Wrap Text
Preliminary condensed consolidated financial results
for the year ended 31 March 2018
Investec Bank Limited
Incorporated in the Republic of South Africa
Registration number: 1969/004763/06
Share code: INLP
ISIN: ZAE000048393
Preliminary condensed
consolidated financial results
for the year ended 31 March 2018
Consolidated income statement
For the year to 31 March Reviewed Audited
R'million 2018 2017
Interest income 31 687 29 716
Interest expense (24 125) (22 297)
Net interest income 7 562 7 419
Fee and commission income 2 458 2 235
Fee and commission expense (213) (236)
Investment income 530 472
Share of post taxation profit of associates 777 306
Trading income/(loss) arising from
- customer flow 356 486
- balance sheet management and other trading activities (26) 70
Other operating income 2 2
Total operating income before impairment losses on loans and advances 11 446 10 754
Impairment losses on loans and advances (720) (657)
Operating income 10 726 10 097
Operating costs (6 100) (5 887)
Operating profit before acquired intangibles 4 626 4 210
Amortisation of acquired intangibles (51) (51)
Operating profit 4 575 4 159
Additional costs on acquisition of subsidiary (100) -
Profit before taxation 4 475 4 159
Taxation on operating profit before acquired intangibles 184 (944)
Taxation on acquired intangibles 14 14
Profit after taxation 4 673 3 229
Calculation of headline earnings
For the year to 31 March Reviewed Audited
R'million 2018 2017
Profit after taxation 4 673 3 229
Preference dividends paid (133) (131)
Earnings attributable to ordinary shareholders 4 540 3 098
Headline adjustments (94) (29)
Gain on realisation of available-for-sale assets recycled through the income statement* (94) (61)
Loss on non-current assets held for sale* - 32
Headline earnings attributable to ordinary shareholders 4 446 3 069
* These amounts are net of taxation of (R36.6 million) [2017: (R14.6 million)].
Consolidated statement of comprehensive income
For the year to 31 March Reviewed Audited
R'million 2018 2017
Profit after taxation 4 673 3 229
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** (99) 943
Fair value movements on available-for-sale assets taken directly to other comprehensive income** 494 701
Gain on realisation of available-for-sale assets recycled through the income statement** (94) (61)
Foreign currency adjustments on translating foreign operations (637) (479)
Total comprehensive income 4 337 4 333
Total comprehensive income attributable to ordinary shareholders 4 204 4 202
Total comprehensive income attributable to perpetual preference shareholders 133 131
Total comprehensive income 4 337 4 333
** These amounts are net of taxation of (R266.1 million) [2017: (R381.8 million)].
Condensed consolidated statement of changes in equity
For the year to 31 March Reviewed Audited
R'million 2018 2017
Balance at the beginning of the year 35 165 31 865
Total comprehensive income 4 337 4 333
Dividends paid to ordinary shareholders (1 304) (900)
Dividends paid to perpetual preference shareholders (133) (131)
Issue of other Additional Tier 1 security instruments 350 -
Other equity movements - (2)
Balance at the end of the year 38 415 35 165
Condensed consolidated cash flow statement
For the year to 31 March Reviewed Audited
R'million 2018 2017
Cash inflows from operations 4 185 4 210
Increase in operating assets (21 277) (10 324)
Increase in operating liabilities 15 244 9 335
Net cash (outflow)/inflow from operating activities (1 848) 3 221
Net cash outflow from investing activities (267) (244)
Net cash (outflow)/inflow from financing activities*** (1 019) 1 320
Effects of exchange rate changes on cash and cash equivalents (864) (756)
Net (decrease)/increase in cash and cash equivalents (3 998) 3 541
Cash and cash equivalents at the beginning of the year 30 024 26 483
Cash and cash equivalents at the end of the year 26 026 30 024
*** The net cash outflow from financing activities of R1.0 billion was as a result of dividends paid of R1.4 billion, offset by the issue
of other Additional Tier 1 securities of R0.4 billion.
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).
