Wrap Text
Interim condensed consolidated financial results for the six months ended 30 September 2018
Investec Bank Limited
(Registration number 1969/004763/06)
Share code: INLP
ISIN: ZAE000048393
Interim condensed consolidated financial results for the six months ended 30 September 2018
2018
Condensed consolidated income statement
Reviewed Reviewed Audited
Six months Six months Year to
to 30 Sept to 30 Sept 31 March
R'million 2018 2017 2018
Interest income 15 936 15 619 31 687
Interest expense (11 917) (11 956) (24 125)
Net interest income 4 019 3 663 7 562
Fee and commission income 1 182 1 216 2 458
Fee and commission expense (106) (132) (213)
Investment income 253 597 530
Share of post taxation profit of associates 369 382 777
Trading income/(loss) arising from
- customer flow 204 196 356
- balance sheet management and other trading liabilities 227 42 (26)
Other operating income 1 1 2
Total operating income before expected credit losses/impairment losses 6 149 5 965 11 446
Expected credit loss impairment charges* (376) - -
Impairment losses on loans and advances* - (373) (720)
Operating income 5 773 5 592 10 726
Operating costs (3 217) (3 121) (6 100)
Operating profit before acquired intangibles 2 556 2 471 4 626
Amortisation of acquired intangibles (26) (26) (51)
Operating profit 2 530 2 445 4 575
Additional costs on acquisition of subsidiary - - (100)
Gain on acquisition of subsidiary 6 - -
Profit before taxation 2 536 2 445 4 475
Taxation on operating profit before acquired intangibles (411) (143) 184
Taxation on acquired intangibles 7 7 14
Profit after taxation 2 132 2 309 4 673
* On adoption of IFRS 9, there is a move from an incurred loss model to an expected credit loss methodology.
Calculation of headline earnings
Reviewed Reviewed Audited
Six months Six months Year to
to 30 Sept to 30 Sept 31 March
R'million 2018 2017 2018
Profit after taxation 2 132 2 309 4 673
Dividend paid to perpetual preference shareholders and other Additional Tier 1 security holders (88) (67) (133)
Earnings attributable to ordinary shareholders 2 044 2 242 4 540
Headline adjustments, net of taxation** (6) (46) (94)
Gain on realisation of available-for-sale assets recycled to the income statement - (46) (94)
Gain on acquisition of subsidiary (6) - -
Headline earnings attributable to ordinary shareholders 2 038 2 196 4 446
** Net of taxation of Rnil [Six months to 30 September 2017: R18.0 million; year to 31 March 2018: R36.6 million].
Condensed consolidated statement of total comprehensive income
Reviewed Reviewed Audited
Six months Six months Year to
to 30 Sept to 30 Sept 31 March
R'million 2018 2017 2018
Profit after taxation 2 132 2 309 4 673
Other comprehensive income:
Items that may be reclassified to the income statement
Fair value movements on cash flow hedges taken directly to other comprehensive income*** (20) (36) (99)
Fair value movements on available-for-sale assets taken directly to other
comprehensive income***^ - 113 494
Gain on realisation of available-for-sale assets recycled to the income statement***^ - (46) (94)
Fair value movements on debt instruments at FVOCI taken directly to other
comprehensive income***^ (68) - -
Gain on realisation of debt instruments at FVOCI recycled to the income statement***^ (38) - -
Foreign currency adjustments on translating foreign operations 779 39 (637)
Items that will never be reclassified to the income statement
Fair value movements on equity instruments at FVOCI taken directly to other
comprehensive income*** (452) - -
Total comprehensive income 2 333 2 379 4 337
Total comprehensive income attributable to ordinary shareholders 2 245 2 312 4 204
Total comprehensive income attributable to perpetual preference shareholders and
other Additional Tier 1 security holders 88 67 133
Total comprehensive income 2 333 2 379 4 337
^ On adoption of IFRS 9 on 1 April 2018, the fair value reserve was introduced replacing the available-for-sale reserve.
*** Net of taxation of (R141.3 million) [Six months to 30 September 2017: (R12.2 million); year to 31 March 2018: (R266.1 million)].
