Interim Results

Investec PLC
16 November 2006


16 November - Investec plc


              Investec reports continued growth in first half year

     Operating profit increased by 34.4%; Adjusted EPS increased by 37.1%;

                          Dividend increased by 31.6%


Investec, the international specialist banking group, announces today its
results for the six months ended 30 September 2006


Financial highlights

• Operating profit before taxation* increased 34.4% to £152.8 million
  (2005: £205.3 million)

• Profit after tax, goodwill and non-operating items decreased 13.5% to
  £153.6 million (2005: £177.5 million) largely due to a non-operating gain
  recorded in the prior period (refer note below).

• Adjusted earnings per share* increased 37.1% to 23.3p (2005: 17.0p)

• Interim dividend of 10p per ordinary share (2005: 7.6p) equating to a
  dividend cover of 2.3 times

• Annualised return on adjusted average shareholders' equity of 23.8%
  (2005: 22.2%) - target of greater than 20%

• Cost to income ratio of 60.0% (2005: 61.9%) - target of below 65%

• Average loans and advances increased 31.9% to £9.4 billion (2005: £7.2
  billion). Asset quality remains satisfactory with the percentage of gross
  non-performing loans to loans and advances remaining constant at 0.75%.

• Average third party assets under management increased 27.0% to £52.6
  billion (2005: £41.4 billion)


Business highlights

Strong operating profit growth from the majority of our businesses:

• Private Client Activities: increase of 68.4% to £83.4 million (2005:
  £49.5 million)*

• Treasury and Specialised Finance: increase of 99.2% to £57.1 million
  (2005: £28.6 million)*

• Investment Banking: decrease of 16.3% to £35.8 million (2005: £42.7
  million)*

• Asset Management: increase of 46.3% to £31.9 million (2005: £21.8
  million)*

• Property Activities: decrease of 35.6% to £6.3 million (2005: £9.8
  million)*


*before non-operating items of zero (2005: a non-operating gain of £75.7 million
largely relating to the sale of Carr Sheppards Crosthwaite Limited to Rensburg
plc) and goodwill of £7.5 million (net income) (2005: £6.6 million (net loss))


Stephen Koseff, Chief Executive Officer of Investec, said:

'All our businesses benefited from high levels of activity and maintained the
momentum established in the second half of last year.  Our strategy of building
a balanced and diversified business ensures we do not rely on any one part.
This very satisfactory performance across the board means we have achieved all
our stated growth and financial return objectives.'


Bernard Kantor, Managing Director of Investec, said:

'We are gaining traction in all the markets in which we operate, with all core
geographies performing well in local currencies. Our UK and Australian
operations posted a significant increase in post-tax earnings of 68.3% and
56.1%, respectively. We are benefiting from increased depth, strong brand
recognition and are attracting good people.'















For further information please contact:

Investec [phone]
Stephen Koseff, Chief Executive Officer
Bernard Kantor, Managing Director
Investec [phone]
Ursula Nobrega, Investor Relations (mobile:[phone])


Citigate Dewe Rogerson
[phone]
Jonathan Clare
Simon Rigby
Sara Batchelor


Presentation details:

The management of Investec will host a presentation commencing at 09:00 (UK
time)/11:00 (SA time) from their office in London (2 Gresham Street, London EC2V
7QP), and via video linkup to their office in Johannesburg. Details of the
conference call facilities and webcast of the presentation are available at
www.investec.com.


Information provided on the Company's website at www.investec.com includes:

• Copies of this statement.

• The results presentation.

• Additional report produced for the investment community including more
  detail on the results.

• Excel worksheets containing the salient financial information under
  IFRS in Pounds Sterling.


Alternatively for further information please contact the Investor Relations
division on e-mail [e-mail] or telephone [phone]
5546/[phone].


About Investec

Investec is an international specialist banking group that provides a diverse
range of financial products and services to a niche client base in three
principal markets, the United Kingdom, South Africa and Australia as well as
certain other countries. The group was established in 1974 and currently has
approximately 4 700 employees.


