Analyst Results Presentation May 2014 - Investec · Resulting in an improved group performance...

Results presentationFor the year ended 31 March 2014

Th i iThe year in review

2

Improving operating environmentResults impacted by strength of sterling against other operating currencies

Equity marketsEquity markets Interest ratesInterest rates

JSE +19.8% 5

6130 SAJSE 19.8%

FTSE +5.2%

ASX +8.5%

2

3

4

5

%100

110

120

Reb

ased

to 1

00

AUS

Exchange ratesExchange rates

0

1

Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-1480

90

Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14

R

UKUS

Exchange ratesExchange rates

120

130

140

100

£ / A$ +23.3%

£ / ZAR +25.8%

90

100

110

Reb

ased

to £ / A$ 23.3%

£ / Euro +2.5%

£ / US$ +9.9%

3Source: Datastream

80

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep

-13

Oct

-13

Nov

-13

Dec

-13

Jan-

14

Feb-

14

Mar

-14

Diversified business model

Operating profit* % contribution to group by geography Operating profit* % contribution to group by business

Geographic diversityGeographic diversity Revenue diversityRevenue diversity

80

90

100

UK, Australia & Oth

80

90

100

50

60

70 Other

Southern Africa 50

60

70

Specialist Banking

20

30

40

20

30

40 Wealth & Investment

Asset Management

46.4%

0

10

Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-140

10

Mar-09 Mar-10 Mar11 Mar-12 Mar-13 Mar-14

*Before tax, goodwill, acquired intangibles, non-operating items and after other non-controlling interests4

Continued growth in key earnings drivers

Third party assets under managementThird party assets under management Customer accounts (deposits) and loansCustomer accounts (deposits) and loans

Up 6.2% U 7 9%Up 8 9%

Customer accountsC l d d

120

140 £’bn

100%

120%

25

30 £’bn

Up 7.9%

Down 0.7%

Up 8.9% Core loans and advances

Down 7.6%Customer accountsCore loans and advances Down 6.8%

80

100

60%

80%

15

20

20

40

60

20%

40%

5

10

-

20

Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-140%-

Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-14

Customer accounts Currencyneutral

Currencyneutral

Asset Management Wealth & Investment OtherCore loans and advances to customers

Loans and advances to customer deposits

5

Supporting continued growth in revenue

Total operating incomeTotal operating income

£’mn

2500

3000

Down 2.9%

Up 5.6%

1500

2000

500

1000

0Mar-01 Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-14

Currencyneutral

6

Impairments down

South AfricaSouth Africa

• UK impairments down 17.1% (Including Kensington down

UK & Europe (ex Kensington)UK & Europe (ex Kensington) AustraliaAustralia

• SA impairments down 23.6% in Rands

• Australian impairments increased

38.8%)

6

7

5%

6% £’bn 4

10%

12% A$’bn

140

160

5%

6% R’bn

4

5

3%

4%

2

3

6%

8%

80

100

120

3%

4%

1

2

3

1%

2%

1

2%

4%

40

60

80

1%

2%

Net core loans (RHS)Credit loss ratio (LHS)

0

1

0%2009 2010 2011 2012 2013 2014

00%2009 2010 2011 2012 2013 2014

-

20

0%2009 2010 2011 2012 2013 2014

Net defaults as a % of core advances (LHS)

7

Fixed costs marginally up

34 5 34 740% Mar-13 Mar-14

Asset Management Operating costs 1.3%

Operating income 1.7%

2 500£’mn

Narrowing jaws ratioNarrowing jaws ratio Cost to income / Operating marginCost to income / Operating margin

34.5 34.7

0

10

20

30

40

o Headcount up 200 people to support growth

o Investment in distribution platforms2,000

2,500

Operating income down 2.9% to £1,941mn

10-yr CAGR of 11.4%

0Operating margin

20.322.9

22.5

30% Mar-13 Mar-14

Wealth & InvestmentOperating costs 11.9%


1,500

0

7.5

15o Headcount up 51 peopleo Investment in IT, online

infrastructure and experienced portfolio managers

Operating margin500

1,000

63.1 66.0

40

60

80

100% Mar-13 Mar-14

Specialist Bank

o Headcount down 144 peopleo Costs up in line with inflation (in

Operating costs 2.9%


-

500

r-05

r-06

r-07

r-08

r-09

r-10

r-11

r-12

r-13

r-14

Operating costs (excl. depreciation) up 0.4% to £1,277mn10-yr CAGR of 11.3%

0

20

40 p (home currencies) and as a consequence of reshaping

Cost to income

Ma

Ma

Ma

Ma

Ma

Ma

Ma

Ma

Ma

Ma

Operating costs (excluding depreciation)