Condensed consolidated statement of changes in equity
Reviewed Reviewed Audited
Six months Six months Year to
to 30 Sept to 30 Sept 31 March
R'million 2018 2017 2018
Balance at the beginning of the period 38 415 35 165 35 165
Adoption of IFRS 9 (894) - -
Total comprehensive income 2 333 2 379 4 337
Dividends paid to ordinary shareholders - (654) (1 304)
Dividends paid to perpetual preference shareholders and other Additional Tier 1 security holders (88) (67) (133)
Net equity movements of interest in associated undertaking (109) - -
Issue of other Additional Tier 1 securities in issue - - 350
Other equity movements 2 - -
Balance at the end of the period 39 659 36 823 38 415
Condensed consolidated cash flow statement
Reviewed Reviewed Audited
Six months to Six months to Year to
30 September 30 September 31 March
R'million 2018 2017 2018
Cash inflows from operations 2 203 2 064 4 185
Increase in operating assets (3 478) (2 807) (21 277)
Increase in operating liabilities 1 601 241 15 244
Net cash inflow/(outflow) from operating activities 326 (502) (1 848)
Net cash outflow from investing activities (309) (86) (267)
Net cash outflow from financing activities� (1 298) (429) (1 019)
Effects of exchange rate changes on cash and cash equivalents 950 10 (864)
Net decrease in cash and cash equivalents (331) (1 007) (3 998)
Cash and cash equivalents at the beginning of the period 26 026 30 024 30 024
Cash and cash equivalents at the end of the period 25 695 29 017 26 026
Cash and cash equivalents is defined as including: cash and balances at central banks, on demand loans and advances to banks and non-sovereign
and non-bank cash placements (all of which have a maturity profile of less than three months).
� The net cash outflow from financing activities is detailed as below:
Reviewed Reviewed Audited
Six months to Six months to Year to
30 September 30 September 31 March
R'million 2018 2017 2018
Net (outflow)/inflow of subordinated liabilities (1 210) 292 68
Dividends paid (88) (721) (1 437)
Issue of other Additional Tier 1 securities - - 350
Net cash outflow from financing activities (1 298) (429) (1 019)
Condensed consolidated balance sheet
Reviewed Audited Audited Reviewed
At 30 September 1 April 31 March 30 September
R'million 2018 2018# 2018# 2017
Assets
Cash and balances at central banks 9 586 9 180 9 187 9 200
Loans and advances to banks 18 458 17 263 17 265 18 723
Non-sovereign and non-bank cash placements 10 441 9 972 9 993 10 399
Reverse repurchase agreements and cash collateral on securities borrowed 14 033 20 480 20 480 17 933
Sovereign debt securities 58 923 62 363 62 403 50 722
Bank debt securities 10 358 8 033 8 051 8 156
Other debt securities 13 861 10 357 10 342 12 056
Derivative financial instruments 9 506 12 564 12 586 11 244
Securities arising from trading activities 1 366 875 875 1 463
Investment portfolio 7 890 9 124 7 943 8 414
Loans and advances to customers 250 806 245 162 247 474 241 093
Own originated loans and advances to customers securitised 8 341 6 826 6 830 7 231
Other loans and advances 359 265 265 291
Other securitised assets 250 241 241 274
Interest in associated undertakings 6 541 6 288 6 288 5 898
Deferred taxation assets 750 933 586 292
Other assets 8 429 6 673 6 686 6 817
Property and equipment 2 626 2 494 2 494 289
Investment properties 1 1 1 1
Goodwill 171 171 171 171
Intangible assets 461 412 412 460
Loans to group companies 15 148 13 499 13 499 16 449
448 305 443 176 444 072 427 576
Liabilities
Deposits by banks 25 801 24 607 24 607 25 181
Derivative financial instruments 14 531 15 907 15 907 13 457
Other trading liabilities 2 468 2 305 2 305 1 708
Repurchase agreements and cash collateral on securities lent 6 500 8 395 8 395 9 906
Customer accounts (deposits) 331 732 321 861 321 893 309 996
Debt securities in issue 4 131 3 473 3 473 2 770
Liabilities arising on securitisation of own originated loans and advances 2 216 1 551 1 551 1 652
Current taxation liabilities - 202 202 577
Deferred taxation liabilities 92 99 99 104
Other liabilities 5 272 6 874 6 844 5 725
Loans from group companies 3 150 7 007 7 007 6 153
395 893 392 281 392 283 377 229
Subordinated liabilities 12 753 13 374 13 374 13 524
408 646 405 655 405 657 390 753
Equity
Ordinary share capital 32 32 32 32
Share premium 14 885 14 885 14 885 14 885
Other reserves 1 628 1 353 1 293 1 713
Retained income 22 764 20 901 21 855 20 193
Shareholders' equity excluding non-controlling interests 39 309 37 171 38 065 36 823
Other Additional Tier 1 securities in issue 350 350 350 -
Total equity 39 659 37 521 38 415 36 823
Total liabilities and equity 448 305 443 176 444 072 427 576
# The 1 April 2018 balance sheet has been presented on an IFRS 9 basis and the comparative as at 31 March 2018 on an IAS 39 basis.
