Company Data
| Last traded |
R48.60 |
| Change |
R0.34 |
| % Change |
0.70% |
| Cumulative volume |
549,346 |
| Market cap |
R13.41bn |
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Johannesburg - Dual-listed banking group Investec raised full-year profits 9% on the back of a strong performance from its asset management business and deposit-taking activities.
"The business is on the front foot and looking ahead we see good opportunities and growth potential right across the business,” said Investec CEO Stephen Koseff in commentary accompanying the annual results announcement on Thursday.
Operating profit before tax increased 8.9% to £432.3m. Headline earnings rose 6.4% to 45.1 pence per share. Investec hiked its annual dividend by 23% to 16p per share.
Investec's success is attributed to its asset management unit, which saw operating profits surge 26% to £83.4m.
Its investment banking activities also made a healthy contribution, rebounding 47% off a low base to post operating profit of £41.6m. Over the last year, assets under management increased 60.9% to £46.4bn.
Investec said it would focus on its retail deposit book as a source of funding. Customer deposits increased 50.5% to £21.9bn over the year.
Commenting on bad debt amid its exposure to the UK property market, Investec said: "In line with previous guidance provided, impairment losses on loans and advances have increased to £205.4m from £163m."
The percentage of default loans to loans and advances has increased from 3.3% to 4.0% since March 31 2009.
"The foundation is now in place for further growth both in the group’s non-capital intensive asset management businesses as well as in its core specialist banking businesses," said Koseff.
"Although the economic situation remains uncertain, the business is orientated towards capturing available opportunities in all its core geographies."
- Fin24.com