â 130Â |
Redemption of Other Additional Tier 1 security instruments | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â (141Â 892)Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â (141Â 892)Â Â Â |
Transaction with equity holders | Â Â Â Â Â Â Â Â Â Â Â Â (2Â 971)Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â (2Â 971)Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â (2Â 971)Â Â Â Â Â Â Â Â Â |
Net equity impact of non-controlling interest movements | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 717Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 717Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Gain on Additional Tier 1 security instruments callback | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1Â 420Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1Â 420Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â 1Â 420Â |
Movement of treasury shares | Â Â Â Â Â Â Â Â (39Â 629) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â (39Â 629) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â (39Â 629) |
Derecognition of non-controlling interests on deconsolidation of subsidiary company | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | (412Â 974) | Â Â Â (412Â 974)Â Â Â |
Other equity movements | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â (39Â 365) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â (39Â 365) |
Balance at the end of the year | Â Â 4Â 760Â 678Â Â Â Â Â Â | Â Â Â Â Â Â 127Â 136Â Â Â Â | Â Â Â Â 4Â 887Â 814Â Â Â Â Â Â | Â Â Â Â 586Â 103Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â 325Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 5Â 474Â 242Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
^^Â Â Â Â Â The detailed breakdown of 'ordinary shareholders' equity' was not considered to provide useful information to decision makers and therefore the additional columns previously disclosed have been condensed to simplify the condensed results.
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Condensed combined consolidated cash flow statement
£'000 | Six months to  30 Sept 2024 | Six months to | Year to |
Cash (outflow)/ inflow from operating activities | Â | Â | Â |
Profit before taxation adjusted for non-cash, non-operating items and other required adjustments | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 549Â 765Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 548Â 692Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 997Â 131Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Taxation paid | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (92Â 527)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (97Â 780)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â (178Â 708)Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Increase in operating assets | Â Â Â Â Â Â Â Â Â Â (2Â 241Â 057)Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â (3Â 064Â 806)Â | Â Â Â Â Â Â Â Â Â (2Â 390Â 759) |
Increase in operating liabilities | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 594Â 188Â | Â Â Â Â Â Â Â Â Â Â Â Â 2Â 101Â 623Â | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 703Â 789Â |
Net cash (outflow)/inflow from operating activities | Â Â Â Â Â Â Â Â Â (1Â 189Â 631) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â (512Â 271) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 131Â 453Â Â Â Â |
 |  |  |  |
Cash flows from investing activities | Â | Â | Â |
Cash flow on disposal of Group operations | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 10Â 998Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 11Â 870Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Cash flow on acquisition of Group operations, net of cash acquired | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (29Â 348) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (28Â 559)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Derecognition of cash on disposal of subsidiaries | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â (174Â 953)Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â (174Â 953)Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Cash flows from other investing activities | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 11Â 142Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (6Â 630) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (17Â 728)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Net cash inflow/(outflow) from investing activities | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 11Â 142Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â (199Â 933) | Â Â Â Â Â Â Â Â Â Â Â Â (209Â 370) |
 |  |  |  |
Cash flows from financing activities | Â | Â | Â |
Dividends paid to ordinary shareholders | Â Â Â Â Â Â Â Â Â Â Â Â Â Â (172Â 047)Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (161Â 086)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â (296Â 712)Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Dividends paid to other equity holders | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (39Â 717)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (34Â 253) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (57Â 808)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Proceeds on issue of other Additional Tier 1 securities in issue | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 25Â 968Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 382Â 130Â |
Repayment of other Additional Tier 1 securities in issue | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (28Â 569)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â (140Â 472)Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Share buyback of ordinary share capital | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (17Â 408)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (17Â 408)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Proceeds on subordinated liabilities raised | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 21Â 295Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 52Â 169Â |
Repayment of subordinated liabilities | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (26Â 409) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â (153Â 688)Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Cash flows from other financing activities | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (17Â 545)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â (139Â 250)Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â (140Â 267)Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Net cash outflow from financing activities | Â Â Â Â Â Â Â Â Â Â Â Â Â (231Â 910) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â (357Â 111) | Â Â Â Â Â Â Â Â Â Â Â Â (372Â 056) |
Effects of exchange rates on cash and cash equivalents | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 20Â 244Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (58Â 769) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (95Â 500) |
Net decrease in cash and cash equivalents | Â Â Â Â Â Â Â Â Â (1Â 390Â 155) | Â Â Â Â Â Â Â Â Â (1Â 128Â 084) | Â Â Â Â Â Â Â Â Â Â Â Â (545Â 473) |
Cash and cash equivalents at the beginning of the period | Â Â Â Â Â Â Â Â Â Â Â Â 7Â 252Â 177Â | Â Â Â Â Â Â Â Â Â Â Â Â 7Â 797Â 650Â | Â Â Â Â Â Â Â Â Â Â Â Â 7Â 797Â 650Â |
Cash and cash equivalents at the end of the period | Â Â Â Â Â Â Â Â Â Â 5Â 862Â 022Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â 6Â 669Â 566Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â 7Â 252Â 177Â Â Â Â Â |
 |  |  |  |
In line with best practice, the detail of the interim cash flow statement has been expanded.
Headline earnings per share
£'000 | Six months to | Six months to  30 Sept 2023 | Year to 31 March 2024 |
Headline earnings | Â | Â | Â |
Earnings attributable to shareholders | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 351Â 495Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 614Â 884Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 941Â 040Â |
Financial impact of strategic actions of discontinued operations excluding implementation costs | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â (280Â 737)Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â (280Â 737)Â Â Â Â Â Â Â Â Â Â Â Â Â |
Taxation on strategic actions | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 2Â 359Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 8Â 337Â Â |
Dividends payable to perpetual preference shareholders and Other Additional Tier 1 security holders (other equity holders) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (38Â 491)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (21Â 654)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (49Â 076)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Property revaluation, net of taxation and non-controlling interests** | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (466)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (311)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (1Â 958)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Gain on repurchase of perpetual preference shares | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (14)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1Â 406Â |
Headline earnings attributable to ordinary shareholders | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 312Â 538Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 314Â 527Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 619Â 012Â Â Â Â |
Weighted average number of shares in issue during the year | Â Â Â Â Â 854Â 984Â 190Â Â | Â Â Â Â Â Â 851Â 765Â 254Â | Â Â Â Â Â 848Â 806Â 687Â Â |
Headline earnings per share - pence*** | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 36.6Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 36.9Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 72.9Â Â Â |
Diluted headline earnings per share - pence*** | 35.3 | 35.5 | 70.0 |
Prior to becoming a subsidiary, the investment in Capitalmind associates met the definition of a venture capital investment as defined in the Headline Earnings Circular 1/2023. During the prior period a gain of £4mn was recognised as a result of a stepped acquisition of Capitalmind from 30% to 60% that required a revaluation of the previously held 30%. This amount was included in headline earnings.
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**      Taxation on property revaluation headline earnings adjustments amounted to £0.2 million (September 2023: £0.1 million; March 2024: £0.7 million) no impact on earnings attributable to non-controlling interests. The amount includes property revaluations included in equity accounted earnings.
***Â Â Â Â Headline earnings per share and diluted headline earnings per share have been calculated and is disclosed in accordance with the JSE listing requirements, and in terms of circular 1/2023 issued by the South African Institute of Chartered Accountants.
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Adjusted earnings per share
£'000 | Six months to | Six months to  30 Sept 2023 | Year to 31 March 2024 |
Adjusted earnings | Â | Â | Â |
Earnings attributable to shareholders | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 351Â 495Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 614Â 884Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 941Â 040Â |
Amortisation of acquired intangibles | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 6Â 967Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 7Â 907Â |
Amortisation of acquired intangibles arising on equity accounting | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 5Â 679Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 5Â 679Â |
Amortisation of acquired intangibles reported by associate | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 6Â 359Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 6Â 945Â Â |
Acquisition related and integration costs within associate | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 7Â 195 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 9Â 631Â |
Financial impact of strategic actions | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 4Â 406Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â |
Closure and rundown of the Hong Kong direct investments business | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1Â 269Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (2Â 304) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 785Â |
Financial impact of strategic actions of discontinued operations | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â (267Â 902)Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â (265Â 390) |
Taxation on acquired intangibles and strategic actions | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (152)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (879)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Taxation on acquired intangibles and strategic actions of discontinued operations | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 744Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 6Â 722Â |
Dividends payable to perpetual preference shareholders and Other Additional Tier 1 security holders (other equity holders) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (38Â 491)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (21Â 654)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (49Â 076)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Accrual adjustment on earnings attributable to other equity holders* | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (754)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (866)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Adjusted earnings attributable to ordinary shareholders | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 337Â 912Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 329Â 829Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 662Â 498Â Â Â Â Â Â |
Weighted average number of shares in issue during the year | Â Â Â Â Â 854Â 984Â 190Â Â | Â Â Â Â Â Â 851Â 765Â 254Â | Â Â Â Â Â 848Â 806Â 687Â Â |
Adjusted earnings per share - pence*** | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 39.5Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 38.7Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 78.1Â Â |
Diluted adjusted earnings per share - pence*** | 38.1 | 37.3 | 74.9 |
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Combined consolidated segmental analysis
Segmental geographical and business analysis of adjusted operating profit before goodwill, acquired intangibles, non-operating items, taxation and after non-controlling interests.
