Investec delivers 'solid FY performance despite macro uncertainty
By Iain Gilbert
Date: Wednesday 20 Mar 2024
(Sharecast News) - International banking and wealth management group Investec delivered a "solid" full-year performance on Wednesday despite a prevailing "uncertain macroeconomic environment" and "persistent market volatility".
Investec said adjusted pre-tax operating profits were expected to be between £866.9m and £909.6m, up from £818.7m a year earlier, while adjusted earnings per share were seen at 76.0p to 80.0p, up 10.0% to 16.0% of the prior year.
Return on equity was also said to be above the mid-point of the group's target range of 12% to 16%, while Investec stated it expects to report a credit loss ratio around the mid-point of the through-the-cycle range of 25-35 basis points.
Investec, which will publish its full-year results on 23 May, added that it remains committed to optimising shareholder returns, stating it has made "significant progress" on its share repurchase programme announced in November 2022.
As of 0940 GMT, Investec shares were up 3.71% at 509.20p.
Reporting by Iain Gilbert at Sharecast.com
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