SOUTH African lender and asset manager Investec’s full year profit soared by almost 91% thanks to strong loan growth, client acquisitions and increasing funds under management, it said on Thursday.
The company, which services higher-income clients, reported an adjusted earnings per share – profits made in the course of ordinary operations – of 55.1 pence for the year ended March 31, a tad higher than its estimate.
It announced a final dividend of 14 pence per share, taking its full year dividend to 25 pence per share.
Investec shares, however, were down over 3% at 1135 GMT.
The niche lender, 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 non-core businesses.
Investec
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