 | Private Client |  |  |  |  |  |  | |
 |  | Specialist Banking |  |  |  |  | ||
For the six months to 30 September 2024 | Wealth & Investment | Private Banking | Corporate, Investment Banking and Other | Group Investments | Group Costs | Total Group | % change | % of total |
£'000 | ||||||||
UK and Other | 32Â 332 | 25Â 781 | 176Â 558 | 5Â 954 | (17Â 933) | 222Â 692 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 11.6%Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 46.9%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Southern Africa | 22Â 228 | 78Â 982 | 145Â 584 | 13Â 328 | (8Â 093) | 252Â 029 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 24.2%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 53.1%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Continuing operations adjusted operating profit | 54Â 560 | 104Â 763 | 322Â 142 | 19Â 282 | (26Â 026) | 474Â 721 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 17.9%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 100.0%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Discontinued operations* | - | - | - | - | - | - | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (100.0%)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â -%Â Â |
Total Group adjusted operating profit | 54Â 560 | 104Â 763 | 322Â 142 | 19Â 282 | (26Â 026) | 474Â 721 | Â Â Â Â Â Â Â Â Â Â Â Â Â 4.7%Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 100.0%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Non-controlling interests of continuing operations | Â | Â | Â | Â | Â | 712 | Â | Â |
Operating profit before goodwill and acquired intangibles | Â | Â | Â | Â | Â | 475Â 433 | Â | Â |
% change | Â Â Â Â Â Â Â Â Â Â Â Â Â Â (16.5)Â Â Â Â Â Â Â Â Â Â Â Â Â Â % | Â Â Â Â Â Â Â Â Â Â Â Â (0.8)Â % | Â Â Â Â Â Â Â Â Â 7.9Â Â Â Â Â Â Â % | >100.0% | Â Â Â Â Â Â Â Â Â Â Â Â 23.7Â Â Â Â Â Â Â Â Â Â Â Â % | Â Â Â Â Â Â Â Â Â 4.7Â Â Â Â Â Â Â % | Â | |
% of total | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 11.5%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 22.1%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 67.9%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â 4.1%Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â (5.5)Â Â Â Â Â Â Â Â Â Â Â % | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 100.0%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | ||
 |  |  |  |  |  |  |  |  |
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 | Private Client |  |  |  |  |  |  | |
 |  | Specialist Banking |  |  |  |  | ||
For the six months to 31 September 2023 | Wealth & Investment | Private Banking^ | Corporate, Investment Banking and Other^ | Group Investments | Group Costs | Total Group | Â | % of total |
£'000 | ||||||||
UK and Other | - | 33Â 963 | 173Â 420 | 6Â 233 | (14Â 052) | 199Â 564 | Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 44.0%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Southern Africa | 17Â 475 | 71Â 684 | 125Â 149 | (4Â 389) | (6Â 990) | 202Â 929 | Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 44.8%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Continuing operations adjusted operating profit | 17Â 475 | 105Â 647 | 298Â 569 | 1Â 844 | (21Â 042) | 402Â 493 | Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 88.8%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Discontinued operations* | 47Â 828 | - | - | 3Â 012 | - | 50Â 840 | Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 11.2%Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Total Group adjusted operating profit | 65Â 303 | 105Â 647 | 298Â 569 | 4Â 856 | (21Â 042) | 453Â 333 | Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 100.0%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Non-controlling interests of continuing operations | Â | Â | Â | Â | Â | 4 | Â | Â |
Non-controlling interests of discontinued operations | Â | Â | Â | Â | Â | 11Â 766 | Â | Â |
Operating profit before goodwill and acquired intangibles | Â | Â | Â | Â | Â | 465Â 103 | Â | Â |
Operating profit before non-controlling interests of continuing operations | Â | Â | Â | Â | Â | 402Â 497 | Â | Â |
Operating profit before non-controlling interests of discontinued operations | Â | Â | Â | Â | Â | 62Â 606 | Â | Â |
% of total | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 14.4%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 23.3%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 65.9%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â 1.1%Â | Â Â Â Â Â Â Â Â Â Â Â Â (4.6)Â Â Â Â Â Â Â Â Â Â Â Â % | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 100.0%Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â | |
 |  |  |  |  |  |  |  |  |
*Â Â Â Â Â Â Â Refer to discontinued operations disclosure
^Â Â Â Â Â Â Â Restated. Following a strategic review of our Private Capital business, previously reported as part of our UK and Other Private Banking segment, the business is now reported in the UK and Other Corporate, Investment Banking & Other segment. The comparative period has been restated to reflect this change.
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Combined consolidated segmental geographical analysis of total assets and total liabilities
At 30 September | 2024 | 2023 | ||||
£'mn | UK and Other | Southern Africa | Total Group | UK and Other | Southern Africa | Total Group |
Total assets | 30Â 103 | 28Â 011 | 58Â 114 | 29Â 435 | 28Â 266 | 57Â 701 |
Total liabilities | 26Â 523 | 25Â 923 | 52Â 446 | 26Â 194 | 26Â 332 | 52Â 526 |
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Â
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Combined consolidated segmental geographical analysis of operating income
 | Private Client |  |  |  | |
 |  | Specialist Banking |  |  | |
For the six months to 30 September 2024 | Wealth & Investment | Private Banking | Corporate, Investment Banking and Other | Group Investments | Total Group |
£'000 | |||||
UK and Other | 32Â 332 | 51Â 720 | 487Â 539 | 5Â 954 | 577Â 545 |
Southern Africa | 70Â 737 | 177Â 992 | 263Â 007 | 13Â 329 | 525Â 065 |
Operating income | 103Â 069 | 229Â 712 | 750Â 546 | 19Â 283 | 1Â 102Â 610 |
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 | Private Client |  |  |  | |
 |  | Specialist Banking |  |  | |
For the six months to 30 September 2023 | Wealth & Investment | Private Banking | Corporate, Investment Banking and Other | Group Investments | Total Group |
£'000 | |||||
UK and Other | - | 60Â 343 | 493Â 018 | 6Â 233 | 559Â 594 |
Southern Africa | 59Â 210 | 149Â 444 | 240Â 788 | (4Â 140) | 445Â 302 |
Operating income | 59Â 210 | 209Â 787 | 733Â 806 | 2Â 093 | 1Â 004Â 896 |
Pro-forma adjustments | 35Â 855 | - | - | 3Â 012 | 38Â 867 |
Operating income on a pro-forma basis | 95Â 065 | 209Â 787 | 733Â 806 | 5Â 105 | 1Â 043Â 763 |
Pro-forma income statement
Given the nature of the IW&I UK and IPF transactions completed in the prior period, the Group essentially retained similar economic interest to these investments before and after the transactions. To provide information that is more comparable to the current period, the prior period has been presented on a pro-forma basis as if the transactions had been in effect from the beginning of the prior period, i.e. IW&I UK has been presented as an equity accounted investment and IPF as an investment at fair value through profit or loss in the prior period.
£'000 | Statutory income statement for the six months to  30 Sept 2023 | Re-presentation of discontinued operation - IPF | Re-presentation of discontinued operation - Investec Wealth & Investment UK | Six months to 30 Sept 2023 Pro-forma |
Net interest income | Â Â Â Â Â Â Â Â Â Â Â Â 670Â 880Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â 670Â 880Â |
Net fee and commission income | Â Â Â Â Â Â Â Â Â Â Â Â Â 196Â 061 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â 196Â 061 |
Investment income | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 22Â 436Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 3Â 012Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 25Â 448Â Â |
Share of post-taxation profit of associates and joint venture holdings | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 3Â 241Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 35Â 855Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 39Â 096Â Â |
Trading income arising from | Â | Â | Â | Â |
- customer flow | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 94Â 575Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 94Â 575Â |
- balance sheet management and other trading activities | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 17Â 933Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 17Â 933Â |
Other operating loss | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (230)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (230)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Operating income | Â Â Â Â Â Â Â 1Â 004Â 896Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 3Â 012Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 35Â 855Â Â Â Â Â | Â Â Â Â Â Â Â 1Â 043Â 763Â Â Â Â Â Â |
Expected credit loss impairment charges | Â Â Â Â Â Â Â Â Â Â Â Â Â (46Â 291)Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â (46Â 291)Â Â Â Â Â Â Â Â Â Â Â Â Â |
Operating income after expected credit loss impairment charges | Â Â Â Â Â Â Â Â Â Â Â 958Â 605Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 3Â 012Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 35Â 855Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â 997Â 472Â Â Â Â Â |
Operating costs | Â Â Â Â Â Â Â Â Â Â (556Â 108)Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â (556Â 108)Â Â Â Â Â Â Â Â Â Â |
Operating profit before goodwill and acquired intangibles | Â Â Â Â Â Â Â Â Â Â Â 402Â 497Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 3Â 012Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 35Â 855Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â 441Â 364Â Â Â Â Â |
Operating profit before strategic actions and non-controlling interests of discontinued operations* | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 62Â 606Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â (14Â 778)Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â (47Â 828)Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â |
Taxation on operating profit before goodwill and acquired intangibles | Â Â Â Â Â Â Â Â Â Â Â Â Â (89Â 123)Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â (89Â 123)Â Â Â Â Â Â Â Â Â Â Â Â Â |
Taxation on operating profit before goodwill and acquired intangibles of discontinued operations | Â Â Â Â Â Â Â Â Â Â Â Â Â Â (11Â 973)Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 11Â 973Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â |
 |            364 007      |              (11 766) |                           -  |             352 241     |
Profit attributable to non-controlling interests | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (4)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (4)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Profit attributable to non-controlling interests of discontinued operations* | Â Â Â Â Â Â Â Â Â Â Â Â Â Â (11Â 766)Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 11Â 766Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â |
 |            352 237     |                            - |                            - |            352 237     |
Earnings attributable perpetual preference shareholders and Other Additional Tier 1 security holders (other equity holders) | Â Â Â Â Â Â Â Â Â Â Â Â (22Â 408) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â (22Â 408) |
Adjusted earnings attributable to ordinary shareholders before goodwill, acquired intangibles and non-operating items | Â Â Â Â Â Â Â Â Â Â Â 329Â 829Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â 329Â 829Â Â Â Â Â Â |
*Â Â Â Â Â Â Â Refer to discontinued operations disclosure
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Â
Discontinued operations
During the 2024 financial year, the Group had two significant strategic actions which have been reflected as discontinued operations.
The effective date of the combination of Investec Wealth & Investment Limited and Rathbones Group Plc was 21 September 2023, at which point the Group deconsolidated its 100% holding in Investec Wealth & Investment Limited and in return acquired a 41.25% interest in Rathbones Group plc which is accounted for as an equity investment.
The completion date of the sale of the Investec Property Fund (IPF) management companies was 6 July 2023 at which point the Group deconsolidated its existing c.24.3% investment in IPF.
The Investec Wealth & Investment business and IPF have been disclosed as discontinued operations. The Wealth & Investment business was disclosed in the Wealth & Investment segment in the UK and other geography and the IPF business was disclosed in the Group Investments segment in the Southern Africa geography.Â
Reconciliation of profit after taxation and financial impact of strategic actions from discontinued operations as disclosed in the income statement to earnings from discontinued operations attributable to shareholders provided in the tables below
For the six months to 30 September | 2023 |
£'000 | |
Operating profit before strategic actions and non-controlling interests | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 62Â 606Â Â |
Amortisation of acquired intangibles | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (6Â 424) |
Taxation on operating profit | Â Â Â Â Â Â Â Â Â Â Â Â Â Â (11Â 973)Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Taxation on mortization of acquired intangibles | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1Â 615Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Operating profit before strategic actions and non-controlling interests from discontinued operations | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 45Â 824Â Â Â Â Â |
Financial impact of strategic actions | Â Â Â Â Â Â Â Â Â Â Â Â 267Â 902Â |
Taxation on strategic actions | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (2Â 359)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Profit after taxation and financial impact of strategic actions from discontinued operations | Â Â Â Â Â Â Â Â Â Â Â Â Â 311Â 367Â Â Â Â |
Profit attributable to non-controlling interests of discontinued operations | Â Â Â Â Â Â Â Â Â Â Â Â Â Â (11Â 766)Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Earnings from discontinued operations attributable to shareholders | Â Â Â Â Â Â Â Â Â Â Â 299Â 601Â Â Â Â Â |
The table below presents the income statement from discontinued operations included in the total Group income statement for the six months to 30 September 2023.