Investec focuses on delivering distinctive profitable solutions for its clients
in five core areas of activity namely, Private Client Activities, Treasury and
Specialised Finance, Investment Banking, Asset Management and Property
Activities.


In July 2002 the Investec group implemented a dual listed company structure with
listings on the London and Johannesburg Stock Exchanges. The combined group's
current market capitalisation is approximately £3.4 billion.









Investec plc and Investec Limited

Unaudited combined financial results for the six months ended 30 September 2006
prepared using International Financial Reporting Standards and expressed in
Pounds Sterling.


Overall performance

We are pleased to announce that for the six months ended 30 September 2006,
adjusted earnings per share (EPS) before goodwill and non-operating items
increased by 37.1% to 23.3 pence from 17.0 pence. Our strategy of maintaining a
balanced business model continues to support the operating fundamentals of the
group. We have benefited from the strong performance by the majority of our
businesses and have achieved our stated growth and financial return objectives.


The main features of the period under review are:

• Operating profit before goodwill, non-operating items and taxation
increased 34.4% from £152.8 million to £205.3 million.

• Earnings attributable to ordinary shareholders before goodwill and
non-operating items increased 37.8% from £93.4 million to £128.7 million.

• Earnings attributable to ordinary shareholders after taxation,
goodwill and non-operating items decreased by 13.5% from £177.5 million to
£153.6 million largely as a result of a non-operating profit recorded in the
prior period amounting to £79.0 million on the sale of Carr Sheppards
Crosthwaite Limited to Rensburg plc.

• All core geographies performed well in local currencies. Our UK and
Australian operations posted a significant increase in post-tax earnings of
68.3% and 56.1%, respectively, comprising 49.3% of total attributable earnings,
reflecting the benefits of our strategy of increasing the scale and market
penetration in these businesses.

• Annualised return on adjusted average shareholders' equity (inclusive
of compulsorily convertible instruments) increased from 22.2% to 23.8% against a
target of greater than 20%.

• The ratio of total operating expenses to total operating income
improved from 61.9% to 60.0% against a target of below 65%.

• Average loans and advances to customers increased 31.9% from £7.2
billion to £9.4 billion. Asset quality remains satisfactory with the percentage
of gross non-performing loans to loans and advances remaining constant at 0.75%.

• Average third party assets under management increased 27.0% from
£41.4 billion to £52.6 billion.

• The board declared a dividend of 10 pence per ordinary share (2005:
7.6 pence) resulting in a dividend cover based on the group's adjusted EPS
before goodwill and non-operating items of 2.3 times (2005: 2.2 times),
consistent with our dividend policy.


Business unit review


Unless the context indicates otherwise, reference to 'operating profit' in the
business unit review below, refers to profit before goodwill, non-operating
items and taxation.


Private Client Activities

Private Client Activities, comprising the Private Banking and Private Client
Portfolio Management and Stockbroking divisions, reported substantial growth in
operating profit of 68.4% to £83.4 million (2005: £49.5 million).


•         Private Banking

Operating profit of our Private Banking division increased by 76.3% to £73.6
million (2005: £41.8 million) driven by strong growth in advances and
non-interest income. The division continues to penetrate its core markets and
recorded strong performances across its areas of specialisation. The average
private client lending book grew by 29.1% to £6.1 billion (2005: £4.7 billion)
and the division increased its average retail deposit book by 37.3% to £4.9
billion (2005: £3.6 billion).


•         Private Client Portfolio Management and Stockbroking

Private Client Portfolio Management and Stockbroking recorded solid growth,
generating operating profit of £9.7 million (2005: £7.7 million), an increase of
26.1%. The Private Client business in South Africa benefited from increased
volumes with average funds under management increasing by 40.8% to £6.9 billion
(2005: £4.9 billion). The results of our UK operations include our 47.1%
associate shareholding in Rensburg Sheppards plc post tax profit.