Operating income

8

Resulting in an improved group performanceNegatively impacted by the Rand

Mar-14 Mar-13 % change% change on currency

neutral basis^^

g y p y

Operating profit* before tax (£’000) 451 817 426 278 6.0% 20.3%

Attributable earnings** ^(£’000) 327 824 309 310 6.0% 20.5%

Adjusted EPS**^ (pence) 38.0 36.1 5.3% 19.7%

DPS (pence) 19.0 18.0 5.6% NA

Net asset value per share (pence) 375.7 384.2 (2.2%) 9.1%

Total shareholders’ equity (£’mn) 4 013 3 942 1.8% 12.2%

C ( ) (£ )Customer accounts (deposits) (£’bn) 22.6 24.5 (7.6%) 6.2%

Net core loans and advances to customers (£’bn) 17.2 18.4 (6.8%) 7.9%

9

*Before goodwill, acquired intangibles, non-operating items and after other non-controlling interests; **Before goodwill, acquired intangibles, non-operating items and after non-controlling interests; ^ After deducting preference dividends; ^^Amounts represented on a currency neutral basis assume that the closing and average exchange rates of the group’s relevant exchange rates relative to Pounds Sterling remain the same as at 31 March 2014 when compared to 31 March 2013

Strong Rand performance – up 28%

Mar-14 Mar-13 % change

Operating profit* before taxation (R’mn) 7 328 5 725 28 0%Operating profit before taxation (R mn) 7 328 5 725 28.0%

Adjusted attributable earnings**^ (R’mn) 5 313 4 227 25.7%

Adjusted EPS* (cents) 616 494 24 7%Adjusted EPS (cents) 616 494 24.7%

DPS (cents) 327 256 27.7%

Net asset value per share (cents) 6 597 5 362 23 0%Net asset value per share (cents) 6 597 5 362 23.0%

8000R’mn

Strong recovery in Rand earnings post crisisStrong recovery in Rand earnings post crisis

2000

4000

6000

8000

10*Before goodwill, acquired intangibles, non-operating items and after other non-controlling interests; **Before goodwill, acquired intangibles, non-operating items and after non-controlling interests; ^After deducting preference dividends

0Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14

Progress made on our financial targets

Target Mar-14 Mar-13

ROE 12 16% over a rolling 5 yr period 10 1% 9 4%ROE 12-16% over a rolling 5-yr period 10.1% 9.4%

Tangible ROE 12.3% 11.7%

Adjusted* EPS growth Target: 10% > UKRPI 5.3% 16.4%19.7%C t l

j g g

Cost to income Target: < 65% 67.5% 65.7%

Dividend cover (times) Target: 1.7-3.5 times 2.0x 2.0x

Currency neutral

11Note: These are medium to long-term targets which we aim to achieve through varying market conditions*Adjusted EPS is before goodwill, acquired intangibles and non-operating items and after non-controlling interests and after deducting preference dividends