For the six months to 30 September 2023 | |||
£'000 | UK and Other | Southern Africa | Total |
Net interest income/(expense) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 17Â 324Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (6Â 194)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 11Â 130Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Net fee and commission income | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 161Â 610Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 13Â 088Â | Â Â Â Â Â Â Â Â Â Â Â Â Â 174Â 698Â |
Investment income | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 3Â 390Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 3Â 390Â Â |
Trading income/(loss) arising from | Â | Â | Â |
- customer flow | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (9Â 749)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (9Â 749)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
- balance sheet management and other trading activities | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 17Â 181Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 17Â 181Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Operating income | Â Â Â Â Â Â Â Â Â Â Â Â 178Â 934Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 17Â 716Â Â Â | Â Â Â Â Â Â Â Â Â Â Â 196Â 650Â Â Â Â Â |
Expected credit loss impairment charges | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (267)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (267)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Operating income after expected credit loss impairment charges | Â Â Â Â Â Â Â Â Â Â Â Â 178Â 934Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 17Â 449Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â 196Â 383Â Â Â Â Â |
Operating costs | Â Â Â Â Â Â Â Â Â Â Â Â (131Â 106)Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (2Â 671)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â (133Â 777)Â Â Â Â Â Â Â Â Â Â Â |
Operating profit before strategic actions and non-controlling interests | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 47Â 828Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 14Â 778Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 62Â 606Â Â Â Â Â |
Profit attributable to non-controlling interests from discontinued operations | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â (11Â 766)Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â (11Â 766)Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Operating profit before strategic actions | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 47Â 828Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 3Â 012Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 50Â 840Â Â Â Â Â |
Amortisation of acquired intangibles | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (6Â 424) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (6Â 424) |
Financial impact of strategic actions | Â Â Â Â Â Â Â Â Â Â Â Â 361Â 684Â | Â Â Â Â Â Â Â Â Â Â Â Â Â (93Â 782)Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â 267Â 902Â |
Profit/(loss) before taxation | Â Â Â Â Â Â Â Â Â Â 403Â 088Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â (90Â 770) | Â Â Â Â Â Â Â Â Â Â Â Â 312Â 318Â Â Â Â |
Taxation on operating profit before strategic actions | Â Â Â Â Â Â Â Â Â Â Â Â Â Â (11Â 973)Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â (11Â 973)Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Taxation on financial impact of strategic actions and acquired intangibles | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 781 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (1Â 525)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (744)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Earnings/(loss) from discontinued operations attributable to shareholders | Â Â Â Â Â Â Â Â Â Â Â 391Â 896Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â (92Â 295) | Â Â Â Â Â Â Â Â Â Â Â 299Â 601Â Â Â Â Â |
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Â
Â
Â
Financial impact of strategic actions of discontinued operations
For the six months to 30 September | 2023 |
£'000 | |
Remeasurement on deconsolidation of IPF, net of gain on sale of IPF management business | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (93Â 782)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Gain on the loss of control on the combination with Rathbones Group | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 361Â 684Â |
Net financial impact of strategic actions of discontinued operations | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 267Â 902Â Â Â Â Â |
Taxation on financial impact of strategic actions | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (2Â 359)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Net financial impact of strategic actions of discontinued operations | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 265Â 543Â Â Â Â Â Â |
Investec Wealth & Investment Limited
On 21 September 2023, the Investec Group successfully completed the all-share combination of Investec Wealth & Investment Limited and Rathbones Group Plc. On completion Rathbones issued new Rathbones shares in exchange for 100% of Investec Wealth & Investment Limited share capital. Investec Group now owns 41.25% of the economic interest in the enlarged Rathbones Group's share capital, with Investec Group's voting rights limited to 29.9%.The Group's holding in Rathbones Group Plc is equity accounted for as an interest in associated undertakings and joint venture holdings in accordance with IAS 28.
Gain on loss of control of Investec Wealth & Investment Limited
For the six months to 30 September £'000 | 2023 |
The gain is calculated as follows: | Â |
Fair value of % received in Rathbones Group | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 779Â 421 |
Net asset value of Investec Wealth & Investment previously consolidated (including goodwill) | Â Â Â Â Â Â Â Â Â Â Â (405Â 755)Â Â Â Â Â Â Â Â Â Â Â |
Gain on the combination of Rathbones Group before taxation | Â Â Â Â Â Â Â Â Â Â Â Â 373Â 666Â Â Â Â Â Â |
Implementation costs | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (11Â 982)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Gain on combination of Rathbones Group before taxation | Â Â Â Â Â Â Â Â Â Â Â Â 361Â 684Â Â Â Â Â |
Taxation on gain | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (834)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Gain on combination of Rathbones Group | Â Â Â Â Â Â Â Â Â Â Â 360Â 850Â Â Â Â Â Â |
Major classes of assets and liabilities
£'000 | 2023 |
Loans and advances to banks | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 172Â 595 |
Goodwill | Â Â Â Â Â Â Â Â Â Â Â Â Â 242Â 355Â Â |
Other assets | Â Â Â Â Â Â Â Â Â Â Â Â Â 360Â 378Â Â |
Other liabilities | Â Â Â Â Â Â Â Â Â Â Â (369Â 573)Â Â Â Â Â Â Â Â Â Â Â |
Net asset value of Investec Wealth & Investment previously consolidated (including goodwill) | Â Â Â Â Â Â Â Â Â Â Â Â 405Â 755Â Â Â Â Â Â |
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Remeasurement on deconsolidation of IPF, net of gain on sale of IPF management business
The completion date of the sale of the IPF management companies was 6 July 2023 at which point the Group deconsolidated its current c.24.3% investment in IPF. Historically, IPF has been controlled by the Group because of the power over relevant activities held by the IPF management function which were, until the current period, wholly owned by the Group and that the majority of directors of IPF were associated with the Group. In the current period, the management companies were sold into the fund, and as a result the Group lost control of both these functions and the executive directors transferred employment from Investec to IPF reducing the number of directors associated with Investec to less than majority. The investment in IPF is now held as an associate company. In accordance with the Group's accounting policies, associates that are held with no strategic intention should be accounted for at fair value through profit or loss by applying the venture capital exemption as provided in IAS 28. The investment is disclosed in the investment portfolio line on the balance sheet. Investec Limited, through its ordinary course of business, has been classified as a venture capital entity and this exemption provided in IAS 28 has been applied.
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Loss on sale of IPF asset management function and deconsolidation
For the six months to 30 September £'000 | 2023 |
The loss is calculated as follows: | Â |
Fair value of the consideration | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 34Â 330Â Â |
Fair value of investment at 6 July 2023 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 61Â 035Â |
Net asset value of IPF previously consolidated (including non-controlling interests) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â (545Â 891)Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Non-controlling interest derecognised previously included in the consolidation of IPF at 6 July 2023 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 412Â 974Â |
Foreign currency translation reserve recycled to the income statement on distribution | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (55Â 377)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Loss before taxation and costs | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (92Â 929) |
Implementation costs | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (853)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Loss before taxation | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (93Â 782) |
Taxation | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (1Â 525)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Loss on sale of IPF management function and deconsolidation net of taxation and implementation costs | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (95Â 307) |
Major classes of assets and liabilities at date of deconsolidation
£'000 | 2023 |
Investment properties | Â Â Â Â Â Â Â Â Â Â Â Â Â 568Â 568Â Â |
Investment portfolio | Â Â Â Â Â Â Â Â Â Â Â Â Â 425Â 863Â Â |
Other assets | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 88Â 056Â Â |
Deposits by banks | Â Â Â Â Â Â Â Â Â Â (258Â 403) |
Debt securities in issue | Â Â Â Â Â Â Â Â Â Â (208Â 464) |
Other liabilities | Â Â Â Â Â Â Â Â Â Â Â Â Â Â (69Â 729)Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Net asset value of IPF previously consolidated (including non-controlling interests) | Â Â Â Â Â Â Â Â Â Â Â Â 545Â 891Â Â Â Â Â |
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Balance sheet, cash flow statement and statement of total comprehensive income restatements
All restatements, other than in respect of the aviation lease, only affect September 2023.
Restatement of the application of hedge accounting and the correction of the valuation of certain fair value instruments
It was identified that the application of hedge accounting (cash flow and fair value hedging) applied in prior years, for certain portfolios within Investec Bank Limited, did not meet the requirements to apply hedge accounting under IAS 39 Financial Instruments: Recognition and Measurement. It was further identified that certain financial instruments were incorrectly fair valued.
This hedge accounting matter was initially restated in the 30 September 2023 interim results but was subsequently revised for 31Â March 2024 reporting to accurately reflect the impact of this matter. This required a restatement to the 30 September 2023 comparative interim period.
Accordingly, the related 'cash flow hedge reserve' and 'fair value reserve' through OCI reserves totalling £15.8 million have been restated retrospectively to 'retained income'. In addition, certain fair value hedge adjustments made in the balance sheet to hedged items (£50.8 million) have been reversed to 'retained income' and the valuation of a specific portfolio of fair value instruments was corrected to retained income. These adjustments resulted in a reduction of taxable income for certain prior periods to which these matters relate to and resulted in a reduction in 'current taxation liabilities' of £14.6 million recognised against 'retained income' for the recovery of those income taxes. The associated deferred taxation of £1.8 million previously raised on the cash flow hedge reserve was also derecognised. All changes were retrospectively restated. These changes have no impact on the cash flow statement.
The Income statements Impacts are disclosed In the Income statement restatement section.
Gross-up and gross-down of balance sheet line items
Gross-ups within the trading portfolio of equity securities and client trading accounts
Certain client and exchange settlement balances and equity positions (long and short equity positions) held were previously incorrectly offset (in terms of IAS 32) and presented on a net basis. These have been grossed up to appropriately reflect both the settlement receivables and payables as well as the correct asset and liability positions. The gross up resulted in a £430.2 million increase in 'other assets' and 'other liabilities' and a £231.3 million increase in 'securities arising from trading activities' and 'other trading liabilities'. This change has no impact on the income statement, cash flow statement or statement of changes in equity.
Gross-down of capital guarantee products
Investec Bank Limited traded a capital guarantee product with clients. The traded positions were incorrectly duplicated and booked on a gross basis to 'securities arising from trading activities' and 'derivative financial instruments'. The capital guarantee represents a single derivative contract that should be accounted for on a net basis in 'derivative financial instruments' liabilities. An amount of £30.6 million was accordingly adjusted downwards in 'securities arising from trading activities' and 'derivative financial instruments' to reflect a net derivative position. This change has no impact on the income statement, cash flow statement or statement of changes in equity.
Derecognition of derivative assets and liabilities
Post the review of the accounting treatment of an aviation lease structure, it was identified that at September 2023 'derivative financial instruments' assets of £41.8 million (March 2024: £42.4 million) and 'derivative financial instruments' liabilities of £62.1 million (March 2024: £63.4 million) were incorrectly bifurcated from leases in the past. These have now been derecognised in the comparative balances and included in the measurement of associated lease contracts, leading to a reduction in 'other assets' of £13.7m (March 2024: £13.0m) and an increase in 'other liabilities' of £6.6m (March 2024: £6.3m). This change has no material impact on the income statement, cash flow statement or statement of changes in equity.