Treasury and Specialised Finance

Treasury and Specialised Finance posted a significant increase in operating
profit of 99.2% to £57.1 million (2005: £28.6 million). Growth was underpinned
by a solid performance from the division's advisory, structuring, asset
creation, trading and distribution activities, with average advances increasing
by 31.9% to £3.0 billion (2005: £2.3 billion). A number of the businesses that
have been established over the past two years have started to generate
substantial revenue and have increased the scale of the businesses in the UK and
Australia.


Investment Banking

Our Investment Banking division recorded a 16.3% decline in operating profit to
£35.8 million (2005: £42.7 million). Institutional Stockbroking performed well
against a backdrop of increased volumes and Corporate Finance benefited from a
strong deal pipeline across all geographies. The results were negatively
impacted by the absence of any significant realisations within the Private
Equity division and a decline in value of certain of the listed investments
within the Direct Investments portfolio. The majority of our unlisted
investments continued to perform well.


Asset Management

Asset Management posted an increase in operating profit of 46.3% to £31.9
million (2005: £21.8 million) underpinned by the strong momentum of the UK and
international business and continued solid performance in Southern Africa.
Average assets under management increased by 16.3% to £29.1 billion (2005: £25.0
billion). Solid long term investment performance has continued to support the
fundamentals of the business.


Property Activities

Our Property Activities generated operating profit of £6.3 million (2005: £9.8
million), a decline of 35.6%. There have been no significant realisations in the
period. Activity in South Africa however, remains buoyant and we expect to post
a stronger performance in the second half of the financial year.


Group Services and Other Activities

Group Services and Other Activities posted an operating loss of £9.1 million
(2005: profit of £0.3 million) largely as a result of increased variable
remuneration, given the growth in the group's profitability.


Financial statements analysis


Operating income

Operating income increased by 28.2% to £525.0 million (2005: £409.5 million).
The movements in total operating income are analysed below.


Net interest income increased by 41.3% to £162.4 million (2005:£114.9 million)
as a result of strong growth in average advances and increased cash holdings
within the Central Funding division.


Net fees and commissions increased by 32.5% to £251.6 million (2005: £190.0
million) benefiting from increased transactional activity and higher average
assets under management.


Income from principal transactions increased 11.0% to £103.9 million (2005:
£93.6 million) mainly as a result of a strong performance from our Growth and
Acquisition Finance, Principal Finance (securitisation) and Trading activities.
This result was offset partially by a weaker performance from some of the
underlying investments in the Direct Investments and Central Funding divisions
and the absence of any significant realisations within the Private Equity and
Property divisions.


Operating income from associates increased by 45.1% to £4.3 million (2005: £2.9
million).  The current periods figure includes Investec's 47.1% share of the
post-tax profit of Rensburg Sheppards plc for the period 1 April 2006 to 30
September 2006. In the prior period, Rensburg Sheppards plc was accounted for as
an associate with effect from 6 May 2005.


After administration expenses, a profit of £0.7 million (2005: £1.5 million) was
generated from assurance activities.


Other operating income amounts to £10.0 million. The operating results of two
investments held within the Private Equity portfolio have been consolidated with
the respective income and expenses reflected in other operating income and
administration expenses. These investments generated a net loss after tax and
minority interest of  £1.6 million. Any realisation of these investments in
excess of their carrying values will be recognised as income from principal
transactions.


Impairment losses on loans and advances

Impairment losses on loans and advances increased by 56.3% to £8.2 million
(2005: £5.2 million) largely as a result of an increase in specific impairments
in relation to assets which are in the process of being restructured.
Notwithstanding the rising interest rate environment, which could imply a weaker
credit cycle, we have not seen evidence of a decline in the performance of our
loan portfolios. The percentage of gross non-performing loans (NPLs) to loans
and advances has remained at 0.75% since 31 March 2006.