Stable capital position

15.3%Investec Bank

Limited

Capital adequacyCapital adequacy Tier 1Tier 1

10.8%Investec Bank

Limited

16.0%

14.9%

Investec Bank plc

Investec Limited

Limited

As reported

11.0%

11.0%

Investec Bank plc

Investec Limited

Limited

As reported

Leverage ratiosLeverage ratios Common equity tier 1Common equity tier 1

15.3%

0% 4% 8% 12% 16%

Investec plc 10.5%

0% 4% 8% 12% 16%

Investec plc

7.2%

7.2%

7.2%

6.2%

6.8%

Investec Limited

Investec Bank Limited

Fully loaded

Leverage ratiosLeverage ratios

9 4%

10.3%

9.3%

10.2%

Investec Limited

Investec Bank Limited

Fully

Common equity tier 1Common equity tier 1

7.7%

7.4%

7.4%

7.4%

7.4%

6.2%

7.4%

Investec plc

Investec Bank plc

LimitedCurrent

Permanent capital

8.8%

11.0%

9.4%

8.8%

11.0%

Investec plc

Investec Bank plc

loaded

As reported

12

0% 2% 4% 6% 8% 10% 0% 2% 4% 6% 8% 10% 12%

Note: Please refer to the 2014 Analyst Book for detailed definitions and explanations

Di i i l hi hli htDivisional highlights

13

Asset management - overview

Mar-14 Mar-13%

change• Sale of 15% stake in the business to management

was successfully completed in July 2013

Overview of performanceOverview of performance Financial summaryFinancial summary

g

Operating profit* (£’mn) 143.8 140.4 2.4%

Operating margin 34.7% 34.5%

ROE (pre-tax)** 96.7% 95.1%

was successfully completed in July 2013

• Benefited from higher average assets under management and net inflows of £2.6bn

• Competitive long term investment performance across investment capabilities

ROE tangible (pre-tax) 305.1% 336.1%

Assets under management (£’bn) 68.0 69.8 (2.6%)

across investment capabilities

• Assets under management at £68.0bn

• The business remains stable and momentum is

OutlookOutlook Assets under management by asset classAssets under management by asset class

80£’bn

positive

• Priorities are to deepen and widen our investment strategies and to focus on further diversifying the client base, including expanding range of private market strategies and increasing market penetration 20

40

60

Third party funds on advisory platformAlternatives

Multi-assest

Fixed income

14

market strategies and increasing market penetration in Asia, Europe and the Americas

*Before goodwill, acquired intangibles, non-operating items, taxation and before non-controlling interests**Return on adjusted shareholders’ equity (including goodwill)

0

20

Mar-12 Mar-13 Mar-14

Equities

Asset Management – key drivers

Operating marginOperating margin Net inflowsNet inflows Average income as a % of AUMAverage income as a % of AUM

Key drivers (besides market levels)Key drivers (besides market levels)

30

40%

0.8

1.0%

6

8 £’bn

10

20

0.2

0.4

0.6

2

4


0.0Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14

-Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14

RecognitionRecognition

15

Wealth & Investment - overview


Mar-14 Mar-13%

change• Benefited from higher average funds under

management g


Operating margin 22.9% 20.3%

ROE (pre tax)** 18 2% 15 8%

management

• Net inflows of £1.4bn and improved operating margins

• UK business has successfully expanded its operation across the region investing in ROE (pre-tax) 18.2% 15.8%


Total FUM (£’bn) 41.5 40.4 2.9%

operation across the region, investing in infrastructure and talent

• SA business benefitted from a seamless offering to both Wealth & Investment and Private Banking clients, and made progress in

OutlookOutlook Assets under management by asset classAssets under management by asset class

• Investments we have made and continue to make

leveraging off the global investment platform

Investments we have made, and continue to make, leave us well placed to build on the current momentum

• Ongoing initiatives in the digital and online channels should support revenue improvements and business ffi i i

20

30

40

50 £’bn

UK - Non-discretionary

UK - Discretionary

SA - Non-discretionary

16*Before goodwill, acquired intangibles, non-operating items, taxation and after non-controlling interests**Return on adjusted shareholders’ equity (including goodwill)

efficiencies

0

10


SA Non discretionary

SA - Discretionary

Wealth & Investment – key drivers

Key driversKey drivers

Operating marginOperating margin Net inflowsNet inflows Average income as a % of AUMAverage income as a % of AUM

20

30 %

0.6

0.8%

2

3 £’bn

10

20

0.2

0.4

-1

0

1

0Mar-11 Mar-12 Mar-13 Mar-14

0.0Mar-11 Mar-12 Mar-13 Mar-14

Note: Prior to Mar-11 Rensburg Sheppards plc was an associate of Investec and not a 100% owned subsidiary

