Property losses hinder Investec
Investec will take a higher impairment charge on its property book in Australia in the half year to September 2011. The bank outlined the trend, though not the details, in an investor update overnight.The briefing stated that "the Australian business remains affected by elevated levels ofimpairments".It said that while "professional finance performed well, economic conditions in the non-miningsector have remained muted resulting in a higher impairment charge in the run down property book."