Administrative expenses and depreciation

Total expenses increased by 24.6% to £319.7 million (2005: £256.7 million).
Variable remuneration increased by 60.0% to £96.1 million due to increased
profitability. Other operating expenses (excluding variable remuneration)
increased by 13.7% to £223.6 million largely as a result of an increase in
headcount in certain of the businesses in line with our growth initiatives, an
increase in costs associated with complying with new and forthcoming regulatory
requirements and an investment in product development and IT infrastructure.


We achieved our target of operating expenses to total operating income of less
than 65% with the ratio improving from 61.9% to 60.0%, principally as a result
of the strong growth in operating income of 28.2%.

Goodwill

The current period reflects net income of £7.5 million largely relating to:

• The acquisition of NM Rothschild & Sons (Australia) Limited at a
  discount to net assets resulting in a net gain of £9.6 million.

• An impairment of £2.0 million attributable to property management
  contracts with respect to a portfolio of properties sold.

Taxation

The effective tax rate of the group increased from 26.9% to 28.3%.






Earnings attributable to minority interests

Earnings attributable to minority interests of £2.3 million largely comprise:

   •Operating profits in relation to investments held in the Private   £3.8mn
    Equity division.

   •A profit on the sale of a portfolio of investment properties in    £1.9mn
    which minorities had a 23.1% holding.

   •In accordance with IFRS the Euro denominated preferred             (£3.7mn)
    securities issued by a subsidiary of Investec plc are reflected on
    the balance sheet as part of minority interests. The transaction is
    hedged and a forex translation loss arising on the hedge is
    reflected in operating profit before goodwill, with the equal and
    opposite impact reflected in earnings attributable to minorities.



Capital resources

Since 31 March 2006 total shareholders' equity (including minority interests)
increased by 8.4% to £1.6 billion largely as a result of the issue of £80.6
million of non-redeemable, non-cumulative, non-participating preference shares
by Investec plc in August 2006, the net disposal of treasury shares and
increased retained earnings offset partially by negative foreign currency
adjustments.


The annualised return on adjusted average shareholders' equity (inclusive of
compulsorily convertible instruments) increased from 22.2% to 23.8%, meeting our
target of greater than 20%.


Investec plc and Investec Limited have capital adequacy ratios well in excess of
the minimum regulatory requirements. The capital adequacy of Investec plc
(applying UK Financial Services Authority rules to its capital base) is 17.1%
(31 March 2006: 17.7%). The capital adequacy of Investec Limited (applying South
African Reserve Bank rules to its capital base) is 14.7% (31 March 2006: 16.3%).

Total assets

On balance sheet assets have declined by 3.8% to £23.0 billion since 31 March
2006 as a result of the depreciation of the Rand (discussed below).




Outlook

The high levels of activity and increase in scale and market penetration across
all our geographies should continue to support the operating results of our
business. Accordingly, we anticipate a strong performance from all our
businesses expressed in local currencies.


On behalf of the boards of Investec plc and Investec Limited


Hugh Herman           Stephen Koseff                            Bernard Kantor
Chairman              Chief Executive Officer                   Managing Director








Notes to the commentary section above


• Presentation of financial information

Investec operates under a Dual Listed Companies (DLC) structure with primary
listings of Investec plc on the London Stock Exchange and Investec Limited on
the JSE Limited.


In terms of the contracts constituting the DLC structure, Investec plc and
Investec Limited effectively form a single economic enterprise in which the
economic and voting rights of ordinary shareholders of the companies are
maintained in equilibrium relative to each other. The directors of the two
companies consider that for financial reporting purposes, the fairest
presentation is achieved by combining the results and financial position of both
companies.


Accordingly, the interim results for Investec plc and Investec Limited present
the results and financial position of the combined DLC group under IFRS,
denominated in Pounds Sterling. In the commentary above, all references to
Investec or the group relate to the combined DLC group comprising Investec plc
and Investec Limited.


Unless the context indicates otherwise, all comparatives included in the
commentary above relate to the six months ended 30 September 2005. Average
balances are based on the period 1 April 2005 to 30 September 2005 and 1 April
2006 to 30 September 2006.


