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Investec full-year profit climbs

Johannesburg - Investec [JSE:INL] reported a 10.2% rise in full-year profit on Thursday, helped by a strong showing at its asset management and lending businesses, and it raised its dividend.

Investec, which is also listed in London, said adjusted earnings per share (EPS) totalled 47.5 pence in the year ended March compared with 43.1p a year earlier.

The bank has been offloading units in Europe and Australia that have dragged on its performance. In September it sold £540m of Irish mortgages to US private equity firm Lone Star.

"We have delivered on all the strategic initiatives set out in 2013 and can now focus on growing our three core businesses," chief executive Stephen Koseff said in a statement.

Funds inflow grew 14% to £124.1bn while net interest income, the measure of earnings from lending, rose 8.9% to £539m.

The Johannesburg-based company increased its full-year dividend payout to 20 pence a share from 19p a year earlier.

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