Consolidated balance sheet
At 31 March Reviewed Audited
R'million 2018 2017
Assets
Cash and balances at central banks 9 187 8 353
Loans and advances to banks 17 265 31 937
Non-sovereign and non-bank cash placements 9 993 8 993
Reverse repurchase agreements and cash collateral on securities borrowed 20 480 26 627
Sovereign debt securities 62 403 47 822
Bank debt securities 8 051 7 758
Other debt securities 10 342 11 945
Derivative financial instruments 12 586 9 856
Securities arising from trading activities 875 653
Investment portfolio 7 943 7 204
Loans and advances to customers 247 474 225 669
Own originated loans and advances to customers securitised 6 830 7 776
Other loans and advances 265 310
Other securitised assets 241 100
Interests in associated undertakings 6 288 5 514
Deferred taxation assets 586 388
Other assets 6 686 5 266
Property and equipment 2 494 274
Investment properties 1 1
Goodwill 171 171
Intangible assets 412 508
Loans to group companies 13 499 18 106
Non-current assets held for sale - 456
444 072 425 687
Liabilities
Deposits by banks 24 607 32 378
Derivative financial instruments 15 907 12 556
Other trading liabilities 2 305 1 667
Repurchase agreements and cash collateral on securities lent 8 395 7 825
Customer accounts (deposits) 321 893 303 397
Debt securities in issue 3 473 5 823
Liabilities arising on securitisation of own originated loans and advances 1 551 673
Current taxation liabilities 202 977
Deferred taxation liabilities 99 109
Other liabilities 6 844 5 995
Loans from group companies 7 007 5 942
392 283 377 342
Subordinated liabilities 13 374 13 180
405 657 390 522
Equity
Ordinary share capital 32 32
Share premium 14 885 14 885
Other reserves 1 293 1 662
Retained income 21 855 18 586
Shareholders' equity excluding non-controlling interests 38 065 35 165
Other Additional Tier 1 securities in issue 350 -
Total equity 38 415 35 165
Total liabilities and equity 444 072 425 687
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) 79 327 80 106
Net cash outflows 59 272 60 179
Actual LCR (%) 133.9 133.2
Required LCR (%) 90.0 90.0
The values in the table are calculated as the simple average of 90 calendar daily values over the period 1 January 2018 to 31 March 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 January, February, March 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) 268 129 281 049
Required stable funding (RSF) 247 436 256 344
Actual NSFR (%) 108.4 109.6
Required NSFR (%) 100.0 100.0
Commentary
These reviewed year-end 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 an increase
in headline earnings attributable to ordinary shareholders of 44.9% to
R4 446 million (2017: R3 069 million).
The balance sheet remains sound with a capital adequacy ratio of 15.5%
(31 March 2017: 15.4%). For full information on the Investec Group results,
refer to the combined results of Investec plc and Investec Limited or the
group's website http://www.investec.com.
Financial review
Unless the context indicates otherwise, all comparatives referred to in the
financial review relate to the year ended 31 March 2017.
Salient operational features for the year under review include:
Total operating income before impairment losses on loans and advances
increased by 6.4% to R11 446 million (2017: R10 754 million).
The components of operating income are analysed further below:
- Net interest income increased 1.9% to R7 562 million
(2017: R7 419 million) benefiting from sound levels of lending activity
across the banking businesses. This was somewhat offset by the roll off
of higher yielding debt securities and increased subordinated debt.
- Net fee and commission income increased 12.3% to R2 245 million
(2017: R1 999 million) supported by continued growth and activity levels
in the private banking client base as well as a good performance from the
corporate businesses.
- Investment income increased 12.3% to R530 million (2017: R472 million)
supported by a sound performance from the bank's client-driven private
equity portfolio.
- Share of post taxation profit of associates of R777 million
(2017: R306 million) primarily reflects earnings in relation to the bank's
investment in the IEP Group.
- Trading income arising from customer flow decreased by 26.7% to
R356 million (2017: R486 million) as a consequence of losses incurred
on Steinhoff (refer to additional information). Trading income from other
trading activities reflected a loss of R26 million (2017: R70 million income)
predominantly impacted by foreign currency translation.
Impairments on loans and advances increased from R657 million to
R720 million, however, the credit loss ratio reduced to 0.28% (2017: 0.29%),
remaining at the lower end of its long-term average trend. The percentage of
default loans (net of impairments but before taking collateral into account)
to core loans and advances amounted to 0.56% (2017: 1.03%). The ratio
of collateral to default loans (net of impairments) remains satisfactory at
2.49 times (2017: 1.81 times).