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Gross down of other securitised assets and customer accounts (deposits)
Investec Bank Limited consolidates securitisation vehicles. The cash held by the vehicles was considered by management to be restricted cash and was separately accounted for in the Group as 'customer accounts (deposits)' with the corresponding entry in 'other securitised assets'. Following a re-assessment of the current treatment, it was concluded that the accounting treatment should be revised. Accordingly, an amount of £23.9 million was adjusted downwards on each line. This change has no impact on the income statement, cash flow statement (other than the consequential impact on operating assets and operating liabilities, due to the changes in the balance sheet line items) or statements of changes in equity.
Reclassifications and eliminations
Reclassification of a reverse repurchase agreement
Investec Bank Limited purchased listed bond positions and entered into a future sale agreement to sell the positions back to the same counterparty at a fixed price. The bond and the forward purchase were incorrectly accounted for in 'sovereign debt securities' and 'derivative financial instruments' asset respectively. The two separate positions of £241.9 million were reclassified to 'reverse repurchase agreements and cash collateral on securities borrowed' to more accurately reflect a collateralised lending transaction. This change has no impact on the income statement, cash flow statement or statement of changes in equity.
Reclassification of fully funded trading positions
Investec Limited enters into fully funded credit and equity linked trading positions with clients. The positions were incorrectly accounted for as a derivative as a fully funded position does not meet the definition of a derivative as per IFRS 9 Financial Instruments. £847.2 million was reclassified from 'derivative financial instruments' liabilities to 'other trading liabilities'. This change has no impact on the income statement, cash flow statement or statement of changes in equity.
Elimination of intergroup instruments
Investec Bank Limited holds debt and equity instruments issued by Investec plc group. At September 2023 these were not eliminated on consolidation, therefore the prior year balance sheet and statement of changes in equity have been restated. The liabilities 'debt securities in issue' amounted to £13.9 million with the corresponding asset 'bank debt securities' value of £13.9 million and the equity instruments 'Other Additional tier 1 securities in issue' amounted to £39.6 million with asset 'bank debt securities' value of £34.9 million. The difference in valuation of the equity instruments was reflected in other comprehensive income. The correction has no material impact on the income statement or cash flow statement.
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Balance sheet, cash flow statement and statement of total comprehensive income restatements (continued)
The impact of these changes on the 30 September 2023 and 31 March 2024 balance sheet are:
 | At 30 September 2023 as previously reported | Restatement of the application of hedge accounting and the correction of the valuation of certain fair value instruments | Gross-up and gross-down of balance sheet line items | Reclassifications and eliminations | At 30 September 2023 restated |
£'000 | |||||
Assets | Â | Â | Â | Â | Â |
Reverse repurchase agreements and cash collateral on securities borrowed | 4Â 422Â 876 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1Â 922 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 241Â 942Â | Â Â Â Â Â Â 4Â 666Â 740Â Â |
Sovereign debt securities | 5Â 428Â 112 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â (226Â 924) | Â Â Â Â Â Â Â 5Â 201Â 188 |
Bank debt securities | 807Â 066 | Â Â Â Â Â Â Â Â Â Â Â (35Â 250) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â (4Â 604) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â (48Â 847) | Â Â Â Â Â Â Â Â Â Â Â 718Â 365 |
Other debt securities | 1Â 273Â 232 | Â Â Â Â Â Â Â Â Â Â Â Â (15Â 535) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â 1Â 257Â 697 |
Derivative financial instruments | 1Â 329Â 833 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â (41Â 807) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (15Â 080) | Â Â Â Â Â Â Â 1Â 272Â 946Â |
Securities arising from trading activities | 1Â 576Â 610 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â 200Â 732Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â 1Â 777Â 342 |
Other securitised assets | 96Â 296 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â (23Â 853) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â 72Â 443Â |
Deferred taxation assets | 202Â 392 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (1Â 848) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â 200Â 544Â |
Other assets | 1Â 515Â 533 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â 416Â 451Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â 1Â 931Â 984 |
Total assets | 57Â 253Â 895 | Â Â Â Â Â Â Â Â Â Â Â (52Â 633) | Â Â Â Â Â Â Â Â Â Â Â 548Â 841Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â (48Â 909) | Â Â Â Â Â 57Â 701Â 194Â Â Â Â Â |
Liabilities | Â | Â | Â | Â | Â |
Derivative financial instruments | 2Â 471Â 973 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â (92Â 708) | Â Â Â Â Â Â Â Â Â Â Â (847Â 244) | Â Â Â Â Â Â Â 1Â 532Â 021 |
Other trading liabilities | 285Â 463 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â 231Â 297 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 847Â 182 | Â Â Â Â Â Â 1Â 363Â 942Â |
Repurchase agreements and cash collateral on securities lent | 890Â 512 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1Â 922 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â 892Â 434Â Â |
Customer accounts (deposits) | 39Â 935Â 727 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â (28Â 457) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â 39Â 907Â 270Â Â |
Debt securities in issue | 1Â 504Â 991 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (13Â 926) | Â Â Â Â Â Â Â 1Â 491Â 065 |
Current taxation liabilities | 64Â 899 | Â Â Â Â Â Â Â Â Â Â Â Â (14Â 605) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â 50Â 294Â |
Other liabilities | 1Â 563Â 748 | Â Â Â Â Â Â Â Â Â Â Â Â (10Â 873) | Â Â Â Â Â Â Â Â Â Â 436Â 787Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â 1Â 989Â 662Â |
Total liabilities | 52Â 016Â 835 | Â Â Â Â Â Â Â Â Â Â Â (25Â 478) | Â Â Â Â Â Â Â Â Â Â Â 548Â 841Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (13Â 988) | Â Â Â Â 52Â 526Â 210Â |
Equity | Â | Â | Â | Â | Â |
Shareholders' equity excluding non-controlling interests | Â Â Â Â Â Â Â Â 4Â 715Â 017Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â (27Â 155) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 4Â 690Â | Â Â Â Â Â Â 4Â 692Â 552Â Â |
Other Additional Tier 1 securities in issue | 391Â 779 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (39Â 611) | Â Â Â Â Â Â Â Â Â Â Â 352Â 168Â |
Total equity | 5Â 237Â 060 | Â Â Â Â Â Â Â Â Â Â Â Â (27Â 155) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â (34Â 921) | Â Â Â Â Â Â Â 5Â 174Â 984Â |
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 | At 31 March 2024 as previously reported | Gross-up and gross-down of balance sheet line items | At 31 March 2024 restated |
£'000 | |||
Assets | Â | Â | Â |
Derivative financial instruments | 853Â 938 | Â Â Â Â Â Â Â Â Â Â Â (42Â 439) | Â Â Â Â Â Â Â Â Â Â Â Â 811Â 499Â Â Â Â Â Â Â Â Â Â Â Â |
Other assets | 1Â 672Â 582 | Â Â Â Â Â Â Â Â Â Â Â Â (14Â 126) | Â Â Â Â Â Â Â 1Â 658Â 456Â |
Total assets | 56Â 625Â 727 | Â Â Â Â Â Â Â Â Â Â Â (56Â 565) | Â Â Â Â 56Â 569Â 162Â |
Liabilities | Â | Â | Â |
Derivative financial instruments | 1Â 069Â 119 | Â Â Â Â Â Â Â Â Â Â Â (63Â 407) | Â Â Â Â Â Â Â Â 1Â 005Â 712Â Â Â Â Â Â Â Â |
Other liabilities | 1Â 816Â 139 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 6Â 842Â | Â Â Â Â Â Â Â 1Â 822Â 981 |
Total liabilities | Â Â Â Â Â 51Â 151Â 485Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â (56Â 565) | Â Â Â 51Â 094Â 920Â |
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Balance sheet, cash flow statement and statement of total comprehensive income restatements (continued)
The impact of the above changes on the 30 September 2023 statement of total comprehensive income is:
 | Six months to 30 September 2023 as previously reported | Restatement of the application of hedge accounting and the correction of the valuation of certain fair value instruments | Reclassifications and eliminations | Six months to 30 September 2023 restated |
£'000 | ||||
Fair value movements on cash flow hedges taken directly to other comprehensive income | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (17Â 759) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 2Â 451 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (15Â 308) |
Fair value movements on debt instruments at FVOCI taken directly to other comprehensive income | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (13Â 313) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (424) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 4Â 690Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (9Â 047) |
Foreign currency adjustments on translating foreign operations | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (53Â 108) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1Â 188Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (51Â 920) |
Total comprehensive income | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 540Â 129Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 3Â 215 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 4Â 690Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 548Â 034Â Â |
Income statement restatements
All restatements only affect September 2023.
Reclassifications between interest income, interest expense and trading income/(loss)
The interest consequences of certain financial instrument liabilities were incorrectly accounted for in the interest income line rather than the interest expense line. This resulted in a reclassification of 'interest income' of £17.8 million to 'interest expense'.
Fair value adjustments on certain derivative instruments, not formally designated in a hedge relationship, were accounted for in either 'interest income' or 'interest expense'. The fair value adjustments of £4.9 million were reclassified to 'trading income arising from customer flow' and (£3.5 million) were reclassified to 'trading income arising from balance sheet management and other trading activities'.
In addition, realised cash flows on interest rate swaps (formally designated in a hedge relationship) were incorrectly grossed up and separately recognised as 'interest income' and 'interest expense'. The two lines were appropriately reduced for the gross cash flows of £169.0 million, and the net movement was accounted for in either 'interest income' or 'interest expense' (depending if it was an asset or liability being hedged).
Restatement of the application of hedge accounting and the correction of the valuation of certain fair value instruments
It was identified that the application of hedge accounting (cash flow and fair value hedging) applied in prior years, for certain portfolios within Investec Bank Limited, did not meet the requirements to apply hedge accounting under IAS 39 Financial Instruments: Recognition and Measurement.
As a result of not applying hedge accounting, adjustments previously made to 'interest income' of £10.3 million has been reclassified to 'trading income/(loss) arising from customer flow'.
