Advertisement
UK markets open in 2 hours 29 minutes
  • NIKKEI 225

    39,916.34
    +175.94 (+0.44%)
     
  • HANG SENG

    16,563.60
    -173.50 (-1.04%)
     
  • CRUDE OIL

    82.58
    -0.14 (-0.17%)
     
  • GOLD FUTURES

    2,162.10
    -2.20 (-0.10%)
     
  • DOW

    38,790.43
    +75.63 (+0.20%)
     
  • Bitcoin GBP

    50,946.65
    -3,126.91 (-5.78%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • NASDAQ Composite

    16,103.45
    +130.25 (+0.82%)
     
  • UK FTSE All Share

    4,218.89
    -3.20 (-0.08%)
     

Profits up at South Africa's Investec, despite weaker rand

(Adds CEO comment, more earnings details)

JOHANNESBURG, May 19 (Reuters) - South African bank and asset manager Investec (LSE: INVP.L - news) reported a 4.8 percent increase in full-year profit on Thursday, helped by net new fund inflows and a strong showing at its banking unit.

Investec, which is also listed in London, said statutory adjusted earnings per share (EPS) rose to 41.3 pence from 39.4 pence a year earlier.

It (Other OTC: ITGL - news) 's Wealth and Investment and Asset Management businesses together took in a net 5.3 billion pounds ($7.73 billion) of assets during the financial year and Specialist Banking's operating profit increased by 4.3 percent to 409.2 million pounds.

ADVERTISEMENT

"The decisive action we took within the Specialist Bank in prior years, supported by continued penetration of our target client base, has achieved strong results," said Chief Executive Stephen Koseff.

However, macro uncertainty and volatility in the group's key operating geographies during the financial year impacted overall results, Investec said, adding that the rand had depreciated by 16.3 percent over the period.

"Overall a good performance in a challenging environment reinforces our strategy of building a diversified business model," said Koseff.

The South African business's operating profit rose 12.7 percent, while the combined UK and Other businesses posted a 20.9 percent increase.

Net (LSE: 0LN0.L - news) interest income from lending, rose 6.1 percent to 571.9 million pounds.

The Johannesburg-based company increased its full-year dividend to 21 pence per share from 20 pence last time. (Reporting by Nqobile Dludla; Editing by Greg Mahlich)