The ratio of total operating costs to total operating income amounted to 53.3%
(2017: 54.7%). Total operating expenses at R6 100 million were 3.6% higher
than the prior year (2017: R5 887 million) reflecting continued investment into
IT and digital initiatives and higher headcount to support increased activity and
growth strategies; partly offset by the pending acquisition of the head office
building and the related rental provision no longer required.
As a result of the foregoing factors operating profit before acquired intangibles
increased by 9.9% to R4 626 million (2017: R4 210 million). Profit after taxation
increased by 44.7% to R4 673 million (2017: R3 229 million) impacted by a
lower tax rate following the release of provisions no longer required.
Additional information - Investec exposures to the
Steinhoff Group of companies
On 11 December 2017 the group released an announcement on the
Johannesburg Stock Exchange in relation to its exposures to Steinhoff
International Holdings NV (Steinhoff), its subsidiaries and related entities.
Trading and investment losses incurred in respect of these exposures
amounted to R210 million in the current financial year, less than the estimate
referred to in the December announcement. As noted in that announcement
Investec has credit exposures largely to Steinhoff Africa Holdings (Pty) Ltd
subsidiaries and Steinhoff Africa Retail Ltd, which represent a small portion of
the group's balance sheet. Based on the information currently available to the
group, Investec is not expecting to suffer any losses on these exposures.
Standards and interpretations issued but not yet effective
The following significant standards and interpretations, which have been
issued but are not yet effective for the current financial year, are applicable to
the group.
IFRS 9 Financial Instruments
IFRS 9 is effective and will be implemented by Investec Bank Limited from
1 April 2018. The bank will provide its detailed transitional disclosures when it
publishes its annual report for the year ended 31 March 2018 on 29 June 2018.
IFRS 9 replaces 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.
Investec Bank Limited currently applies the Standardised approach when
calculating capital requirements. The impact of IFRS 9 on Investec Bank
Limited's common equity tier 1 (CET 1) ratio is potentially more significant
when compared to Internal Ratings Based approach banks, who already
deduct from CET 1 capital any excess expected losses over impairment
allowances.
Subject to finalisation, the adoption of IFRS 9 is expected to result in the
following estimated impact for Investec Bank Limited.
Balance sheet impairment allowance and provisions
Total balance sheet impairment allowance and provisions are expected to
increase by approximately R657 million from R1.5 billion as at 31 March
2018 to approximately R2.2 billion as at 1 April 2018. This is driven by an
increase in stage 1, stage 2, and stage 3 impairments of approximately
R811 million, partially offset by a reduction of approximately R154 million as
a result of the changes in classification and measurement of certain of the
bank's financial assets to fair value. The increase in impairment allowance
and provisions is expected to reduce the CET 1 ratio by approximately
15bps on a fully loaded basis, or approximately 4bps on a day one impact
transitional basis.
Changes in classification and measurement of certain
financial assets
In addition, changes in classification and measurement of certain of the
bank's other financial assets is expected to result in a decrease to equity
of approximately R419 million (post taxation), with an approximate 13bps
impact on the CET 1 ratio.
Taken together, the adoption of IFRS 9 is expected to result in a decrease in
Investec Bank Limited's transitional CET 1 ratio of approximately 20bps from
10.9% to approximately 10.7%, in line with the group's target and in excess
of minimum regulatory requirements. Investec Bank Limited confirmed to the
SARB that it will use the transitional arrangements to absorb the full impact
permissible of IFRS 9 in regulatory capital calculations.
IFRS 15 Revenue from contracts with customers
IFRS 15 is effective for annual periods beginning on or after 1 January 2018
and will be implemented by the group from 1 April 2018. IFRS 15 provides
a principles-based approach for revenue recognition and introduces
the concept of recognising revenue for obligations as they are satisfied.
The group's current measurement and recognition principles are aligned to
the standard and the group does not expect an impact to measurement
principles currently applied. The impact of the disclosure requirements of the
standard is currently being assessed.