• Foreign currency impact

Our reporting currency is Pounds Sterling. Certain of our operations are
conducted by entities outside the UK. The results of operations and the
financial condition of our individual companies are reported in the local
currencies in which they are domiciled, including Rands, Australian Dollars and
US Dollars. These results are then translated into Pounds Sterling at the
applicable foreign currency exchange rates for inclusion in our combined
consolidated financial statements. In the case of the income statement, the
weighted average rate for the relevant period is applied and, in the case of the
balance sheet, the relevant closing rate is used.


The following table sets out the movements in certain relevant exchange rates
against Pounds Sterling over the period:

                      30 Sept 2006          31 March 2006        30 Sept 2005
Currency per        Period   Average     Period   Average     Period   Average
£1.00                  end                  end                  end
South African        14.49     12.66      10.72     11.43      11.23     11.76
Rand
Australian            2.50      2.46       2.44      2.37       2.32      2.38
Dollar
Euro                  1.47      1.46       1.43      1.47       1.47      1.47
US Dollar             1.87      1.85       1.73      1.78       1.77      1.82


Exchange rates between local currencies and Pounds Sterling have fluctuated over
the period. The most significant impact arises from the depreciation of the
Rand. The average exchange rate over the period has depreciated by 7.7% and the
closing rate has depreciated by 35.2% since 31 March 2006.


• Sub-division of Investec plc and Investec Limited ordinary shares


Following shareholder approval, the group implemented a subdivision of the
ordinary shares of both Investec plc and Investec Limited by way of a five for
one split, effective 4 September 2006. Comparative information has been adjusted
accordingly.


Accounting policies

The accounting policies applied in the preparation of the results for the six
months ended 30 September 2006 are consistent with those adopted in the
financial statements for the year ended 31 March 2006, except for the adoption
of accounting standards interpretations issued with effect from 1 January 2006.
The adoption of these interpretations has had no material reportable impact on
the financial results, position or cash flows of the combined group.




Dividend announcement


Investec plc


In terms of the DLC structure, Investec plc shareholders who are not South
African resident shareholders may receive all or part of their dividend
entitlements through dividends declared and paid by Investec plc on their
ordinary shares and/or through dividends declared and paid on the SA DAN share
issued by Investec Limited.


Investec plc shareholders who are South African residents, may receive all or
part of their dividend entitlements through dividends declared and paid by
Investec plc on their ordinary shares and/or through dividends declared and paid
on the SA DAS share issued by Investec Limited.


Notice is hereby given that an interim dividend (No 9) has been declared by the
board in respect of the six months ended 30 September 2006.


Shareholders in Investec plc will receive a distribution of 10 pence (2005 : 7.6
pence) per ordinary share, which will be paid as follows :

   •for non-South African resident Investec plc shareholders, through a
    dividend paid by Investec plc of 10 pence per ordinary share.
   •for South African resident shareholders of Investec plc, through a
    dividend payment by Investec plc of 5 pence per ordinary share and through a
    dividend paid, on the SA DAS share equivalent to 5 pence per ordinary share.


The relevant dates for the payment of the dividends are :

Last day to trade cum-dividend:

- On the London Stock Exchange                     Tuesday, 12 December 2006
- On the JSE Limited                                 Friday, 8 December 2006

Shares commence trading ex-dividend :

- On the London Stock Exchange                   Wednesday, 13 December 2006
- On the JSE Limited                                Monday, 11 December 2006

Record date:
- On the London Stock Exchange                      Friday, 15 December 2006
- On the JSE Limited                                Friday, 15 December 2006

Payment date:
- United Kingdom register                           Friday, 22 December 2006
- South African register                            Friday, 22 December 2006



Share certificates on the South African branch register may not be
dematerialised or rematerialised between Monday, 11 December 2006 and Friday, 15
December 2006, both dates inclusive, nor may transfers between the UK and SA
registers take place between Monday, 11 December 2006 and Friday, 15 December
2006, both dates inclusive.


