Investec lifts guidance on post-pandemic recovery

18th Mar 2022 07:39

(Sharecast News) - South Africa bank Investec lifted full-year profit guidance, driven by the post-pandemic economic recovery.

The company said its adjusted earnings per share were now expected to be between 51 - 55p for the year to March 31, up from guidance of 48 - 53p and compared with 28.9p last year.

In a trading update, the company said adjusted operating profits were set to come in between £642m - £683m for the year ending to March 31. Profits in 2020 came in at £377.6m.

Investec said trading had been boosted by continued client acquisition, growth in funds under management (FUM) and higher average advances.

"The revenue momentum experienced in the first half of the financial year continued into the second half. Net interest income benefitted from lower funding costs and higher average lending books. Increased client activity, higher lending turnover and supportive market conditions underpinned the growth in non-interest revenue over the period," the company said.