Basis of preparation
The condensed consolidated financial statements are prepared in
accordance with the requirements of the JSE Limited Listings Requirements
for preliminary reports and the requirements of the Companies Act of
South Africa. The Listings Requirements require preliminary reports to be
prepared in accordance with the framework concepts and the measurement
and recognition requirements of International Financial Reporting Standards
(IFRS) and the SAICA Financial Reporting Guides as issued by the
Accounting Practices Committee and Financial Pronouncements as issued
by Financial Reporting Standards Council and to also, as a minimum, contain
the information required by IAS 34 Interim Financial Reporting.
The accounting policies applied in the preparation of the condensed
consolidated financial statements are in terms of IFRS and are consistent
with those applied in the previous consolidated annual financial statements.
The financial results have been prepared under the supervision of
Nishlan Samujh, the group Chief Financial Officer. The annual financial
statements for the year ended 31 March 2018 will be posted to stakeholders
on 29 June 2018. These annual financial statements will be available on the
group's website on the same date.
On behalf of the Board of Investec Bank Limited
Khumo Shuenyane Richard Wainwright
Chairman Chief Executive Officer
16 May 2018
Review conclusion
These preliminary condensed consolidated financial statements for the
year ended 31 March 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
Total
Total instruments
At 31 March 2018 instruments at amortised Non-financial
R'million at fair value cost instruments Total
Group
Assets
Cash and balances at central banks - 9 187 - 9 187
Loans and advances to banks - 17 265 - 17 265
Non-sovereign and non-bank cash placements 574 9 419 - 9 993
Reverse repurchase agreements and cash collateral on securities borrowed 9 205 11 275 - 20 480
Sovereign debt securities 58 940 3 463 - 62 403
Bank debt securities 6 135 1 916 - 8 051
Other debt securities 9 053 1 289 - 10 342
Derivative financial instruments 12 586 - - 12 586
Securities arising from trading activities 875 - - 875
Investment portfolio 7 943 - - 7 943
Loans and advances to customers 17 250 230 224 - 247 474
Own originated loans and advances to customers securitised - 6 830 - 6 830
Other loans and advances - 265 - 265
Other securitised assets - 241 - 241
Interests in associated undertakings - - 6 288 6 288
Deferred taxation assets - - 586 586
Other assets 625 4 090 1 971 6 686
Property and equipment - - 2 494 2 494
Investment properties - - 1 1
Goodwill - - 171 171
Intangible assets - - 412 412
Loans to group companies 45 13 454 - 13 499
123 231 308 918 11 923 444 072
Liabilities
Deposits by banks - 24 607 - 24 607
Derivative financial instruments 15 907 - - 15 907
Other trading liabilities 2 305 - - 2 305
Repurchase agreements and cash collateral on securities lent 917 7 478 - 8 395
Customer accounts (deposits) 39 485 282 408 - 321 893
Debt securities in issue - 3 473 - 3 473
Liabilities arising on securitisation of own originated loans and advances - 1 551 - 1 551
Current taxation liabilities - - 202 202
Deferred taxation liabilities - - 99 99
Other liabilities 291 3 377 3 176 6 844
Loans from group companies - 7 007 - 7 007
58 905 329 901 3 477 392 283
Subordinated liabilities - 13 374 - 13 374
58 905 343 275 3 477 405 657
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
Total
At 31 March 2018 instruments
R'million at fair value Level 1 Level 2 Level 3
Assets
Non-sovereign and non-bank cash placements 574 - 574 -
Reverse repurchase agreements and cash collateral on securities borrowed 9 205 - 9 205 -
Sovereign debt securities 58 940 58 940 - -
Bank debt securities 6 135 4 883 1 252 -
Other debt securities 9 053 4 146 4 907 -
Derivative financial instruments 12 586 - 12 564 22
Securities arising from trading activities 875 791 84 -
Investment portfolio 7 943 4 419 1 563 1 961
Loans and advances to customers 17 250 - 17 250 -
Other assets 625 625 - -
Loans to group companies 45 - 45 -
123 231 73 804 47 444 1 983
Liabilities
Derivative financial instruments 15 907 - 15 907 -
Other trading liabilities 2 305 692 1 613 -
Repurchase agreements and cash collateral on securities lent 917 - 917 -
Customer accounts (deposits) 39 485 - 39 485 -
Other liabilities 291 - 291 -
58 905 692 58 213 -
Net financial assets/(liabilities) at fair value 64 326 73 112 (10 769) 1 983
Transfers between level 1 and level 2
There were no transfers between level 1 and level 2 in the current year.
