International bank and asset manager Investec said it has recorded a stable performance in the six months to September 30.
The South African organisation, which acquired Liverpool asset manager Rensburg Sheppard last year, reported a 2% fall in pre-tax operating profits of £223.6m compared with £228.2m.
However, it said its asset and wealth management businesses have again performed well and account for 39.1% of group operating profit.
Net interest income rose by 13.6% to £364.7m, but impairments on loans and advances increased by 16.7% against the same period last year, but reduced by 26.6% compared with the second half of last year.
Asset management increased by 34.1% to £65.6m and wealth and investment rose by 33.3% to £21.8m.
However, private banking incurred a loss of £4.9m compared with a £3.9m loss last time, but the group said excluding the property development portfolio in Australia and Ireland which is being run-off, the private bank made a profit of £37.1m compared with £29.9m previously.
Investment banking also suffered, with a 91.4% decrease to £3.7m against £42.5m.
Stephen Koseff, chief executive, said: These results show that Investec has made strong progress with its strategy to grow revenues from less capital intensive activities.
While income from principal transactions declined, operating profits held up well in challenging markets, with revenues from net fees and commissions growing by 31%.
We continue to look for opportunities to leverage our platforms while maintaining the appropriate vigilance to navigate a steady course.
Managing director Bernard Kantor added: This was a very difficult trading period during which the Investec model again showed its defensive qualities.
Net interest income rose by 13% and nearly two thirds of our income came from recurring revenue streams.
The group has maintained its absolute level of profitability since the financial crisis began and we have strong levels of capital and liquidity.
We will continue to maintain the strongest possible platform for our operating businesses and our clients.
Looking ahead, the group said that the Eurozone crisis continues to affect confidence and activity levels around the world, while markets remain volatile and the future regulatory landscape is still uncertain.
It said: Investec has made progress, building further scale in its wealth and asset management businesses and maintaining its absolute level of profitability since the financial crisis began.
The groups diversified business model continues to demonstrate strong defensive qualities and the Board believes that the groups experienced management team will continue to navigate a steady course through this period of instability.
