INVESTEC BANK LIMITED – Preliminary condensed consolidated financial results for the year ended 31 March 2019

2019/05/16 07:58:00
SENS announcement for JSE listed company: INLP
                        

INLP 201905160004A
Preliminary condensed consolidated financial results for the year ended 31 March 2019

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 2019

Condensed consolidated income statement
For the year to 31 March Reviewed Audited
R’million 2019 2018
Interest income 33 611 31 687
Interest expense (25 324) (24 125)
Net interest income 8 287 7 562
Fee and commission income 2 662 2 458
Fee and commission expense (401) (213)
Investment income 360 530
Share of post taxation profit of associates 1 163 777
Trading income/(loss) arising from
– customer flow 369 356
– balance sheet management and other trading liabilities 210 (26)
Other operating income – 2
Total operating income before expected credit losses/impairment losses 12 650 11 446
Expected credit loss impairment charges* (722) –
Impairment losses on loans and advances* – (720)
Operating income 11 928 10 726
Operating costs (6 547) (6 100)
Operating profit before goodwill and acquired intangibles 5 381 4 626
Impairment of goodwill (3) –
Amortisation of acquired intangibles (51) (51)
Operating profit 5 327 4 575
Financial impact of acquisition of subsidiary 10 (100)
Profit before taxation 5 337 4 475
Taxation on operating profit before acquired intangibles (391) 184
Taxation on acquired intangibles 14 14
Profit after taxation 4 960 4 673
Loss attributable to other non-controlling interests 3 –
Earnings attributable to shareholders 4 963 4 673

* On adoption on IFRS 9, there is a move from an incurred loss model to an expected credit loss methodology.

Calculation of headline earnings
For the year to 31 March Reviewed Audited
R’million 2019 2018
Earnings attributable to shareholders 4 963 4 673
Dividend paid to perpetual preference shareholders and Additional Tier 1 security holders (172) (133)
Earnings attributable to ordinary shareholders 4 791 4 540
Headline adjustments, net of taxation^ (7) (94)
Gain on realisation of available-for-sale assets recycled to the income statement – (94)
Impairment of goodwill 3 –
Financial impact of acquisition of subsidiary (10) –
Headline earnings attributable to ordinary shareholders 4 784 4 446

^ These amounts are net of taxation of Rnil (2018: R36.6 million) with no impact on non-controlling interests in the current and prior year.

Consolidated statement of total comprehensive income
For the year to 31 March Reviewed Audited
R’million 2019 2018
Profit after taxation 4 960 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* 63 (99)
Fair value movements on available-for-sale assets taken directly to other comprehensive income^* – 494
Gain on realisation of available-for-sale assets recycled through the income statement^* – (94)
Fair value movements on debt instruments at FVOCI taken directly to other comprehensive income^* (119) –
Gain on realisation of FVOCI recycled through the income statement^* (89) –
Foreign currency adjustments on translating foreign operations 903 (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 (461) –
Net gain attributable to own credit risk 2 –
Total comprehensive income 5 259 4 337
Total comprehensive income attributable to ordinary shareholders 5 090 4 204
Total comprehensive loss attributable to non-controlling interests (3) –
Total comprehensive income attributable to perpetual preference shareholders and other Additional
Tier 1 security holders 172 133
Total comprehensive income 5 259 4 337

^ On adoption of IFRS 9 on 1 April 2018, the fair value reserve was introduced replacing the available-for-sale reserve.
* These amounts are net of taxation of R472.1 million [2018: (R266.1 million)].