Liquidity coverage ratio disclosure
The objective of the liquidity coverage ratio (LCR) is to promote the short-term resilience of the liquidity risk profile of banks by ensuring
that they have sufficient high quality liquid assets to survive a significant stress scenario lasting 30 calendar days.
In accordance with the provisions of section 6(6) of the South African Banks Act 1990 (Act No. 94 of 1990), banks are directed to comply with
the relevant LCR disclosure requirements. This disclosure Template LIQ1 is in accordance with Pillar 3 of the Basel III liquidity accord, as
specified by BCBS d400 (2017) and Directive 01/2018.
The following table sets out the LCR for the group and bank:
Investec Bank Limited Investec Bank Limited
Solo - Consolidated Group -
R'million Total weighted value Total weighted value
High quality liquid assets (HQLA) 77 194 78 202
Net cash outflows 56 325 54 795
Actual LCR (%) 137.4 143.3
Required LCR (%) 90.0 90.0
The values in the table are calculated as the simple average of 92 calendar daily values over the period 1 July 2018 to 30 September 2018 for
Investec Bank Limited (IBL) bank solo. Investec Bank Limited consolidated group use daily values for IBL bank solo, while those for other group
entities use the average of July, August, September 2018 month-end values.
Net stable funding ratio
The objective of the net stable funding ratio (NSFR) is to promote the resilience in the banking sector by requiring banks to maintain a stable
funding profile in relation to the composition of their assets and off-balance sheet activities on an ongoing structural basis.
In accordance with the provisions of section 6(6) of the South African Banks Act 1990 (Act No. 94 of 1990), banks are directed to comply with
the relevant NSFR disclosure requirements. This disclosure Template LIQ2 is in accordance with Pillar 3 of the Basel III liquidity accord, as
specified by Directive 11/2015 and Directive 01/2018.
The following table sets out the NSFR for the group and bank:
Investec Bank Limited Investec Bank Limited
Solo - Consolidated Group -
R'million Total weighted value Total weighted value
Available stable funding (ASF) 283 067 294 934
Required stable funding (RSF) 254 271 259 998
Actual NSFR (%) 111.3 113.4
Required NSFR (%) 100.0 100.0
Commentary
These reviewed interim condensed consolidated financial results are published to provide information to holders of Investec Bank Limited's
listed non-redeemable, non-cumulative, non-participating preference shares.
Overview of results
Investec Bank Limited, a subsidiary of Investec Limited, posted a decrease in headline earnings attributable to ordinary shareholders of
7.2% to R2 038 million (2017: R2 196 million). An increase in profit before tax of 3.7%, was offset by a higher tax charge off a low base in
the prior period.
The balance sheet remains sound with a capital adequacy ratio of 15.2% (1 April 2018: 15.4%). For full information on the Investec Group results,
refer to the combined results of Investec plc and Investec Limited on the group's website https://www.investec.com.
Financial review
Unless the context indicates otherwise, all comparatives referred to in the financial review relate to the six months ended 30 September 2017.
Salient operational features for the period under review include:
Total operating income before expected credit loss impairment charges increased by 3.1% to R6 149 million (2017: R5 965 million). The components
of operating income are analysed further below:
- Net interest income increased by 9.7% to R4 019 million (2017: R3 663 million) supported by higher net margins and continued activity from our
private client base
- Net fee and commission income decreased 0.7% to R1 076 million (2017: R1 084 million) as a result of lower investment banking and corporate
client activity levels
- Investment income amounted to R253 million (2017: R597 million) impacted by a weaker performance from the listed and unlisted investment portfolios
- Share of post taxation profit of associates of R369 million (2017: R382 million) primarily reflects earnings in relation to the group's investment
in the IEP Group
- Total trading income increased significantly amounting to R431 million (2017: R238 million), reflecting translation gains on foreign currency equity
investments (partially offsetting the related weaker investment income performance).