These reclassifications in the income statement for the prior period is shown in the table that follows:
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Income statement restatements (continued)
£'000 | Six months to  30 Sept 2023 as previously reported | Reclassification between interest income and interest expense and trading income | Restatement of the application of hedge accounting and the correction of the valuation of certain fair value instruments | Six months to 30 Sept 2023 restated |
Interest income | Â Â Â Â Â Â 2Â 157Â 746Â | Â Â Â Â Â Â Â Â Â (175Â 101)Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â (10Â 305)Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â 1Â 972Â 340Â |
Interest expense | Â Â Â Â (1Â 475Â 108)Â Â Â Â | Â Â Â Â Â Â Â Â Â Â 173Â 648Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â (1Â 301Â 460)Â Â Â |
Net interest income | Â Â Â Â Â Â Â Â 682Â 638Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â (1Â 453) | Â Â Â Â Â Â Â Â Â (10Â 305) | Â Â Â Â Â Â Â Â 670Â 880Â Â Â Â Â Â |
Fee and commission income | Â Â Â Â Â Â Â Â Â 225Â 672Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â 225Â 672Â |
Fee and commission expense | Â Â Â Â Â Â Â Â Â Â Â (29Â 611)Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â (29Â 611)Â Â Â Â Â Â Â Â Â Â Â |
Investment (loss)/income | Â Â Â Â Â Â Â Â Â Â Â Â 22Â 436Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â 22Â 436Â Â |
Share of post taxation profit of associates and joint venture holdings | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 3Â 241Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 3Â 241Â |
Trading income/(loss) arising from | Â | Â | Â | Â |
- customer flow | Â Â Â Â Â Â Â Â Â Â Â Â 79Â 296Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 4Â 974Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â 10Â 305Â | Â Â Â Â Â Â Â Â Â Â Â Â 94Â 575Â |
- balance sheet management and other trading activities | Â Â Â Â Â Â Â Â Â Â Â Â Â 21Â 454Â | Â Â Â Â Â Â Â Â Â Â Â Â Â (3Â 521)Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â 17Â 933Â |
Other operating income | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (230)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (230)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Operating income | Â Â Â Â 1Â 004Â 896Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â 1Â 004Â 896Â Â Â Â Â Â |
Expected credit loss impairment charges | Â Â Â Â Â Â Â Â Â Â (46Â 291)Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â (46Â 291)Â Â Â Â Â Â Â Â Â Â |
Operating income after expected credit loss impairment charges | Â Â Â Â Â Â Â Â 958Â 605Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â 958Â 605Â Â Â Â Â Â |
Operating costs | Â Â Â Â Â Â Â (556Â 108)Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â (556Â 108)Â Â Â Â Â Â Â |
Operating profit before goodwill and acquired intangibles | Â Â Â Â Â Â Â Â 402Â 497Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â 402Â 497Â Â Â Â Â Â |
Amortisation of acquired intangibles of associates | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (543)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (543)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Closure and rundown of the Hong Kong direct investments business | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 2Â 304Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 2Â 304Â Â |
Operating profit | Â Â Â Â Â Â Â 404Â 258Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â 404Â 258Â Â Â Â Â Â |
Net gain on distribution of associate to shareholders | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â |
Financial impact of strategic actions | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â |
Profit before taxation | Â Â Â Â Â Â Â 404Â 258Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â 404Â 258Â Â Â Â Â Â |
Taxation on operating profit before goodwill and acquired intangibles | Â Â Â Â Â Â Â Â Â Â (89Â 123)Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â (89Â 123)Â Â Â Â Â Â Â Â Â Â |
Taxation on acquired intangibles and net gain on distribution of associate to shareholders | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 152 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 152 |
Profit after taxation from continuing operations | Â Â Â Â Â Â Â Â Â 315Â 287Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â 315Â 287Â Â Â Â Â |
Profit after taxation from discontinued operations | Â Â Â Â Â Â Â Â Â Â 311Â 367Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â 311Â 367Â Â Â Â |
Profit after taxation | Â Â Â Â Â Â Â Â 626Â 654Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â 626Â 654Â Â Â Â Â Â |
Profit attributable to non-controlling interests | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (4)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (4)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Profit attributable to non-controlling interests of discontinued operations | Â Â Â Â Â Â Â Â Â Â Â (11Â 766)Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â (11Â 766)Â Â Â Â Â Â Â Â Â Â Â |
Earnings attributable to shareholders | Â Â Â Â Â Â Â Â 614Â 884Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â 614Â 884Â Â Â Â Â |
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Contingent liabilities, provisions and legal matters
Historical German dividend tax arbitrage transactions
Investec Bank plc has previously been notified by the Office of the Public Prosecutor in Cologne, Germany, that it and certain of its current and former employees may be involved in possible charges relating to historical involvement in German dividend tax arbitrage transactions (known as cum-ex transactions). Investigations are ongoing and no formal proceedings have been issued against Investec Bank plc by the Office of the Public Prosecutor. In addition, Investec Bank plc received certain enquiries in respect of client tax reclaims for the periods 2010-2011 relating to the historical German dividend arbitrage transactions from the German Federal Tax Office (FTO) in Bonn. The FTO has provided more information in relation to their claims and Investec Bank plc has sought further information and clarification.
Investec Bank plc is cooperating with the German authorities and continues to conduct its own internal investigation into the matters in question. A provision is held to reflect the estimate of financial outflows that could arise as a result of this matter. There are factual issues to be resolved which may have legal consequences, including financial penalties.
In relation to potential civil claims; whilst Investec Bank plc is not a claimant nor a defendant to any civil claims in respect of cum-ex transactions, Investec Bank plc has received third party notices in relation to two civil proceedings in Germany and may elect to join the proceedings as a third party participant. Investec Bank plc has itself served third party notices on various participants to these historic transactions in order to preserve the statute of limitations on any potential future claims that Investec Bank plc may seek to bring against those parties, should Investec Bank plc incur any liability in the future. Investec Bank plc has also entered into standstill agreements with some third parties in order to suspend the limitation period in respect of the potential civil claims. While Investec Bank plc is not a claimant nor a defendant to any civil claims at this stage, it cannot rule out the possibility of civil claims by or against Investec Bank plc in future in relation to the relevant transactions.
The Group has not provided further disclosure with respect to these historical dividend arbitrage transactions because it has concluded that such disclosure may be expected to seriously prejudice its outcome.
Motor commission review
Investec Group (the Group) notes the recent Court of Appeal decisions on Wrench, Johnson and Hopcraft relating to motor commission arrangements. The Group also notes the intention of the lenders to appeal the decisions to the UK Supreme Court.
The Court of Appeal has determined that motor dealers acting as credit brokers owe certain duties to disclose to their customers commission payable to them by lenders, and that lenders will be liable for dealers' non-disclosures. This sets a higher bar for the disclosure of and consent to the existence, nature, and quantum of any commission paid than had been understood to be required or applied across the motor finance industry prior to the decision. Our understanding of compliant disclosure was built on FCA/regulatory guidance and previous legal authorities. These decisions relate to commission disclosure and consent obligations which go beyond the scope of the current FCA motor commissions review.
The Group has assessed the potential impact of these decisions, as well as any broader implications, pending the outcome of the intended appeal applications and concluded the provision of £30 million at 31 March 2024 still remains appropriate based on the information currently available. This provision continues to include estimates for operational and legal costs, including litigation costs, together with estimates for potential awards, based on various scenarios using a range of assumptions.
There is significant uncertainty across the industry as to the extent of any misconduct and customer loss that may be identified, and/or the nature, extent and timing of any remediation action that may subsequently be required following the court of appeal decision and FCA motor commission review. The Group therefore notes that the ultimate financial impact of the Court of Appeal decision and ongoing FCA investigation into motor commission could materially vary, pending further guidance from the FCA or the outcome of the intended appeal to the UK Supreme Court.
Events after the reporting period
At the date of this report, there were no significant events subsequent to period end.
Net fee and commission income
For the six months to 30 September 2024 £'000 | UK and Other | Southern Africa | Total |
Wealth & Investment net fee and commission income | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 64Â 583Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 64Â 583Â Â Â Â Â |
Fund management fees/fees for funds under management | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 35Â 853Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 35Â 853Â Â |
Private client transactional fees* | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 30Â 345Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 30Â 345Â Â |
Fee and commission expense | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (1Â 615)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (1Â 615)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Specialist Banking net fee and commission income | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 75Â 985Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 81Â 177Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 157Â 162Â Â Â Â |
Specialist Banking fee and commission income** | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 82Â 021Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 104Â 041 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 186Â 062Â |
Specialist Banking fee and commission expense | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (6Â 036) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (22Â 864) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (28Â 900) |
Group Investments net fee and commission income | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (157) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (157) |
Group Investments fee and commission income | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â |
Group Investments fee and commission expense | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (157)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (157)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Net fee and commission income | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 75Â 985Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 145Â 603Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 221Â 588Â Â Â Â Â |
Fee and commission income | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 82Â 021Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 170Â 239Â | 252Â 260 |
Fee and commission expense | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (6Â 036) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (24Â 636) | (30Â 672) |
Net fee and commission income | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 75Â 985Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 145Â 603Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 221Â 588Â Â Â Â Â |
Annuity fees (net of fees payable) | 9Â 755 | 113Â 304 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 123Â 059Â |
Deal fees | 66Â 230 | 32Â 299 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 98Â 529Â Â |
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For the six months to 30 September 2023 £'000 | UK and Other | Southern Africa | Total |
Wealth & Investment net fee and commission income | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 52Â 250Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 52Â 250Â Â Â Â Â |
Fund management fees/fees for funds under management | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 32Â 383Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 32Â 383Â Â |
Private client transactional fees* | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 21Â 361 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 21Â 361 |
Fee and commission expense | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (1Â 494)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (1Â 494)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Specialist Banking net fee and commission income | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 65Â 103Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 78Â 711Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 143Â 814Â Â Â Â |
Specialist Banking fee and commission income** | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 72Â 245Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 99Â 686Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 171Â 931Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Specialist Banking fee and commission expense | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (7Â 142)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (20Â 975)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (28Â 117)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Group Investments net fee and commission income | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (3) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (3) |
Group Investments fee and commission income | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (3)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (3)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Group Investments fee and commission expense | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â |
Net fee and commission income | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 65Â 103Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 130Â 958Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 196Â 061Â Â Â Â |
Fee and commission income | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 72Â 245Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 153Â 427Â | 225Â 672 |
Fee and commission expense | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (7Â 142)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (22Â 469) | (29Â 611) |
Net fee and commission income | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 65Â 103Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 130Â 958Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 196Â 061Â Â Â Â |
Annuity fees (net of fees payable) | 4Â 593 | 93Â 159 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 97Â 752Â |
Deal fees | 60Â 510 | 37Â 799 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 98Â 309Â Â |
*       Trust and fiduciary fees amounted to £0.2 million (2023: £0.2 million) and are included in Private client transactional fees.
**      Included in Specialist Banking is fee and commission income of £4.7 million (2023: £4.3 million) for operating lease income which is out of the scope of IFRS 15 - Revenue from Contracts with Customers.