Shareholders registered on the South African register are advised that the total
distribution of 10 pence, equivalent to 138 cents per share, has been arrived at
using the Rand/Pound Sterling average buy/sell forward rate, as determined at
11h00 (SA time) on 15 November 2006.



By order of the board



R Vardy                                                       16 November 2006
Company Secretary









Investec plc and Investec Limited

Unaudited combined financial results for the six months ended 30 September 2006
prepared using International Financial Reporting Standards and expressed in
Pounds Sterling.


Salient features
                        
                          30 Sept.         30 Sept.               %         31 March
                             2006             2005           Change             2006
Adjusted earnings before
goodwill and non-
 operating items (£'000)  128,676           93,357             37.8          230,017
Operating profit before
goodwill, non-operating
items and taxation (£'000)205,291          152,771             34.4          388,767
Earnings attributable to  
 shareholders (£'000)     153,579          177,469           (13.5)          315,101
Adjusted earnings per
 share (before goodwill
 and non-operating                
 items) (pence)              23.3             17.0             37.1             41.9
Earnings per                 
 share (pence)               24.1             31.1           (22.5)             53.8
Headline earnings per        
 share (pence)               22.4             16.7             34.1             40.6
Dividends per              
 share (pence)               10.0              7.6             31.6             18.2
Dividends per               
 share (cents)              138.0             89.2             54.7            214.6




Combined consolidated income statements

                                                        6 months to 6 months to  Year to
                                                           30 Sept.   30 Sept.  31 March
£'000                                                          2006       2005      2006
Interest receivable                                         565,786    410,559   934,389
Interest payable                                          (403,409)  (295,613) (675,237)

Net interest income                                         162,377    114,946   259,152
Fees and commissions receivable                             279,276    208,857   478,465
Fees and commission payable                                (27,638)   (18,902)  (41,591)
Principal transactions                                      103,928     93,592   246,059
Operating income from associates                              4,279      2,949     6,694
Investment income on assurance activities                    13,767     76,387   141,559
Premiums and reinsurance recoveries on insurance contracts   55,995     72,486   164,631
Other operating income                                       10,030      3,851     2,721

Other income                                                439,637    439,220   998,538
Claims and reinsurance premiums on insurance business      (68,828)  (139,464) (293,135)

Total operating income net of insurance claims              533,186    414,702   964,555
Impairment losses on loans and advances                     (8,173)    (5,230)   (9,160)

Operating income                                            525,013    409,472   955,395
Administrative expenses                                   (313,966)  (252,783) (558,887)
Depreciation and amortisation of property, equipment
 and software                                               (5,756)    (3,918)   (7,741)

Operating profit before goodwill                            205,291    152,771   388,767
Goodwill                                                      7,533    (6,595)  (21,356)

Operating profit                                            212,824    146,176   367,411
Profit on disposal or termination of group operations             -     75,660    73,573

Profit before taxation                                      212,824    221,836   440,984
Taxation                                                   (56,974)   (40,323) (111,616)

Profit after taxation                                       155,850    181,513   329,368
Earnings attributable to minority interests                   2,271      4,044    14,267
Earnings attributable to shareholders                       153,579    177,469   315,101

Earnings attributable to shareholders' equity               155,850    181,513   329,368

Earnings attributable to shareholders                       153,579    177,469   315,101
Goodwill                                                    (7,533)      6,595    21,356
Profit on disposal or termination of group operations             -   (75,660)  (73,573)
Preference dividends paid                                  (20,411)    (6,917)  (19,940)
Additional earnings attributable to other equity holders      3,041    (8,130)  (12,927)

Adjusted earnings before goodwill and
 non-operating items                                        128,676     93,357   230,017
Adjustments to derive headline earnings                     (4,997)    (1,885)   (7,212)

Headline earnings                                           123,679     91,472   222,805

Earnings per share (pence)
- basic                                                        24.1       31.1      53.8
- diluted                                                      22.1       29.3      50.0