-2Mar-11 Mar-12 Mar-13 Mar-14


17

Top Stockbroker for the Sophisticated Exec

2013

Specialist Banking - overview


• SA grew 29.2% benefitting from an increase in corporate fees and increased income from customer Mar-14 Mar-13 % changecorporate fees and increased income from customer flow. Unlisted private equity performed well and we continue to grow our private banking businesses. The investment and trading property portfolio delivered a sound performance

• The UK grew 30% - principal investments performed

Mar-14 Mar-13 % change


Cost to income 66.0% 63.1%The UK grew 30% principal investments performed well with good growth in the professional and asset finance loan portfolios. Quality of income is improving

• Australia reported a loss impacted by strategic restructuring

ROE (pre-tax)** 8.7% 7.9%


OutlookOutlook Loans and depositsLoans and deposits

• As a result of the reshaping process, the business is well positioned to benefit from any improvement in markets going forward

Net core loans and advances Total deposits

30

40 £’bn

30

40 £’bn

• Legacy book clearly articulated and monitored

• The ongoing businesses are performing wellSA

UK

AU

0

10

20

30

18.4 17.2 19.9

SA

UK

AU

0

10

20

30 24.5 22.6 26.0

18*Before goodwill, acquired intangibles, non-operating items, taxation and after non-controlling interests**Return on adjusted shareholders’ equity (including goodwill)

0Mar-13 Mar-14 Mar-14

Currencyneutral

0Mar-13 Mar-14 Mar-14

Currencyneutral

Specialist Banking – mix of income

Net interest incomeNet interest income Net fees and commissionsNet fees and commissions Investment and trading incomeInvestment and trading income

800£’mn

400£’mn

400

500£’mn

Debt repurchases

400

600

200

300

200

300

400

0

200

0

100

0

100

200




Currencyneutral

Currencyneutral

Currencyneutral

19

Specialist Banking – costs and impairments

CostsCosts ImpairmentsImpairments

800

1000£’mn

400£’mn

400

600

800

200

300

0

200

400

0

100

0Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-14

0Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-14

Currencyneutral

Currencyneutral

20

Specialist Banking – key drivers

80%

20%

15%Cost to income ratio ROE post tax Growth in net core loans

(Currency neutral)

Key driversKey drivers

0

20

40

60

0

5

10

15

-5

0

5

10

(Currency neutral)

Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14

10

15%

1.0

1.5%Growth in risk-weighted assets Credit loss ratio on core loans

(Currency neutral)

0

5

Mar-10 Mar-11 Mar-12 Mar-13 Mar-140.0

0.5

Mar-10 Mar-11 Mar-12 Mar-13 Mar-14


1st for sponsors by deal value

21

European Project Bond of the Year African Power Deal of the Year

African Renewable Deal of the Year

2nd for sponsors by deal flow2nd in investment advisersBest Structured Product

Provider 2009, 10,11,12,13,14

Dealing with the UK Legacy Business

Specialist Banking

£’mn £’mn

Total net assets: Investec originatedTotal net assets: Investec originated Total net assets: Kensington originatedTotal net assets: Kensington originated

g g y

4000

5000£ mn

4000

5000£ mn

4 856

136

3 209

1 402

1261

2000

3000

2 185

2 615

5592000

3000

2 036

1 361

387

2 185

1 5111 151

864

136

6260

1261

0

1000

M 08 M 13 M 14

1 477

857 768

504 474

0

1000

Mar 08 Mar 13 Mar 14

1 361 1 242

1798

Mar 14

813

429

M 14

1 242


Other corporate assets and securitisation activities

Private Bank Irish planning and development assets

Oth P i t B k t


Kensington – UK warehouse loans

Kensington – Ireland

Mar-14

Performing

Non-performing

Mar-14

Performing

Non-performing

Other Private Bank assets

22

Specialist BankingUK Legacy Business – Legacy vs Ongoing 31 Mar 2014

31 Mar 2014

£'mn Ongoing Legacy Total

Total income 560.3 35.7 596.0

g y g y g g

Total impairments (11.2) (93.6) (104.8)

Total expenses (389.0) (44.3) (433.3)

D i ti ti l d t (5 4) (0 6) (6 0)Depreciation on operating leased assets (5.4) (0.6) (6.0)