Expected credit loss (ECL) impairment charges amounted to R376 million (2017: R373 million under the IAS 39 incurred loss model), however, the
credit loss ratio remained at the lower end of its long term average trend at 0.29% (2017: 0.31%). Stage 3 assets (net of ECL impairment charges)
as a percentage of net core loans subject to ECL was 0.8% (1 April 2018: 0.7%).
The ratio of total operating costs to total operating income remained at 52.3%, reflecting cost containment with operating costs up 3.1% to
R3 217 million (2017: R3 121 million).
As a result of the foregoing factors profit before taxation and acquired intangibles increased by 3.4% to R2 556 million (2017: R2 471 million).
Profit after taxation decreased by 7.7% to R2 132 million (2017: R2 309 million) impacted by a higher tax charge off a low base in the prior period.
Basis of preparation
The condensed consolidated interim financial statements are prepared in accordance with International Financial Reporting Standard, (IAS) 34 Interim
Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by
Financial Reporting Standards Council and the requirements of the Companies Act of South Africa.
The accounting policies applied in the preparation of the results for the six months ended 30 September 2018 are consistent with those adopted in the
financial statements for the year ended 31 March 2018 except as noted below.
On 1 April 2018 the group adopted IFRS 9 'Financial Instruments' which replaced IAS 39 and sets out the new requirements for the recognition and
measurement of financial instruments. These requirements focus primarily on the classification and measurement of financial instruments and measurement
of impairment losses based on an expected credit loss (ECL) model as opposed to an incurred loss methodology under IAS 39. Disclosure related to the
initial application and the impact of the transition from IAS 39 to IFRS 9 were included in the group's transition disclosures published on 15 June 2018
which can be accessed via the Investec website at www.investec.com.
Additionally, on 1 April 2018 the group adopted IFRS 15 'Revenue from contracts with customers' which replaced IAS 18 'Revenue'. IFRS 15 provides a
principles-based approach for revenue recognition and introduces the concept of recognising revenue for obligations as they are satisfied. It applies
to all contracts with customers except leases, financial instruments and insurance contracts. The group's measurement and recognition principles were
aligned to the new standard and hence there has been no material impact on measurement and recognition principles or on disclosure requirements from
the adoption of IFRS 15.
The financial results have been prepared under the supervision of Nishlan Samujh, the Group Chief Financial Officer. The interim financial statements
for the six months ended 30 September 2018 will be posted to stakeholders on 30 November 2018. These interim financial statements will be available
on the group's website at the same date.
On behalf of the Board of Investec Bank Limited
Khumo Shuenyane Richard Wainwright
Chairman Chief Executive Officer
14 November 2018
Review conclusion
The condensed consolidated interim financial statements for the period ended 30 September 2018 have been reviewed by KPMG Inc. and Ernst & Young Inc.,
who expressed an unmodified review conclusion. A copy of the auditors' review report is available for inspection at the company's registered office
together with the financial statements identified in the auditors' report.
The auditors' report does not necessarily report on all of the information contained in these financial results. Shareholders are therefore advised
that in order to obtain a full understanding of the nature of the auditors' engagement, they should obtain a copy of the auditors' report together
with the accompanying financial information from the issuer's registered office.