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Analysis of financial assets and liabilities by category of financial instrument
At 30 September 2024 | Total instruments at fair value | Amortised cost | Non-financial instruments or scoped out of IFRS 9 | Total |
£'000 | ||||
Assets | Â | Â | Â | Â |
Cash and balances at central banks | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â 4Â 807Â 365Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â 4Â 807Â 365Â Â |
Loans and advances to banks | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 132Â 894Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 132Â 894Â |
Non-sovereign and non-bank cash placements | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 39Â 362Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 385Â 665Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 425Â 027Â |
Reverse repurchase agreements and cash collateral on securities borrowed | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 321Â 094Â | Â Â Â Â Â Â Â Â Â Â Â Â 2Â 891Â 914Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â 4Â 213Â 008Â Â |
Sovereign debt securities | Â Â Â Â Â Â Â Â Â Â Â Â 2Â 513Â 773Â | Â Â Â Â Â Â Â Â Â Â Â 3Â 758Â 476Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â 6Â 272Â 249Â Â |
Bank debt securities | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 351Â 735Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 167Â 806Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 519Â 541Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Other debt securities | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 304Â 036Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 725Â 928Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 029Â 964Â |
Derivative financial instruments | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 184Â 328Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 184Â 328Â |
Securities arising from trading activities | Â Â Â Â Â Â Â Â Â Â Â 2Â 084Â 759Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â 2Â 084Â 759Â Â |
Loans and advances to customers | Â Â Â Â Â Â Â Â Â Â Â Â 3Â 175Â 654Â | Â Â Â Â Â Â Â Â Â 28Â 260Â 216Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â 31Â 435Â 870Â |
Own originated loans and advances to customers securitised | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 306Â 081Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 306Â 081Â |
Other loans and advances | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 139Â 028Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 139Â 028Â |
Other securitised assets | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 63Â 627Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 63Â 627Â |
Other financial instruments at fair value through profit or loss in respect of liabilities to customers | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 194Â 415 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 194Â 415 |
Investment portfolio | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 753Â 525Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 753Â 525Â |
Interests in associated undertakings and joint venture holdings | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 873Â 865Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 873Â 865Â |
Current taxation assets | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 61Â 077 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 61Â 077 |
Deferred taxation assets | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 202Â 081Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 202Â 081Â |
Other assets | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 205Â 332Â Â | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 293Â 585Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 464Â 226Â Â | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 963Â 143Â |
Property and equipment | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 236Â 814Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 236Â 814Â |
Investment properties | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 113Â 897Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 113Â 897Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Goodwill | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 74Â 134Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 74Â 134Â |
Software | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 9Â 883Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 9Â 883Â Â |
Non-current assets classified as held for sale | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 17Â 574 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 17Â 574 |
 |          12 191 640     |       43 868 958        |            2 053 551      |          58 114 149     |
Liabilities | Â | Â | Â | Â |
Deposits by banks | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â 2Â 843Â 008Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â 2Â 843Â 008Â Â |
Derivative financial instruments | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 186Â 243Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 186Â 243Â |
Other trading liabilities | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 605Â 722Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 605Â 722Â |
Repurchase agreements and cash collateral on securities lent | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 275Â 865Â | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 035Â 568Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â 1Â 311Â 433 |
Customer accounts (deposits) | Â Â Â Â Â Â Â Â Â Â Â 2Â 274Â 649Â Â | Â Â Â Â Â Â Â Â 38Â 163Â 360Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â 40Â 438Â 009Â Â |
Debt securities in issue | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 252Â | Â Â Â Â Â Â Â Â Â Â Â 1Â 460Â 644Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 460Â 896Â |
Liabilities arising on securitisation of own originated loans and advances | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 220Â 106Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 220Â 106Â |
Liabilities arising on securitisation of other assets | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 67Â 988Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 67Â 988Â |
Current taxation liabilities | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 56Â 945Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 56Â 945Â Â |
Deferred taxation liabilities | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 14Â 212 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 14Â 212 |
Other liabilities | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 35Â 060Â Â | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 444Â 560Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 562Â 594Â Â | Â Â Â Â Â Â Â Â Â Â Â Â 2Â 042Â 214Â |
Liabilities to customers under investment contracts | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 187Â 981Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 187Â 981Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
 |           5 633 760       |         45 167 246      |                633 751     |         51 434 757      |
Subordinated liabilities | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â 1Â 011Â 339Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â 1Â 011Â 339Â Â Â Â Â Â Â Â Â Â Â Â Â |
 |           5 633 760       |         46 178 585      |                633 751     |       52 446 096        |
Â
Financial instruments at fair value
The table below analyses recurring fair value measurements for financial assets and financial liabilities. These fair value measurements are categorised into different levels in the fair value hierarchy based on the inputs to the valuation technique used.
The different levels are identified as follows:
Level 1 - quoted (unadjusted) prices in active markets for identical assets or liabilities.
Level 2 - inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly
                       (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3 - inputs for the asset or liability that are not based on observable market data (unobservable inputs).
 | Fair value category | |||
At 30 September 2024 | Total instruments at fair value | Level 1 | Level 2 | Level 3 |
£'000 | ||||
Assets | Â | Â | Â | Â |
Non-sovereign and non-bank cash placements | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 39Â 362Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 39Â 362Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â |
Reverse repurchase agreements and cash collateral on securities borrowed |             1 321 094 |                               - |             1 321 094 |                               - |
Sovereign debt securities | Â Â Â Â Â Â Â Â Â Â Â Â 2Â 513Â 773Â | Â Â Â Â Â Â Â Â Â Â Â Â 2Â 513Â 773Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â |
Bank debt securities | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 351Â 735Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 341Â 074Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 10Â 661 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â |
Other debt securities | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 304Â 036Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 83Â 836Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 168Â 142 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 52Â 058Â Â |
Derivative financial instruments | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 184Â 328Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 174Â 404Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 9Â 924Â Â |
Securities arising from trading activities | Â Â Â Â Â Â Â Â Â Â Â 2Â 084Â 759Â Â | Â Â Â Â Â Â Â Â Â Â Â 1Â 932Â 633Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 152Â 126Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â |
Loans and advances to customers | Â Â Â Â Â Â Â Â Â Â Â Â 3Â 175Â 654Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 658Â 152Â | Â Â Â Â Â Â Â Â Â Â Â Â 2Â 517Â 502Â |
Other securitised assets | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 63Â 627Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 63Â 627Â |
Other financial instruments at fair value through profit or loss in respect of liabilities to customers | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 194Â 415 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 139Â 620Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 38Â 447Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 16Â 348Â |
Investment portfolio | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 753Â 525Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 276Â 236Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 4Â 392Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 472Â 897Â |
Other assets | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 205Â 332Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 205Â 180Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 152 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â |
 |          12 191 640     |           5 492 352       |           3 566 932       |            3 132 356      |
Liabilities | Â | Â | Â | Â |
Derivative financial instruments | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 186Â 243Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â 1Â 185Â 182Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1Â 061Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Other trading liabilities | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 605Â 722Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 632Â 384Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 973Â 338Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â |
Repurchase agreements and cash collateral on securities lent | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 275Â 865Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 275Â 865Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â |
Customer accounts (deposits) | Â Â Â Â Â Â Â Â Â Â Â 2Â 274Â 649Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â 2Â 274Â 649Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â |
Debt securities in issue | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 252Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 252Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â |
Liabilities arising on securitisation of other assets | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 67Â 988Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 67Â 988Â |
Other liabilities | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 35Â 060Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 35Â 060Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â |
Liabilities to customers under investment contracts | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 187Â 981Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 156Â 901Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 31Â 080Â |
 |           5 633 760       |               632 384      |            4 901 247      |                 100 129    |
Net financial assets/(liabilities) at fair value | Â Â Â Â Â Â Â Â Â Â 6Â 557Â 880Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â 4Â 859Â 968Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â (1Â 334Â 315) | Â Â Â Â Â Â Â Â Â Â 3Â 032Â 227Â Â Â Â Â Â |
Transfers between level 1 and level 2
There were no transfers between level 1 and level 2 in the current period.
Measurement of financial assets and liabilities at level 2
The table below sets out information about the valuation techniques used at the end of the reporting period in measuring financial instruments categorised as level 2 in the fair value hierarchy:
 | Valuation basis/techniques | Main inputs |
Assets | ||
Non-sovereign and non-bank cash placements | Discounted cash flow model | Yield curves |
Reverse repurchase agreements and cash collateral on securities borrowed | Discounted cash flow model, Hermite interpolation, Black-Scholes | Yield curves, discount rates, volatilities |
Bank debt securities | Discounted cash flow model | Yield curves |
Other debt securities | Discounted cash flow model | Yield curves, NCD curves and swap curves, discount rates, external prices, broker quotes |
Derivative financial instruments | Discounted cash flow model, Hermite interpolation, industry standard derivative pricing models including Black-Scholes and Local Volatility | Discount rate, risk-free rate, volatilities, forex forward points and spot rates, interest rate swap curves and credit curves |
Securities arising from trading activities | Standard industry derivative pricing model, Discounted cash flow model | Interest rate curves, implied bond spreads, equity volatilities, yield curves |
Loans and advances to customers | Discounted cash flow model | Yield curves |
Other financial instruments at fair value through profit or loss in respect of liabilities to customers | Current price of underlying unitised assets | Listed prices |
Investment portfolio | Discounted cash flow model, relative valuation model comparable quoted inputs | Discount rate and fund unit price, net assets |
 |  |  |
Liabilities | ||
Derivative financial instruments | Discounted cash flow model, Hermite interpolation, industry standard derivative pricing models including Black-Scholes and Local Volatility | Discount rate, risk-free rate, volatilities, forex forward points and spot rates, interest rate swap curves and credit curves |
Other trading liabilities | Discounted cash flow model, Hermite interpolation, industry standard derivative pricing models including Local Volatility | Discount rate, risk-free rate, volatilities, forex forward points and spot rates, interest rate swap curves and credit curves |
Repurchase agreements and cash collateral on securities lent | Discounted cash flow model, Hermite interpolation | Yield curves, discount rates |
Customer accounts (deposits) | Discounted cash flow model | Yield curves, discount rates |
Debt securities in issue | Discounted cash flow model, Hermite interpolation, industry standard derivative pricing models including Local Volatility | Discount rate, risk-free rate, volatilities, forex forward points and spot rates, interest rate swap curves and credit curves |
Other liabilities | Discounted cash flow model | Yield curves |
Liabilities to customers under investment contracts | Current price of underlying unitised assets | Listed prices |
Level 3 financial instruments
The following tables show a reconciliation of the opening balances to the closing balances for level 3 financial instruments. All instruments are at fair value through profit or loss.
