UK business boosts Investec profits by 20%

Rand depreciation negatively impacts profits by 16.3%

Higher profits in Investec's UK business led the firm to report an increase in the overall group's operating profits of 0.6% for the year ended 31 March 2016, despite the depreciation of the rand negatively impacting South African operating profits by 16.3%.

In its unaudited annual report, the group said the UK and other business reported a 20.9% increase in operating profit, despite "macro uncertainty and volatility in the group's key operating geographies ...