Net profit before tax 154.7 (102.8) 51.9

Taxation (using total effective tax rate for UK at 18.8%) (29.1) 19.3 (9.8)

Net profit after tax 125.6 (83.5) 42.1

Non-controlling interests 2.7 - 2.7

Attributable earnings before preference dividends 128.3 (83.5) 44.8g p ( )

Average shareholders' equity (£'mn) 681 354 1 035

Post-tax return on equity (before preference dividends) 18.8% (23.6%) 4.3%

Cost to income ratio 70.1% 126.2% 73.4%

23

Specialist BankingUK Legacy Business – Expected run off rate

5000

£’mn

2500£’mn

4 856

Total net loans: Investec originatedTotal net loans: Investec originated Total net loans: Kensington originatedTotal net loans: Kensington originated

g y p

3500

4000

4500

20002 036

Expected run offExpected run off

2000

2500

3000

1000

15002 615

2 185

1 762

1 3611 242

1 111995

893791

0

500

1000

1500

0

500

1 3971 150

822

791

02008 2013 2014 F2015 F2016 F2017 F2018

Other corporate assets and securitisation activities

Private Bank Irish planning and development assets

02008 2013 2014 F2015 F2016 F2017 F2018

Kensington - UK warehouse loans

Kensington - Ireland

Other Private Bank assets

24

St t d iti iStrategy and positioning

25

Reflecting on our strategic priorities from a year ago

26From the Year End Results Presentation May 2013

Simplifying Specialist BankingWe have done a lot to simplify and de-clutter

UK• Reduced or closed non-core businesses

p y

• Sold the Trust businesses• Sold Lease Direct Finance• Integrated Investment Banking and Securities into ICIB• Commenced process for sale of Kensington business

Australia• Sale of the Professional Finance and Asset Finance and Leasing businesses (subject to regulatory approval)

• “Investec Australia Limited” will operate as a non-bank financial services company with no deposit taking and will no longer be supervised by APRA

• It will have a simplified cost base and two focus areas:• It will have a simplified cost base and two focus areas:• Corporate services (providing advice, capital and hedging to clients) and• Funds management (principally Property and Aviation)

27

Growing the UK Private Banking capability

Driving future performance in Specialist Bankingg g p y

• Developed a transactional capability:

• Voyage Account launched focused HNW d HNI

• Private Bank Account launched Feb-2014 focused on professionals earning £50k plus on HNW and HNIfocused on professionals earning £50k plus and SA clients

• Continue to grow Specialised Lending to HNW clients and niche business in Property Lending

• L th t li k ith W lth & I t t

28

• Leverage the strong link with Wealth & Investment

Growing the franchise businesses in UK CIB

Driving future performance in Specialist Bankingg

Small ticket asset finance

For example:

Treasury Products and SED • Portfolio has grown from about £20mn in 2006

to some £665mn in 2014• 56,075 clients compared to 7,600 in 2007

• Total FX Active Clients have grown from 0 in2008 to 1,362 in Mar-2014

• Total FX volume has grown from 0 in 2008 to£10.6bn in Mar-2014

Aviation Finance Infrastructure FinanceAviation Finance• Active existing relationship with 30 airline clients

globally• Over 150 collaborative and strategic airline

relationships

Infrastructure Finance• Recognised as top player in Europe• Voted number two bank in America’s advisory

mandates to bidders in competition(PFI, Feb-2014)

• Number of funds established – most recent inJan-2014

29

African and Middle Eastern Business Jet Financier 2012, 2013, 2014

By growing the business organically

Driving future performance in Specialist Bankingy g g g y

• The SA Specialist Banking businesses will continue to build the franchise in core client segmentsclient segments

• Focusing on cross-selling across different client bases

• Continuing to provide services between Private Bank and Wealth & Investment

• More focused approach to servicing the corporate market

• Continuing to roll out our Africa strategy

• The future performance of the Specialist Banking business will not only be driven by managing down the legacy portfolios but more importantly through growing the business organically together with efficiency and balance sheet optimisationbus ess o ga ca y toget e t e c e cy a d ba a ce s eet opt sat o