£'000 | Investment portfolio | Loans and  advances to  customers | Other securitised assets | Other balance  sheet assets^ | Total |
Assets | Â | Â | Â | Â | Â |
Balance at 1 April 2024 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 559Â 637Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â 2Â 079Â 671Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 66Â 704Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 86Â 004Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â 2Â 792Â 016Â Â Â Â Â Â |
Total (losses)/gains | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 6Â 329Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 103Â 612 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 724Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 733Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 111Â 398Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
In the income statement | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 6Â 329Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 107Â 551Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 724Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 733Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 115Â 337Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
In the statement of comprehensive income | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (3Â 939) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (3Â 939) |
Purchases | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 7Â 370Â | Â Â Â Â Â Â Â Â Â Â Â Â Â 1Â 546Â 712 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 14Â 413 | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 568Â 495Â |
Sales | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (10Â 844)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â (431Â 495)Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â (442Â 339) |
Issues | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 729Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 729Â |
Settlements | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (92Â 826) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (700Â 161)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (3Â 799)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (19Â 489)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â (816Â 275)Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Transfers out of level 3 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (1Â 825)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (1Â 825)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Foreign exchange adjustments | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 3Â 231Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (79Â 741)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (2)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (3Â 331)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (79Â 843)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Balance at 30 September 2024 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 472Â 897Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â 2Â 517Â 502Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 63Â 627Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 78Â 330Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â 3Â 132Â 356Â Â Â Â Â Â |
Â
£'000 | Liabilities arising on securitisation  of other assets | Other balance  sheet liabilities^ | Total |
Liabilities | Â | Â | Â |
Balance at 1 April 2024 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 71Â 751Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 33Â 482Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 105Â 233Â Â Â Â Â |
Total losses/(gains) in the income statement | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 366Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (3Â 813)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (3Â 447)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Issues | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1Â 285Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1Â 285Â |
Settlements | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (4Â 129)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (4Â 129)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Foreign exchange adjustments | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1Â 187Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1Â 187Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
Balance at 30 September 2024 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 67Â 988Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 32Â 141Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 100Â 129Â Â Â Â |
 ^        Restated. In addition, the opening balances were restated to reflect unquoted investments within 'other financial instruments at fair value through profit or loss in respect of liabilities to customers' which were previously omitted and the consequential impact on 'Liabilities to customers under investment contracts'.
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The Group transfers between levels within the fair value hierarchy when the significance of the unobservable inputs change or if the valuation methods change. Transfers are deemed to occur at the end of each semi-annual reporting period. There are no material transfers into or out of level 3 during the current period.
The following table quantifies the gains or (losses) included in the income statement and statement of other comprehensive income recognised on level 3 financial instruments:
For the year to 30 September 2024 | Total | Realised | Unrealised |
£'000 | |||
Total gains included in the income statement for the period | Â | Â | Â |
Net interest income | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 112Â 098 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 84Â 998Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 27Â 100Â |
Investment income/(loss) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 4Â 523Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (12Â 036)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 16Â 559Â |
Trading income loss from customer flow | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 34Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 34Â |
Other operating income | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 2Â 129Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 2Â 129Â |
 |                 118 784    |                   72 962     |                   45 822     |
Total gains included in other comprehensive income for the period | Â | Â | Â |
Gain on realisation on debt instruments at FVOCI recycled through the income statement | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 235Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 235Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â |
Fair value movements on debt instruments at FVOCI taken directly to other comprehensive income | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (3Â 939) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (3Â 939) |
 |                   (3 704) |                          235   |                   (3 939) |
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Sensitivity of fair values to reasonably possible alternative assumptions by level 3 instrument type
The fair value of financial instruments in level 3 are measured using valuation techniques that incorporate assumptions that are not evidenced by prices from observable market data. The following table shows the sensitivity of these fair values to reasonably possible alternative assumptions, determined at a transactional level:
At 30 September 2024 | Balance sheet value | Principal valuation technique | Significant unobservable input changed | Range of unobservable input used | Favourable changes | Unfavourable changes |
£'000 | £'000 | £'000 | ||||
Assets | Â | Â | Â | Â | Â | Â |
Other debt securities | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 52Â 058Â Â Â | Â | Potential impact on income statement | Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1Â 947Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â (3Â 521)Â |
 |  | Discounted cash flows | Cash flow adjustments | CPR 14.18% |                    186 |                 (252) |
 |  | Discounted cash flows | Credit spreads | 0.36%-1.22% |                      54 |                  (102) |
 |  | Other | Other | ^ |                 1 707 |              (3 167) |
Derivative financial instruments | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 9Â 924Â Â | Â | Potential impact on income statement | Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 938Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (696)Â |
 |  | Option pricing model | Volatilities | 7.5%-16.95% |                         1 |                       (1)                      |
 |  | Underlying asset value | Underlying asset value^^ | ^^ |                         1 |                      (3) |
 |  | Discounted cash flows | Cash flow adjustment | CPR 7.71% |                      17 |                    (20) |
 |  | Other | Other^ | ^ |                    919 |                 (672) |
Loans and advances to customers | Â Â Â Â Â Â Â Â Â Â Â 2Â 517Â 502Â Â Â | Â | Potential impact on income statement | Â | Â Â Â Â Â Â Â Â Â Â Â Â 23Â 500Â Â Â | Â Â Â Â Â Â Â Â Â Â Â (41Â 082)Â |
 |  | Discounted cash flows | Credit spreads | 0.16% - 37.3% |                9 012  |            (18 909) |
 |  | Underlying asset value | Property value | ** |               10 871 |            (13 451) |
 |  | Price earnings | Price earnings multiple | 4x |                2 099  |              (6 951) |
 |  | Underlying asset value | Underlying asset value^^ | ^^ |                1 467  |              (1 670) |
 |  | Other | Other^ | ^ |                      51 |                  (101)                 |
 |  |  | Potential impact on other comprehensive income |  |               12 417 |            (21 285) |
 |  |  | Credit spreads | 0.15% - 5.3% |               12 417 |            (21 285) |
Other securitised assets* | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 63Â 627Â Â Â | Â | Potential impact on income statement | Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 672Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (440)Â |
 |  | Discounted cash flows | Cash flow adjustments | CPR 7.71% |                   672  |                 (440) |
Investment portfolio | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 472Â 897Â Â Â | Â | Potential impact on income statement | Â | Â Â Â Â Â Â Â Â Â Â Â Â Â 51Â 336Â Â | Â Â Â Â Â Â Â Â Â Â (79Â 409)Â Â |
 |  | Price earnings | Price earnings multiple | 4x-9x |                8 586  |            (14 766) |
 |  | Net asset value | Underlying asset value^^ | ^^ |               3 293   |              (5 373) |
 |  | Price earnings | EBITDA | ** |                7 779  |              (7 543) |
 |  | Price earnings | EBITDA | (10%)-10% |              10 870  |            (10 870) |
 |  | Discounted cash flows | Cash flows | ** |                 1 727 |               (1 751)              |
 |  | Underlying asset value | Underlying asset value^^ | ^^ |                 1 231 |              (2 722) |
 |  | Discounted cash flows | Precious and industrial metal prices | (5%)-5% |                    216 |                  (216) |
 |  | Other | Other^ | ^ |              17 634  |            (36 168) |
Other financial instruments at fair value through profit or loss in respect of liabilities to customers | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 16Â 348Â Â | Â | Potential impact on income statement | Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1Â 635Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â (1Â 635)Â |
 |  | Underlying asset value | Underlying asset value^^ | ^^ |                1 635  |              (1 635) |
Total level 3 assets | Â Â Â Â Â Â Â Â Â Â 3Â 132Â 356Â Â Â Â | Â | Â | Â | Â Â Â Â Â Â Â Â Â Â Â Â 92Â 445Â Â Â | Â Â Â Â Â Â Â (148Â 068) |
Liabilities | Â | Â | Â | Â | Â | Â |
Derivative financial instruments | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1Â 061Â | Â | Potential impact on income statement | Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1 |
 |  | Option pricing model | Volatilities | 9%-16.95% |                      - |                         1 |
Liabilities arising on securitisation of other assets* | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 67Â 988Â Â Â | Â | Potential impact on income statement | Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (365)Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 290Â Â |
 |  | Discounted cash flows | Cash flow adjustments | CPR 7.71% |                 (365) |                   290  |
 |  |  | Potential impact on income statement |  |              (3 108) |                3 108  |
Liabilities to customers under investment contracts | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 31Â 080Â Â | Underlying asset value | Underlying asset value^^ | Â | Â Â Â Â Â Â Â Â Â Â Â Â Â (3Â 108)Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 3Â 108Â Â |
Total level 3 liabilities | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 100Â 129Â Â Â | Â | Â | Â | Â Â Â Â Â Â Â Â Â Â Â Â (3Â 473) | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 3Â 399Â Â Â |
Net level 3 assets | Â Â Â Â Â Â Â Â Â 3Â 032Â 227Â Â Â Â | Â | Â | Â | Â Â Â Â Â Â Â Â Â Â Â Â 88Â 972Â Â Â | Â Â Â Â Â Â Â (144Â 669) |
^ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Other - The valuation sensitivity has been assessed by adjusting various inputs such as expected cash flows, discount rates, earnings multiples rather than a single input. It is deemed appropriate to reflect the outcome on a portfolio basis for the purposes of this analysis as the sensitivity of the assets cannot be determined through the adjustment of a single input.
^^Â Â Â Â Â Â Â Â Â Â Â Â Underlying asset values are calculated by reference to a tangible asset, for example property, aircraft or shares.
∗∗          The EBITDA, cash flows and property values have been stressed on an investment-by-investment and loan-by-loan basis in order to obtain favourable and unfavourable valuations.
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In determining the value of level 3 financial instruments, the following are the principal input that can require judgement:
Credit spreads
Credit spreads reflect the additional yield that a market participant would demand for taking exposure to the credit risk of an instrument. The credit spread for an instrument forms part of the yield used in a discounted cash flow calculation. In general a significant increase in a credit spread in isolation will result in a movement in fair value that is unfavourable for the holder of a financial instrument.
Discount rates
Discount rates (including WACC) are used to adjust for the time value of money when using a discounted cash flow valuation method. Where relevant, the discount rate also accounts for illiquidity, market conditions and uncertainty of future cash flows.
Volatilities
Volatility is a key input in the valuation of derivative products containing optionality. Volatility is a measure of the variability or uncertainty in returns for a given derivative underlying. It represents an estimate of how much a particular underlying instrument, parameter or index will change in value over time.
Cash flows
Cash flows relate to the future cash flows which can be expected from the instrument and requires judgement.
EBITDA
The earnings before interest, taxes, depreciation and amortisation of the company being valued. This is the main input into
a price-earnings multiple valuation method.
Price-earnings multiple
The price-to-earnings ratio is an equity valuation multiple. It is a key driver in the valuation of unlisted investments.
Property value and precious and industrial metal prices
The property value and precious and industrial metal prices is a key driver of future cash flows on these investments.
Underlying asset value
In instances where cash flows have links to referenced assets, the underlying asset value is used to determine the fair value. To the extent possible, the underlying asset valuation is derived using observable market prices sourced from broker quotes, specialist valuers or other reliable pricing sources.