Condensed consolidated statement of changes in equity
Year to 31 March Reviewed Audited
R’million 2019 2018
Balance at the beginning of the year 38 415 35 165
Adoption of IFRS 9 (894) –
Total comprehensive income 5 259 4 337
Dividends paid to ordinary shareholders (850) (1 304)
Dividends declared to perpetual preference shareholders and other Additional Tier 1 security holders (172) (133)
Issue of other Additional Tier 1 securities in issue 110 350
Acquisition of subsidiary (1) –
Net equity movements of interest in associated undertaking (109) –
Other equity movements 2 –
Balance at the end of the year 41 760 38 415
Condensed consolidated cash flow statement

For the year to 31 March Reviewed Audited
R’million 2019 2018
Cash inflow from operations 4 197 4 185
Increase in operating assets (23 511) (21 277)
Increase in operating liabilities 26 729 15 244
Net cash inflow/(outflow) from operating activities 7 415 (1 848)
Net cash outflow from investing activities (2 589) (267)
Net cash outflow from financing activities (1 273) (1 019)
Effects of exchange rate changes on cash and cash equivalents 1 175 (864)
Net increase/(decrease) in cash and cash equivalents 4 728 (3 998)
Cash and cash equivalents at the beginning of the year 26 026 30 024
Cash and cash equivalents at the end of the year 30 754 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).

For the year to 31 March Reviewed Audited
R’million 2019 2018
Net cash (outflow)/inflow of subordinated liabilities (361) 68
Dividends paid (1 022) (1 437)
Issue of other Additional Tier 1 securities 110 350
Net cash outflow from financing activities (1 273) (1 019)

Consolidated balance sheet
Reviewed Audited Audited
At 31 March 1 April 31 March
R’million 2019 2018* 2018*
Assets
Cash and balances at central banks 10 290 9 180 9 187
Loans and advances to banks 19 903 17 263 17 265
Non-sovereign and non-bank cash placements 12 192 9 972 9 993
Reverse repurchase agreements and cash collateral on securities borrowed 18 552 20 480 20 480
Sovereign debt securities 60 893 62 363 62 403
Bank debt securities 12 526 8 033 8 051
Other debt securities 13 553 10 357 10 342
Derivative financial instruments 7 700 12 564 12 586
Securities arising from trading activities 5 059 875 875
Investment portfolio 7 664 9 124 7 943
Loans and advances to customers 261 737 245 162 247 474
Own originated loans and advances to customers securitised 7 667 6 826 6 830
Other loans and advances 329 265 265
Other securitised assets 232 241 241
Interests in associated undertakings 6 251 6 288 6 288
Deferred taxation assets 1 514 933 586
Other assets 8 237 6 673 6 686
Property and equipment 2 563 2 494 2 494
Investment properties 1 1 1
Goodwill 171 171 171
Intangible assets 418 412 412
Loans to group companies 18 151 13 499 13 499
475 603 443 176 444 072
Liabilities
Deposits by banks 30 041 24 607 24 607
Derivative financial instruments 11 097 15 907 15 907
Other trading liabilities 4 468 2 305 2 305
Repurchase agreements and cash collateral on securities lent 15 234 8 395 8 395
Customer accounts (deposits) 341 710 321 861 321 893
Debt securities in issue 6 512 3 473 3 473
Liabilities arising on securitisation of own originated loans and advances 1 720 1 551 1 551
Current taxation liabilities 542 202 202
Deferred taxation liabilities 78 99 99
Other liabilities 6 263 6 874 6 844
Loans from group companies 2 260 7 007 7 007
419 925 392 281 392 283
Subordinated liabilities 13 918 13 374 13 374
433 843 405 655 405 657
Equity
Ordinary share capital 32 32 32
Share premium 14 885 14 885 14 885
Other reserves 1 790 1 353 1 293
Retained income 24 597 20 901 21 855
Shareholders’ equity excluding non-controlling interests 41 304 37 171 38 065
Other Additional Tier 1 securities in issue 460 350 350
Non-controlling interests (4) – –
Total equity 41 760 37 521 38 415
Total liabilities and equity 475 603 443 176 444 072

* 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 – Total weighted Consolidated Group –
value Total weighted value

High quality liquid assets (HQLA) (R’million) 81 086 82 331
Net cash outflows (R’million) 59 881 57 018
Actual LCR (%) 135.6 144.6
Required LCR (%) 100.0 100.0

The values in the table are calculated as the simple average of 90 calendar daily values over the period 1 January 2019 to 31 March
2019 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 2019 month-end values.