30

Driving future performance in Asset ManagementBy continuing to build organicallyy g g y

• Market cycles and price movements can affect this business in the short-term• We are continually investing and building for the next phase of growth in line with a clear long-term

strategy

160 80 £’mn£’bn

gy• Our stable and experienced management team remain focused on investment performance for a

growing client base

120

140

60

70

60

80

100

30

40

50

20

40

10

20

31

--1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

AUM (LHS) Operating profit* (RHS)

*Before goodwill, acquired intangibles, non-operating items, taxation and before non-controlling interests

Driving future performance in Wealth & InvestmentBy continuing to build critical mass in future growth areasy g g

• Servicing our clients is fundamental to this business• Developing our offshore offering and Private Office service to higher net worth clients• Continue to leverage the group’s private client platform and the group’s global investment platform• Continue to leverage the group s private client platform and the group s global investment platform

£’bn

35

40

45

15

20

25

30

5

10

15

32

-2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Discretionary Non-discretionary

Integrated solution for our private clientsThrough a strong digital platformg g g p

• Providing a full service offering aimed at maximising the creation and preservation of our clients’ wealth by:

• Integrating our Private Banking and Wealth & Investment offerings to ensure clients have aIntegrating our Private Banking and Wealth & Investment offerings to ensure clients have a consistent and seamless Investec experience

• Client centric as opposed to product centric• Streamlined account maintenance process

E bl t ll (b t P i t B k d W lth & I t t) i li t d

Offshore

• Enables us to cross sell (between Private Bank and Wealth & Investment), acquire new clients and retain existing clients

One Dashboard

Banking InvestmentFull serviceBankingServices

Investment Management

Full serviceoffering

33

Onshore

Cl iClosing

34

We continue to maintain a balanced business model

BUSINESS MODELBUSINESS MODEL

N t it f d

Net interest, investment and trading income

£933mn

Net interest, investment and trading income

£933mn

Third party assets and advisory£1 008mn

Third party assets and advisory£1 008mn

1,000

1,200

1,400

£’mn

Net annuity fees and commissions of £720mn

(37% of total)

Other fees and other income of £288mn

(1 % f l)

Net interest income of £652mn(34% of total)

Investment income of £166mn(8% of total)

200

400

600

800

(15% of total) Trading income of £115mn(6% of total)

-

Third party assets and advisory

Net interest income, investment income and trading income

Capital Light 52% Capital intensive48%(2008: 40%) (2008: 60%)

35

Building a CLIENT franchise business

CLIENT FRANCHISE BUSINESSES

SPECIALIST ACTIVITIESBUSINESSES• Private Banking• Corporate Banking and Advisory• Wealth & Investment

• Aircraft Finance• Asset Finance• Project Finance• Resource Finance+• Wealth & Investment

• Asset Management• Resource Finance• Private Equity• Property

• Supporting our entrepreneurial endeavours and providing appropriate RETURNS to shareholders

By building very STRONG RELATIONSHIPS with our core client base so we ff h b d f i d d

• Supporting our entrepreneurial endeavours and providing appropriate RETURNS to shareholders

can offer them a broad spectrum of services and products

36

In summary …

• We are building Investec into a high quality client driven organisation that is relevant in its core marketsrelevant in its core markets

• We have navigated very troubled waters that have reminded us about who we areand what we stand for

• Our focus over the next year will be to execute our key strategic initiatives so that Investec going forward will be recognised as an agile innovative service drivenorganisation providingorganisation providing

• Great products and services to our clients

• Above average returns to our shareholders, and

• Significant contributor to the growth and development of our people, our communities and broader society

37

Outlook

• Economic conditions in the developed world have continued to improve UK• The UK economy has gained momentum which is evident in the increased activity levels

experienced by our businesses

• The South African economy is going through a period of weakness. • However, we are still seeing encouraging levels of activity across our client base

• The significant restructuring effort that has taken place over the past year, together with the strategic initiatives currently underway should enable us to benefit from the upturn in global economic conditions and generate appropriate returns for our shareholderss a e o de s

38

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Analyst Results Presentation May 2014 - Investec · Resulting in an improved group performance...

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