Investec’s full year profit soared by almost 91% fuelled by strong growth in loans, higher client acquisition and increase in funds under management, it said on Thursday.
The bank, which services niche and higher-income private clients in South Africa, reported an adjusted earnings per share – profits made in the course of ordinary operations – of 55.1 pence for the year ended March 31, at the top end of its estimate.
It announced a final dividend of 14 pence per share, taking its full year dividend to 25 pence per share.
The lender, which doubles up as a wealth management firm and with a listing in the UK as well, has been amongst the top performing banks in South Africa in terms of share price in the last two years.
This has been driven mainly by a focus on acquiring and servicing quality clients, cutting costs and hiving off its asset management business NinetyOne.
The lender posted a 9.2% increase in funds under management to 63.8 billion pounds and a 13.2% increase in core loans to 29.9 billion pounds, its two main business divisions.
Its revenue grew 21.3% backed by post-pandemic economic recovery, it said.
For the financial year ending March 31, 2023, Investec expects revenue growth to be supported by higher interest rates, higher lending and “increased activity levels given expected GDP growth”.
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