Analysis of assets and liabilities by measurement basis
Non-
Total Financial financial
financial instruments instruments or
At 30 September 2018 instruments at amortised scoped out of
R'million at fair value cost IFRS 9 Total
Assets
Cash and balances at central banks - 9 586 - 9 586
Loans and advances to banks - 18 458 - 18 458
Non-sovereign and non-bank cash placements 878 9 563 - 10 441
Reverse repurchase agreements and cash collateral on securities borrowed 9 288 4 745 - 14 033
Sovereign debt securities 53 702 5 221 - 58 923
Bank debt securities 4 046 6 312 - 10 358
Other debt securities 9 267 4 594 - 13 861
Derivative financial instruments 9 506 - - 9 506
Securities arising from trading activities 1 366 - - 1 366
Investment portfolio 7 890 - - 7 890
Loans and advances to customers 18 493 232 313 - 250 806
Own originated loans and advances to customers securitised - 8 341 - 8 341
Other loans and advances - 359 - 359
Other securitised assets - 250 - 250
Interests in associated undertakings - - 6 541 6 541
Deferred taxation assets - - 750 750
Other assets 2 163 3 369 2 897 8 429
Property and equipment - - 2 626 2 626
Investment properties - - 1 1
Goodwill - - 171 171
Intangible assets - - 461 461
Loans to group companies 87 15 061 - 15 148
116 686 318 172 13 447 448 305
Liabilities
Deposits by banks - 25 801 - 25 801
Derivative financial instruments 14 531 - - 14 531
Other trading liabilities 2 468 - - 2 468
Repurchase agreements and cash collateral on securities lent 3 230 3 270 - 6 500
Customer accounts (deposits) 42 426 289 306 - 331 732
Debt securities in issue - 4 131 - 4 131
Liabilities arising on securitisation of own originated loans and advances - 2 216 - 2 216
Deferred taxation liabilities - - 92 92
Other liabilities 683 1 234 3 355 5 272
Loans from group companies - 3 150 - 3 150
Subordinated liabilities - 12 753 - 12 753
63 338 341 861 3 447 408 646
Financial instruments carried 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
Financial
At 30 September 2018 instruments
R'million at fair value Level 1 Level 2 Level 3
Assets
Non-sovereign and non-bank cash placements 878 83 795 -
Reverse repurchase agreements and cash collateral on securities borrowed 9 288 - 9 288 -
Sovereign debt securities 53 702 53 702 - -
Bank debt securities 4 046 3 902 144 -
Other debt securities 9 267 3 592 5 675 -
Derivative financial instruments 9 506 - 9 494 12
Securities arising from trading activities 1 366 1 366 - -
Investment portfolio 7 890 4 009 431 3 450
Loans and advances to customers 18 493 - 17 889 604
Other assets 2 163 2 163 - -
Loans to group companies 87 - 87 -
116 686 68 817 43 803 4 066
Liabilities
Derivative financial instruments 14 531 - 14 531 -
Other trading liabilities 2 468 193 2 275 -
Repurchase agreements and cash collateral on securities lent 3 230 - 3 230 -
Customer accounts (deposits) 42 426 - 42 426 -
Other liabilities 683 - 683 -
63 338 193 63 145 -
Net financial assets/(liabilities) at fair value 53 348 68 624 (19 342) 4 066
Transfers between level 1 and level 2
There were no significant transfers between level 1 and level 2 in the current period.
Level 3 instruments
The following table shows a reconciliation of the opening balances to the closing balances for financial instruments in level 3 at fair value category.
All instruments are at fair value through profit and loss.
R'million
Balance at 31 March 2018 1 983
Adoption of IFRS 9 1 690
Balance at 1 April 2018 3 673
Total losses included in the income statement (170)
Purchases 135
Sales (89)
Issues 247
Transfers into level 3 215
Foreign exchange adjustments 55
Balance at 30 September 2018 4 066
For the period ended 30 September 2018, R214.9 million has been transferred from level 2 into level 3 as a result of the inputs to the valuation methods
becoming unobservable in the market.
The following table quantifies the losses included in the income statement recognised on level 3 financial instruments:
For the six months to 30 September 2018
R'million Total Realised Unrealised
Total (losses)/gains included in the income statement for the period
Investment income (170) (208) 38
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:
Potential impact
Level 3 on the income statement
balance Range which
sheet Significant unobservable Favourable Unfavourable
value Valuation unobservable input has been changes changes
At 30 September 2018 R'million method input changed stressed R'million R'million
Assets
Derivative financial instruments 12 Price earnings EBITDA (5%) - 20% 2 (1)
Investment portfolio 3 450 534 (566)
Price earnings EBITDA * 407 (326)
Discounted Precious and
cash flow industrial metals prices (10%) - 6% 21 (35)
Discounted cash flow Cash flow (15%) - 5% 10 (29)
Other Various ** 96 (176)
Loans and advances to customers 604 Discounted cash flow Cash flow (15%) - 5% 30 (91)
Total 4 066 566 (658)
* The EBITDA has been stressed on an investment-by-investment basis in order to obtain favourable and unfavourable valuations.
** The valuation sensitivity for certain equity investments and fair value loans have 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 purpose of this analysis as the sensitivity of the investment cannot be determined through the adjustment of a single input.
In determining the value of level 3 financial instruments, the following are principal inputs that can require judgement:
Price earnings multiple
The price earnings ratio is an equity valuation multiple. It is a key driver in the valuation of unlisted investments.
