Investec posts 9.1% rise in full-year profit

Investec reported on Thursday, 23 May 2024, its full-year profit rose 9.1%, buoyed by growth in lending books and higher average interest rates.

Source: Supplied.

The bank, which also operates in Britain and is listed in London, reported headline earnings per share of 72.9 pence for the year to Sunday, 31 March 2024 compared to 66.8 pence in the previous year. It set a final dividend of 19 pence per share.

Investec was helped by a customer base that largely comprises wealthy private clients more able than most to navigate through inflationary pressures and high interest rates.

Group revenue rose by 5% to £2.1bn ($2.67bn), with growth boosted by the strong performance from the corporate-client franchises in both geographies and Investec Wealth & Investment in South Africa.

Its net core loans increased by 1.7% to £30.9bn.

"This performance demonstrates the continued success in our client acquisition strategies which underpinned the increased client activity and loan book growth, supported by the tailwind from the high interest-rate environment," Fani Titi, group chief executive, said in a statement.