Strong performance by Investec's South African operations was dragged down by the banking group's overseas business in the six months to September, leading to pre-tax profits falling from £39.9m (€62.7m) to £15.6m.

In Investec's first results announcement since dual-listing on the London and Johannesburg stock exchanges, the group's South African operations saw profits increase by 32.7% in rand terms, or by 5% in sterling terms, despite a 36% depreciation in the rand over the period. In contrast the UK and European businesses posted a profit of £14.5m, a decrease of 58.1% for the six months.