LONDON (ShareCast) - (Sharecast News) - Asset manager Investec said on Friday that full-year profit was expected to decline on the year as it takes an added hit from the coronavirus outbreak.
For the year to the end of March 2020, group adjusted operating profit is expected to be down 7% to 14% from ?732m in FY2019, while adjusted earnings per share are expected to decline 16% to 23% from 60.9p, as already-challenging market conditions are made worse by the spread of Covid-19.

Operating income is expected to be behind the prior year's ?2.5bn, but both net interest income and net fee and commission income are expected to be ahead, it said.

Elsewhere, operating costs are set to decline from 2019's ?1.7bn, while impairments are set to increase and the credit loss ratio is expected to be between 0.31% to 0.37%.

"The operating environment in the second half of the financial year (2H2020) was difficult in both South Africa and the UK," it said. "The effects of Covid-19 on global markets are expected to negatively impact Investec's fourth-quarter operating performance."

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