In a pre-close trading update for the 11 months to February 28, 2025, Investec projected Heps between 67.2 pence (R15.66) and 73.5p, compared with 72.9p in 2024, reflecting a potential decline of 8% or a slight rise of 1%. Adjusted operating profit before tax is forecast to range from £888 million to £956m, up from £884.5m last year, buoyed by resilient client franchises.
“We are pleased with the performance of our client franchises, which continued to report progress against our strategic priorities and support revenue growth in a challenging operating environment,’ CEO Fani Titi said. He said the group's diversified business model and strong balance sheet allows it to continue supporting its clients and achieve results within its financial target ranges.
Revenue growth was supported by continued client acquisition, strong net inflows in discretionary and annuity funds under management in the current and prior periods. Investec said net interest income benefitted from the growth in average lending books and lower cost of funds in Southern Africa in line with Investec's strategy to optimise the funding pool, though UK deposit repricing tempered gains.
Non-interest revenue rose with strong fee income from banking and wealth management, bolstered by market liquidity and investment gains, however, this was partially offset by lower risk management gains in hedging the "remaining and significantly" reduced financial products run down book in the UK.
Core loans grew 4.7% annualised to £32.2 billion, while...
“We are pleased with the performance of our client franchises, which continued to report progress against our strategic priorities and support revenue growth in a challenging operating environment,’ CEO Fani Titi said. He said the group's diversified business model and strong balance sheet allows it to continue supporting its clients and achieve results within its financial target ranges.
Revenue growth was supported by continued client acquisition, strong net inflows in discretionary and annuity funds under management in the current and prior periods. Investec said net interest income benefitted from the growth in average lending books and lower cost of funds in Southern Africa in line with Investec's strategy to optimise the funding pool, though UK deposit repricing tempered gains.
Non-interest revenue rose with strong fee income from banking and wealth management, bolstered by market liquidity and investment gains, however, this was partially offset by lower risk management gains in hedging the "remaining and significantly" reduced financial products run down book in the UK.
Core loans grew 4.7% annualised to £32.2 billion, while...
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The Mercury (Digital) - 1 Issue, March 24, 2025