Net stable funding ratio disclosure
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 – Total weighted Consolidated Group –
value Total weighted value

Available stable funding (ASF) (R’million) 303 165 315 194
Required stable funding (RSF) (R’million) 262 357 269 824
Actual NSFR (%) 115.6 116.8
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 7.6% to R4 784 million (2018: R4 446 million).

The balance sheet remains sound with a capital adequacy ratio
of 15.8% (1 April 2018: 15.4%), a common equity tier one ratio of
11.2% (1 April 2018: 10.7%) and a leverage ratio of 7.7% (1 April
2018: 7.6%). Investec Bank Limited has received regulatory
permission to adopt the Foundation Internal Ratings Based
(FIRB) approach, effective 1 April 2019, resulting in a pro-forma
CET1 ratio of 12.5% had the FIRB approach been applied as of
31 March 2019.

For full information on the Investec Group results, refer to the
combined results of Investec plc and Investec Limited on 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 2018.

Salient operational features for the year under review include:

Total operating income before expected credit loss impairment
charges increased by 10.5% to R12 650 million (2018:
R11 446 million). The components of operating income are
analysed further below:

– Net interest income increased 9.6% to R8 287 million
(2018: R7 562 million) supported by higher net margins and
continued lending activity from our private client base

– Net fee and commission income increased 0.7% to
R2 261 million (2018: R2 245 million). Good growth and activity
levels from our private client base and Investec For Business
was offset by lower investment banking and corporate client
activity levels

– Investment income decreased 32.1% to R360 million
(2018: R530 million) impacted by a weaker performance from
the listed and unlisted investment portfolio

– Share of post taxation profit of associates of R1 163 million
(2018: R777 million) reflects earnings in relation to the bank’s
investment in the IEP Group. The increase is largely driven by a
realisation within the IEP Group

– Total trading income increased significantly amounting to
R579 million (2018: R330 million), primarily reflecting translation
gains on foreign currency equity investments (partially
offsetting the related weaker investment income performance).

Expected credit loss (ECL) impairment charges increased
marginally by 0.3% to R722 million (2018: R720 million under the
IAS 39 incurred loss model), however, the credit loss ratio reduced
to 0.27% (2018: 0.28%), remaining at the lower end of its long term
average trend. Stage 3 assets (net of ECL impairment charges)
as a percentage of net core loans subject to ECL remained 0.7%
(1 April 2018: 0.7%).

The cost to income ratio improved to 51.7% (2018: 53.5%).
Operating costs increased 7.3% to R6 547 million
(2018: R6 100 million) impacted by the prior-year rental
provision release.

As a result of the foregoing factors operating profit (before
amortisation of acquired intangibles and impairment of goodwill)
increased by 16.3% to R5 381 (2018: R4 626 million). The increase
in profit before tax was partially offset by a higher tax charge
resulting in overall profit after taxation increasing by 6.1% to
R4 960 million (2018: R4 673 million).

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 except as noted below.

The group has adopted the following new standards and
amendments to standards, including any consequential
amendments to other standards: IFRS 9 Financial Instruments
and IFRS 15 Revenue from contracts with customers.

The financial results have been prepared under the supervision of
Nishlan Samujh, the group Finance Director. The annual financial
statements for the year ended 31 March 2019 will be posted to
stakeholders on 28 June 2019. 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

15 May 2019

Review conclusion

The condensed consolidated financial statements for the year
ended 31 March 2019 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.

Net fee and commission income
For the year to 31 March
R’million 2019 2018
Corporate and institutional transactional and advisory services 1 542 1 656
Private client transactional fees 1 120 802
Fee and commission income 2 662 2 458
Fee and commission expense (401) (213)
Net fee and commission income 2 261 2 245
Annuity fees (net of fees payable) 1 616 1 616
Deal fees 645 629

All revenue generated from fee and commission income arises from contracts with customers.