Adjusted earnings per share (pence)
- basic                                                        23.3       17.0      41.9
- diluted                                                      21.4       16.1      39.0

Headline earnings per share (pence)                            22.4       16.7      40.6

Number of weighted average shares
- basic (millions)                                            552.8      548.1     548.8





Combined consolidated cash flow statements
                                                    6 months to 6 months to 12 months to
                                                        30 Sept.    30 Sept.    31 March
£'000                                                      2006        2005        2006
Cash inflows from operations                            147 474     149,274     369 546
Increase in operating assets                        (2 899 302) (1,015,495) (2 950 085)
Increase in operating liabilities                     3 257 379     398,799   2 749 528

Net cash inflow/(outflow) from operating activities     505 551   (467,422)     168 989
Net cash outflow from investing activities            (143 267)     (7,867)   (473 159)
Net cash inflow from financing activities               106 423      92,144      38 076
Effects of exchange rate changes on cash and
 cash equivalents                                     (343 715)      39,770      73 721

Net increase/(decrease) in cash and
 cash equivalents                                       124 992   (343,375)   (192 373)

Cash and cash equivalents at the
 beginning of the period                              1 190 183   1,382,556   1 382 556

Cash and cash equivalents at the end
 of the period                                        1 315 175   1,039,181   1 190 183

Cash and cash equivalents is defined as including: cash and balances at central
banks, on demand loans and advances to banks and cash equivalent advances to
customers (all of which have a maturity profile of less than three months).







Combined consolidated balance sheets at

                                       30 Sept.            31 March              30 Sept.
£'000                                     2006                 2006                 2005
Assets
Cash and balances at central banks     132,717              190,838              125,343
Loans and advances to banks          1,706,742            1,830,603            1,368,108
Cash equivalent advances to 
 customers                             712,938              690,236              683,731
Reverse repurchase agreements and 
cash collateral on securities 
 borrowed                              980,456              756,645              682,354
Trading securities                   1,562,360            1,640,088            1,308,753
Derivative financial instruments     1,200,754            1,081,287              862,235
Investment securities                1,750,676            1,266,673            1,220,405
Loans and advances to customers      9,271,527            9,604,589            7,903,166
Interest in associated undertakings     65,811               63,099               58,545
Deferred taxation assets                50,956               60,035               49,285
Other assets                         1,266,512            1,272,787            1,093,059
Property and equipment                 121,397               26,916               31,344
Investment properties                   86,121              163,049              197,484
Goodwill                               209,176              183,560              190,257
Intangible assets                        8,707               10,094                9,458
                                    19,126,850           18,840,499           15,783,527
Other financial instruments at 
 fair value through income
 in respect of
- liabilities to customers           2,806,067            3,628,574            3,071,676
- assets related to reinsurance      
  contracts                          1,054,865            1,431,876            1,302,165
                                    22,987,782           23,900,949           20,157,368
Liabilities
Deposits by banks                    2,088,156            1,879,483            1,282,297
Derivative financial instruments       801,747              705,764              617,201
Other trading liabilities              425,385              457,254              408,279
Repurchase agreements and cash         
collateral on securities lent          649,463              358,278               83,117
Customer accounts                    8,076,640            8,699,165            7,583,753
Debt securities in issue             3,223,209            2,950,103            2,296,949
Current taxation liabilities            96,606              137,426               85,155
Deferred taxation liabilities           31,241               26,210               22,352
Other liabilities                    1,602,379            1,582,856            1,482,564
Pension fund liabilities                 1,735                2,013                9,141
                                    16,996,561           16,798,552           13,870,808
Liabilities to customers under                 
investment contracts                 2,713,438            3,488,756            2,939,994
Insurance liabilities,                       
including unit-linked liabilities       92,630              139,818              131,682
Reinsured liabilities                1,054,865            1,431,876            1,302,165
                                    20,857,494           21,859,002           18,244,649
Subordinated liabilities                       
(including convertible debt)           491,683              529,854              526,578
                                    21,349,177           22,388,856           18,771,227
Equity
Called up share capital                    166                  165                  165
Share premium                        1,106,126            1,028,737            1,029,120
Treasury shares                       (74,824)             (96,300)             (99,753)
Equity portion of convertible                        
 instruments                             2,191                2,191                2,191
Perpetual preference shares            239,132              215,305              205,587
Other reserves                          80,399              156,103              117,101
Profit and loss account                (7,555)             (79,709)            (158,092)