EBITDA
The company's earnings before interest, taxes, depreciation and amortisation. This is the main input into a price earnings multiple valuation method.
Precious and industrial metals
The price of property and precious and industrial metals is a key driver of future cash flows on these investments.
Cash flows
Cash flows relate to the future cash flows which can be expected from the instrument and requires judgement.
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 curve
Reverse repurchase agreements and cash collateral on securities borrowed Discounted cash flow model Yield curve
Bank debt securities Discounted cash flow model Yield curve
Other debt securities Discounted cash flow model Yield curve
Derivative financial instruments Discounted cash flow model Yield curve
Black-Scholes Volatilities
Investment portfolio Adjusted quoted price Liquidity adjustment
Loans and advances to customers Discounted cash flow model Yield curve
Loans to group companies Discounted cash flow model Yield curve
Liabilities
Derivative financial instruments Discounted cash flow model Yield curve
Black-Scholes Volatilities
Other trading liabilities Discounted cash flow model Yield curve
Repurchase agreements and cash collateral on securities lent Discounted cash flow model Yield curve
Customer accounts (deposits) Discounted cash flow model Yield curve
Other liabilities Discounted cash flow model Yield curve
Fair value of financial assets and liabilities at amortised cost
The following table sets out the fair value of financial instruments held at amortised cost where the carrying value is not a reasonable approximation
of fair value:
At 30 September 2018 Carrying Fair
R'million value value
Assets
Loans and advances to banks 18 458 18 467
Reverse repurchase agreements and cash collateral on securities borrowed 4 745 4 743
Sovereign debt securities 5 221 5 055
Bank debt securities 6 312 6 288
Other debt securities 4 594 4 502
Loans and advances to customers 232 313 232 376
Liabilities
Deposits by banks 25 801 26 260
Repurchase agreements and cash collateral on securities lent 3 270 3 205
Customer accounts (deposits) 289 306 289 634
Subordinated liabilities 12 753 14 135
Investec Bank Limited
Incorporated in the Republic of South Africa
Registration number: 1969/004763/06
Share code: INLP
ISIN: ZAE000048393
Preference share dividend announcement
Non-redeemable non-cumulative non-participating preference shares
("preference shares")
Declaration of dividend number 31
Notice is hereby given that preference dividend number 31 has been
declared by the Board from income reserves for the period 1 April 2018 to
30 September 2018 amounting to a gross preference dividend of 417.79151
cents per preference share payable to holders of the non-redeemable
non-cumulative non-participating preference shares as recorded in the books
of the company at the close of business on Friday, 14 December 2018.
The relevant dates for the payment of dividend number 31 are as follows:
Last day to trade cum-dividend Tuesday, 11 December 2018
Shares commence trading ex-dividend Wednesday, 12 December 2018
Record date Friday, 14 December 2018
Payment date Tuesday, 18 December 2018
Share certificates may not be dematerialised or rematerialised between
Wednesday, 12 December 2018 and Friday, 14 December 2018, both dates
inclusive.
Additional information to take note of:
- Investec Bank Limited tax reference number: 9675/053/71/5
- The issued preference share capital of Investec Bank Limited is
15 447 630 preference shares
- The dividend paid by Investec Bank Limited is subject to South African
Dividend Tax (Dividend Tax) of 20% (subject to any available exemptions
as legislated)
- The net dividend amounts to 334.23321 cents per preference share for
shareholders liable to pay the Dividend Tax and 417.79151 cents per
preference share for preference shareholders exempt from paying the
Dividend Tax.
By order of the board
N van Wyk
Company Secretary
14 November 2018
Investec Bank Limited
(Registration number 1969/004763/06)
Share code: INLP
ISIN: ZAE000048393
Registered office
100 Grayston Drive
Sandown
Sandton
2196
Transfer secretaries
Computershare Investor Services (Pty) Ltd
Rosebank Towers
15 Biermann Avenue
Rosebank
2196
Company Secretary
N van Wyk
Sponsor: Investec Bank Limited
Directors
KL Shuenyane (Chairman)
DM Lawrence (Deputy Chairman)
RJ Wainwright^ (Chief Executive Officer)
ZBM Bassa, GR Burger^
D Friedland, B Kantor^
S Koseff^, NA Samujh^
PRS Thomas, F Titi^
^ Executive
SE Abrahams retired effective 8 August 2018
Date: 15/11/2018 08:59:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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