Analysis of financial assets and liabilities by measurement category
Financial Non-financial
Total instruments instruments or
At 31 March 2019 instruments at at amortised scoped out of
R’million fair value cost IFRS 9 Total

Assets
Cash and balances at central banks – 10 290 – 10 290
Loans and advances to banks – 19 903 – 19 903
Non-sovereign and non-bank cash placements 610 11 582 – 12 192
Reverse repurchase agreements and cash collateral on
securities borrowed 9 870 8 682 – 18 552
Sovereign debt securities 55 604 5 289 – 60 893
Bank debt securities 5 527 6 999 – 12 526
Other debt securities 8 656 4 897 – 13 553
Derivative financial instruments 7 700 – – 7 700
Securities arising from trading activities 5 059 – – 5 059
Investment portfolio 7 664 – – 7 664
Loans and advances to customers 16 008 245 729 – 261 737
Own originated loans and advances to customers securitised – 7 667 – 7 667
Other loans and advances – 329 – 329
Other securitised assets – 232 – 232
Interests in associated undertakings – – 6 251 6 251
Deferred taxation assets – – 1 514 1 514
Other assets 440 4 326 3 471 8 237
Property and equipment – – 2 563 2 563
Investment properties – – 1 1
Goodwill – – 171 171
Intangible assets – – 418 418
Loans to group companies 115 18 036 – 18 151
117 253 343 961 14 389 475 603
Liabilities
Deposits by banks – 30 041 – 30 041
Derivative financial instruments 11 097 – – 11 097
Other trading liabilities 4 468 – – 4 468
Repurchase agreements and cash collateral on securities lent 7 742 7 492 – 15 234
Customer accounts (deposits) 44 606 297 104 – 341 710
Debt securities in issue 2 856 3 656 – 6 512
Liabilities arising on securitisation of own originated loans
and advances – 1 720 – 1 720
Current taxation liabilities – – 542 542
Deferred taxation liabilities – – 78 78
Other liabilities 828 2 193 3 242 6 263
Loans from group companies – 2 260 – 2 260
71 597 344 466 3 862 419 925
Subordinated liabilities – 13 918 – 13 918
71 597 358 384 3 862 433 843

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 2019 instruments
R’million at fair value Level 1 Level 2 Level 3
Assets
Non-sovereign and non-bank cash placements 610 – 610 –
Reverse repurchase agreements and cash collateral on
securities borrowed 9 870 – 9 870 –
Sovereign debt securities 55 604 55 604 – –
Bank debt securities 5 527 2 727 2 800 –
Other debt securities 8 656 4 186 4 470 –
Derivative financial instruments 7 700 – 7 700 –
Securities arising from trading activities 5 059 4 974 85 –
Investment portfolio 7 664 4 091 354 3 219
Loans and advances to customers 16 008 – 15 341 667
Other assets 440 440 – –
Loans to group companies 115 – 115 –
117 253 72 022 41 345 3 886
Liabilities
Derivative financial instruments 11 097 – 11 097 –
Other trading liabilities 4 468 2 282 2 186 –
Repurchase agreements and cash collateral on securities lent 7 742 – 7 742 –
Customer accounts (deposits) 44 606 – 44 606 –
Debt securities in issue 2 856 – 2 856 –
Other liabilities 828 – 828 –
71 597 2 282 69 315 –
Net financial assets/(liabilities) at fair value 45 656 69 740 (27 970) 3 886

Transfers between level 1 and level 2
There were no significant transfers between level 1 and level 2 in the current year.

Level 3 instruments
Loans and
Investment advances to Other level 3
R’million portfolio customers assets Total
Balance at 31 March 2018 1 961 – 22 1 983
Adoption of IFRS 9 1 108 604 (22) 1 690
Balance at 1 April 2018 3 069 604 – 3 673
Total losses included in the income statement (758) – – (758)
Purchases 1 062 – – 1 062
Sales (370) – – (370)
Settlements (4) – – (4)
Transfers into level 3 220 63 – 283
Balance at 31 March 2019 3 219 667 – 3 886

During the year R282.9 million of level 2 instruments have been transferred into level 3 as a result of inputs to valuation models becoming
unobservable in the market.