Shareholders' equity
 excluding minority interests        1,345,635            1,226,492            1,096,319
Minority interests                     292,970              285,601              289,822

- Perpetual preferrred securities      
issued by subsidiaries                 241,640              278,459              272,430
- Other                                 51,330                7,142               17,392

Total shareholders' equity           1,638,605            1,512,093            1,386,141

Total liabilities and 
 shareholders' equity               22,987,782           23,900,949           20,157,368





A geographical breakdown of business operating profit before goodwill,
non-operating items and taxation for the 6 months to 30 September 2006

                                                     United
                                                    Kingdom
                                        Southern        and                  Other   Total
£'000                                     Africa     Europe Australia  Geographies   group
Private Banking                           17,424     50,476     5,720            -  73,620
Private Client Portfolio
Management and Stockbroking                5,664      4,074         -            -   9,738
Treasury and Specialised Finance          25,833     29,558     1,674            -  57,065
Investment Banking                        24,789      5,447     5,542            -  35,778
Asset Management                          23,851      8,045         -            -  31,896
Property Activities                        6,201        118         -            -   6,319
Group Services and Other                   7,522   (17,545)       689          209 (9,125)
                                         111,284     80,173    13,625          209 205,291

% change since 30 September 2005            14.2       72.9      59.6       (53.9)    34.4



A geographical breakdown of business operating profit before goodwill,
non-operating items and taxation for the 6 months to 30 September 2005

                                                     United
                                                    Kingdom
                                        Southern        and                  Other   Total
£'000                                     Africa     Europe Australia  Geographies   group
Private Banking                           11,908     24,676     5,183            -  41,767
Private Client Portfolio
Management and Stockbroking                3,771      3,953         -            -   7,724
Treasury and Specialised Finance          21,399      7,484     (239)            -  28,644
Investment Banking                        23,525     16,436     2,777            -  42,738
Asset Management                          18,325      3,484         -            -  21,809
Property Activities                        9,140        675         -            -   9,815
Group Services and Other                   9,348   (10,341)       814          453     274
                                          97,416     46,367     8,535          453 152,771



Summarised consolidated statements of changes in equity


                                        6 months to          6 months to         12 months to
                                            30 Sept.             30 Sept.            31 March
£'000                                          2006                 2005                 2006
Balance at the beginning of the period    1,512,093            1,075,611            1,075,611
Foreign currency adjustments              (196,773)               31,450               52,564
Retained profit for the period
 attributable to ordinary shareholders      153,579              177,469              315,101
Retained profit for the period
 attributable to minority interest            2,271                4,044               14,267
Share based payments adjustments             13,088                9,403               19,221
Fair value movements on available for                    
 sale assets                                  1,923              (5,245)                8,480
Dividends paid to ordinary shareholders    (55,415)             (41,681)             (84,435)
Dividends paid to other shareholders       (20,411)              (6,917)             (19,940)
Issue of ordinary shares                     22,443                    -                    -
Issue of perpetual preference shares         80,628                    -                    -
Share issue expenses                          (787)                (556)                (556)
Movement of treasury shares                  85,637               10,043               13,113
Transfer from pension fund deficit                -                    -                2,035
Issue of equity instruments
 by subsidiaries                             21,173              132,520              132,520
Movement of minorities on
 disposals and acquisitions                  19,156                    -             (15,888)

Balance at the end of the period          1,638,605            1,386,141            1,512,093




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