Level 3 instruments
The following table shows 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.
R'million 2018
Balance at 1 April 2017 3 295
Total losses recognised in the income statement (135)
Purchases 542
Sales (649)
Settlements (95)
Transfers out of level 3 (950)
Foreign exchange adjustments (25)
Balance at 31 March 2018 1 983
R950 million has been transferred out of level 3 into level 2 due to a listed share price input to the valuation model becoming available.
The group transfers between levels within the fair value hierarchy when the significance of the unobservable inputs change or if
the valuation methods change.
The following table quantifies the gains/(losses) included in the income statement recognised on level 3 financial instruments:
For the year to 31 March 2018
R'million Total Realised Unrealised
Total gains/(losses) recognised in the income statement
Investment (loss)/income (135) 399 (534)
(135) 399 (534)
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:
Reflected in the income
statement
Range which
unobservable
Level 3 Significant input Favourable Unfavourable
balance unobservable has been changes changes
At 31 March 2018 sheet value Valuation method input changed changed R'million R'million
Assets
Derivative financial instruments 22 Price earnings EBITDA (10)%/10% 2 (2)
Investment portfolio 1 961 942 (974)
Price earnings EBITDA * 805 (734)
Discounted cash flow Precious and industrial
metals prices (10)%/6% 40 (68)
Discounted cash flow Cash flows * 10 (30)
Other Various ** 87 (142)
Total 1 983 944 (976)
* The EBITDA and cash flows have been stressed on an investment-by-investment basis in order to obtain favourable and unfavourable valuations.
** The valuation sensitivity for certain equity investments 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 purpose of
this analysis as the sensitivity of the investments cannot be determined through the adjustment of a single input.
In determining the value of level 3 financial instruments, the following is a principal input that can require judgement:
Price-earnings multiple
The price-to-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 precious and industrial metals is a key driver of future cash flows on these investments.
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 year in measuring financial instruments
categorised as level 2 in the fair value hierarchy:
Valuation basis/techniques Main assumptions
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
Black-Scholes Volatilities
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
Securities arising from trading activities Adjusted quoted price Liquidity adjustment
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 31 March 2018 Carrying
R'million amount Fair value
Assets
Sovereign debt securities 3 463 3 458
Bank debt securities 1 916 1 951
Other debt securities 1 289 1 292
Loans and advances to customers 230 224 230 234
Liabilities
Deposits by banks 24 607 24 813
Repurchase agreements and cash collateral on securities lent 7 478 7 475
Customer accounts (deposits) 282 408 283 334
Debt securities in issue 3 473 3 479
Subordinated liabilities 13 374 14 725
Preference share dividend announcement
Non-redeemable non-cumulative non-participating preference shares
("preference shares")
Declaration of dividend number 30
Notice is hereby given that preference dividend number 30 has been
declared by the Board from income reserves for the period 1 October 2017
to 31 March 2018 amounting to a gross preference dividend of 425.72498
cents per 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, 8 June 2018.
The relevant dates for the payment of dividend number 30 are as follows:
Last day to trade cum-dividend Tuesday, 5 June 2018
Shares commence trading ex-dividend Wednesday, 6 June 2018
Record date Friday, 8 June 2018
Payment date Monday, 18 June 2018
Share certificates may not be dematerialised or rematerialised between
Wednesday, 6 June 2018 and Friday, 8 June 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 in this specific class
- 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 340.57998 cents per preference share for
shareholders liable to pay the Dividend Tax and 425.72498 cents per
preference share for preference shareholders exempt from paying the
Dividend Tax.
By order of the board
N van Wyk
Company Secretary
16 May 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)
S Koseff^ (Group Chief Executive)
B Kantor^ (Group Managing Director)
RJ Wainwright^ (Chief Executive Officer)
SE Abrahams, ZBM Bassa
GR Burger^, D Friedland
NA Samujh^, PRS Thomas, F Titi
^ Executive
B Tapnack resigned effective 15 May 2018
KL Shuenyane was appointed as chairman on 15 May 2018
Date: 17/05/2018 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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