Fair value of financial assets and liabilities at amortised cost
At 30 September 2024 | Carrying amount | Fair value approximates carrying amount | Balances where fair values do not approximate carrying amounts | Fair value of balances that do not approximate carrying amounts |
£'000 | ||||
Assets | Â | Â | Â | Â |
Cash and balances at central banks | Â Â Â Â Â Â Â Â Â Â Â 4Â 807Â 365Â Â | Â Â Â Â Â Â Â Â Â Â Â 4Â 807Â 365Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â |
Loans and advances to banks | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 132Â 894Â | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 132Â 894Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â |
Non-sovereign and non-bank cash placements | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 385Â 665Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 385Â 665Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â |
Reverse repurchase agreements and cash collateral on securities borrowed | Â Â Â Â Â Â Â Â Â Â Â Â 2Â 891Â 914Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1Â 517Â 818Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 374Â 096Â | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 374Â 392Â |
Sovereign debt securities | Â Â Â Â Â Â Â Â Â Â Â 3Â 758Â 476Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 11Â 560Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â 3Â 746Â 916Â | Â Â Â Â Â Â Â Â Â Â Â 3Â 770Â 265Â Â |
Bank debt securities | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 167Â 806Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 8Â 767Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 159Â 039Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 153Â 682Â |
Other debt securities | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 725Â 928Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 51Â 354Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 674Â 574Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 684Â 901Â |
Loans and advances to customers | Â Â Â Â Â Â Â Â Â 28Â 260Â 216Â | Â Â Â Â Â Â Â Â Â 13Â 655Â 092Â | Â Â Â Â Â Â Â Â Â 14Â 605Â 124Â | Â Â Â Â Â Â Â Â Â 14Â 491Â 954Â |
Own originated loans and advances to customers securitised | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 306Â 081Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 306Â 081Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â |
Other loans and advances | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 139Â 028Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 87Â 850Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 51Â 178Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 51Â 239Â |
Other assets | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 293Â 585Â | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 293Â 585Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â |
 |       43 868 958        |        23 258 031       |         20 610 927      |       20 526 433        |
Liabilities | Â | Â | Â | Â |
Deposits by banks | Â Â Â Â Â Â Â Â Â Â Â 2Â 843Â 008Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 411Â 406 | Â Â Â Â Â Â Â Â Â Â Â Â 2Â 431Â 602Â | Â Â Â Â Â Â Â Â Â Â Â 2Â 470Â 082Â Â |
Repurchase agreements and cash collateral on securities lent | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 035Â 568Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 462Â 176Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 573Â 392Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 575Â 338Â |
Customer accounts (deposits) | Â Â Â Â Â Â Â Â 38Â 163Â 360Â Â | Â Â Â Â Â Â Â Â Â 21Â 362Â 876Â | Â Â Â Â Â Â Â Â 16Â 800Â 484Â Â | Â Â Â Â Â Â Â Â Â Â 16Â 851Â 889 |
Debt securities in issue | Â Â Â Â Â Â Â Â Â Â Â 1Â 460Â 644Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 256Â 540Â Â | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 204Â 104Â | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 206Â 154Â |
Liabilities arising on securitisation of own originated loans and advances | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 220Â 106Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 220Â 106Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â |
Other liabilities | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 444Â 560Â | Â Â Â Â Â Â Â Â Â Â Â Â 1Â 443Â 514Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1Â 046Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 304Â |
Subordinated liabilities | Â Â Â Â Â Â Â Â Â Â Â Â Â 1Â 011Â 339Â Â Â Â Â Â Â Â Â Â Â Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 311Â 034 | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 700Â 305Â Â | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 727Â 577Â |
 |         46 178 585      |        24 467 652       |         21 710 933      |         21 831 344      |
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Investec plc
Incorporated in England and Wales
Registration number: 3633621
LSE ordinary share code: INVP
JSE ordinary share code: INP
ISIN: GB00B17BBQ50
LEI: 2138007Z3U5GWDN3MY22
Ordinary share dividend announcement
In terms of the DLC structure, Investec plc shareholders registered on the United Kingdom share register may receive all or part of their dividend entitlements through dividends declared and paid by Investec plc on their ordinary shares and/or through dividends declared and paid on the SA DAN share issued by Investec Limited.
Investec plc shareholders registered on the South African branch register may receive all or part of their dividend entitlements through dividends declared and paid by Investec plc on their ordinary shares and/or through dividends declared and paid on the SA DAS share issued by Investec Limited.
Declaration of dividend number 44
Notice is hereby given that interim dividend number 44, being a gross dividend of 16.50000 pence (2023: 15.50000 pence) per ordinary share has been declared by the Board from income reserves in respect of the six months ended 30Â September 2024, payable to shareholders recorded in the shareholders' register of the Company at the close of business on Friday 13Â December 2024.
•  For Investec plc shareholders, registered on the United Kingdom share register, through a dividend payment by Investec plc from income reserves of 16.50000 pence per ordinary share
•  For Investec plc shareholders, registered on the South African branch register, through a dividend payment by Investec Limited, on the SA DAS share, payable from income reserves, equivalent to 16.50000 pence per ordinary share.
The relevant dates relating to the payment of dividend number 44 are as follows: | |
Last day to trade cum-dividend On the Johannesburg Stock Exchange (JSE) On the London Stock Exchange (LSE) Shares commence trading ex-dividend On the Johannesburg Stock Exchange (JSE) On the London Stock Exchange (LSE) Record date (on the JSE and LSE) Payment date (on the JSE and LSE) | Â Tuesday 10Â December 2024 Wednesday 11Â December 2024 Â Wednesday 11Â December 2024 Thursday 12Â December 2024 Friday 13Â December 2024 Tuesday 31Â December 2024 |
Share certificates on the South African branch register may not be dematerialised or rematerialised between Wednesday 11Â December 2024 and Friday 13Â December 2024, both dates inclusive, nor may transfers between the United Kingdom share register and the South African branch register take place between Wednesday 11Â December 2024 and Friday 13Â December 2024, both dates inclusive. | |
Additional information for South African resident shareholders of Investec plc
•  Shareholders registered on the South African branch register are advised that the distribution of 16.50000 pence, equivalent to a gross dividend of 379.92900 cents per share (rounded to 380.00000 cents per share), has been arrived at using the Rand/Pound Sterling average buy/sell forward rate of 23.02600, as determined at 11h00 (SA time) on Wednesday 20 November 2024
•  Investec plc United Kingdom tax reference number: 2683967322360
•  The issued ordinary share capital of Investec plc is 696 082 618 ordinary shares
•  The dividend paid by Investec plc to South African resident shareholders registered on the South African branch register and the dividend paid by Investec Limited to Investec plc shareholders on the SA DAS share are subject to South African Dividend Tax (Dividend Tax) of 20% (subject to any available exemptions as legislated)
•  Shareholders registered on the South African branch register who are exempt from paying the Dividend Tax will receive a net dividend of 380.00000 cents per share paid by Investec Limited on the SA DAS share
•  Shareholders registered on the South African branch register who are not exempt from paying the Dividend Tax will receive a net dividend of 304.00000 cents per share (gross dividend of 380.00000 cents per share less Dividend Tax of 76.00000 cents per share) per share paid by Investec Limited on the SA DAS share.
By order of the Board
Â
David Miller
Company Secretary
20Â November 2024
Investec Limited
Incorporated in the Republic of South Africa
Registration number: 1925/002833/06
JSE share code: INL
JSE hybrid code: INPR
JSE debt code: INLV
NSX ordinary share code: IVD
BSE ordinary share code: INVESTEC
ISIN: ZAE000081949
LEI: 213800CU7SM6O4UWOZ70
Ordinary share dividend announcement
Declaration of dividend number 137
Notice is hereby given that interim dividend number 137, being a gross dividend of 380.00000 cents (2023: 352.00000 cents) per ordinary share has been declared by the Board from income reserves in respect of the six months ended 30 September 2024 payable to shareholders recorded in the shareholders' register of the Company at the close of business on Friday 13Â December 2024.
The relevant dates relating to the payment of dividend number 137 are as follows: | |
Last day to trade cum-dividend Shares commence trading ex-dividend Record date Payment date | Tuesday 10Â December 2024 Wednesday 11Â December 2024 Friday 13Â December 2024 Tuesday 31Â December 2024 |
The interim gross dividend of 379.92900 cents per share (rounded to 380.00000 cents per ordinary share) has been determined by converting the Investec plc distribution of 16.50000 pence per ordinary share into Rands using the Rand/Pound Sterling average buy/sell forward rate of 23.02600 at 11h00 (SA time) on Wednesday 20Â November 2024. | |
Share certificates may not be dematerialised or rematerialised between Wednesday 11Â December 2024 and Friday 13Â December 2024 both dates inclusive, nor may transfers between the Botswana and/or Namibia share register/s and the South African branch register take place between Wednesday 27Â November 2024 and Friday 29Â November 2024 both dates inclusive. | |
Additional information to take note of
•  Investec Limited South African tax reference number: 9800/181/71/2
•  The issued ordinary share capital of Investec Limited is 295 125 806 ordinary shares
•  The dividend paid by Investec Limited is subject to South African Dividend Tax (Dividend Tax) of 20% (subject to any available exemptions as legislated)
•  Shareholders who are exempt from paying the Dividend Tax will receive a net dividend of 380.00000 cents per ordinary share
•  Shareholders who are not exempt from paying the Dividend Tax will receive a net dividend of 304.00000 cents per ordinary share (gross dividend of 380.00000 cents per ordinary share less Dividend Tax of 76.00000 cents per ordinary share).
By order of the Board
Â
Â
Niki van Wyk
Company Secretary
20Â November 2024
Â
Investec plc
Incorporated in England and Wales
Registration number 3633621
JSE ordinary share code: INP
LSE ordinary share code: INVP
ISIN: GB00B17BBQ50
LEI: 2138007Z3U5GWDN3MY22
Registered office
30 Gresham Street, London
EC2V 7QP, United Kingdom
Auditor
Deloitte LLP
Registrars in the United Kingdom
Computershare Investor Services PLC
The Pavilions, Bridgwater Road, Bristol
BS99 6ZZ, United Kingdom
Company Secretary
David Miller
Investec Limited
Incorporated in the Republic of South Africa
Registration number 1925/002833/06
JSE ordinary share code: INL
JSE hybrid code: INPR
JSE debt code: INLV
NSX ordinary share code: IVD
BSE ordinary share code: INVESTEC
ISIN: ZAE000081949
LEI: 213800CU7SM6O4UWOZ70
Registered office
100 Grayston Drive
Sandown, Sandton
2196, South Africa
Auditors
Deloitte & Touche
PricewaterhouseCoopers Inc.
Transfer secretaries in South Africa
Computershare Investor Services (Pty) Ltd
Rosebank Towers, 15 Biermann Avenue, Rosebank
2196, South Africa
Company Secretary
Niki van Wyk
Directors
Philip Hourquebie1 (Chair)
Fani Titi2 (Chief Executive)
Nishlan Samujh2 (Finance Director)
Henrietta Baldock1 (Senior Independent Director)
Stephen Koseff2
Nicky Newton-King2
Jasandra Nyker2
Vanessa Olver2
Diane Radley2
Brian Stevenson1
1Â Â Â Â Â Â Â British
2Â Â Â Â Â Â Â South African
Zarina Bassa and Philisiwe Sibiya stepped down from the Board on 8 August 2024.
Sponsor
Investec Bank Limited
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