Africa-Press – South-Africa. Shares in Investec lifted more than 3% on Thursday, outperforming its SA banking peers, after it flagged profit growth of more than fifth, while saying it still has the cash to pursue share buybacks and growth opportunities.
Headline earnings per share are expected to be at least 22% to 29% higher in the year to end-March, the company said, reporting that adjusted operating profit before tax in its UK specialist bank is expected to be at least 30% higher. In SA business, meanwhile, it is expected to rise by at least 10%. Market weakness put pressure on the firm, but it benefited from a rising interest rate environment.
In the 11 months to end-February, the company said funds under management in its Wealth & Investment business fell 3.7% to £61 billion (R1.35 trillion), driven by market volatility, though this was partially offset by net inflows of £396 million.
Within Specialist Banking, core loans grew by 1.5%, or by 9.2% in constant currency, driven by corporate lending in both geographies and residential mortgage growth predominantly in the UK.
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