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 or (losses) included in the income statement recognised on level 3 financial instruments:

For the year to 31 March 2019
R’million Total Realised Unrealised
Total gains or (losses) included in the income statement for the year
Investment income (758) 49 (807)
(758) 49 (807)

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 on the
income statement
Level 3 Significant Range which
balance unobservable unobservable Favourable Unfavourable
sheet value input input has changes changes
At 31 March 2019 R’million Valuation method changed been changed R’million R’million
Assets
Investment portfolio 3 219 585 (578)
Price earnings EBITDA *
272 (264)
Discounted Precious and (10%)/6%
cash flow industrial
metals prices 41 (41)
Discounted cash Cash flows (50%)/50%
flow 167 (167)
Other Various ** 90 (82)

Net asset value Underlying ^
asset value 15 (24)
Loans and advances to customers 667 308 (308)
Discounted cash Cash flows (50%)/50%
flow 302 (302)
Price earnings EBITDA * 6 (6)

Total 3 886 893 (886)

* 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 the certain equity investments has been assessed by adjusting various inputs such as expected cash flows,
discount rates and earnings multiples rather than a single input. It is deemed appropriate to reflect the outcome on a portfolio basis
for the purposes of this analysis as the sensitivity of the investments cannot be determined through the adjustment of a single input.
^ Underlying asset values are calculated by reference to a tangible asset.

In determining the value of level 3 financial instruments, the following are the 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

Underlying asset value
In instances where cash flows have links to referenced assets, the underlying asset value is used to determine the fair value.
The underlying asset valuation is derived using observable market prices sourced from broker quotes, specialist valuers or other reliable
pricing sources.

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
Securities arising from trading activities Discounted cash flow model Yield curve
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
Debt securities in issue 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 2019 Carrying
R’million amount Fair value
Assets
Reverse repurchase agreements and cash collateral on securities borrowed 8 682 8 684
Sovereign debt securities 5 289 5 097
Bank debt securities 6 999 6 992
Other debt securities 4 897 4 871
Loans and advances to customers 245 729 245 739
Liabilities
Deposits by banks 30 041 30 544
Repurchase agreements and cash collateral on securities lent 7 492 7 447
Customer accounts (deposits) 297 104 297 692
Debt securities in issue 3 656 3 677
Subordinated liabilities 13 918 15 496

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 32
Notice is hereby given that preference dividend number 32 has
been declared by the Board from income reserves for the
period 01 October 2018 to 31 March 2019 amounting to a gross
preference dividend of 422.87121 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, 07 June 2019.

The relevant dates for the payment of dividend number
32 are as follows:

Last day to trade cum-dividend Tuesday, 04 June 2019
Shares commence trading ex-dividend Wednesday, 05 June 2019
Record date Friday, 07 June 2019
Payment date Tuesday, 18 June 2019

Share certificates may not be dematerialised or rematerialised
between Wednesday, 05 June 2019 and Friday, 07 June 2019,
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 338.29697 cents per preference
share for shareholders liable to pay the Dividend Tax and
422.87121 cents per preference share for preference
shareholders exempt from paying the Dividend Tax.

By order of the board

N van Wyk
Company Secretary

15 May 2019

Investec Bank Limited
(Registration number 1969/004763/06)
Share code: INLP SIN: 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)
SC Spencer (Finance Director)^
ZBM Bassa, D Friedland, PA Hourquebie
PRS Thomas, F Titi^

^Executive
B Tapnack resigned effective 15 May 2018
KL Shuenyane was appointed as chairman on 15 May 2018
F Titi was appointed as an executive director on 15 May 2018
(previously non-executive chairman)
SE Abrahams retired effective 8 August 2018
GR Burger retired effective 12 December 2018
PA Hourquebie was appointed as an non-executive director on
12 December 2018
S Koseff resigned effective 30 January 2019
B Kantor resigned effective 30 January 2019
NA Samujh resigned effective 14 May 2019
SC Spencer was appointed on 14 May 2019

Date: 16/05/2019 07:58:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (‘JSE’).
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.

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