The group is bracing for higher credit writedowns as the pandemic hammers the global economy
Financial services group Investec says growth in client-related revenues was more than offset by a deteriorating global economic backdrop in its year to end-March, when Covid-19 cost it £105m in lost profits.
Adjusted operating profit, the group’s preferred measure of profit achieved in the course of ordinary operations, fell 16.8% to £608.9m, with the group also citing Brexit uncertainty and SA’s weak economy as weighing on its performance.“In the course of the last two months, the social and economic impact of the Covid-19 pandemic on our customers and the markets in which we operate has affected the performance of the group,” said CEO Fani Titi.
The group said its client franchises showed resilience. Over the year, core loans were broadly flat while customer deposits increased 2.9% to £32.2bn.Investec recently spun off and separately listed its asset management arm and had declared a final dividend of 245c in the previous period, restated for the effect of this unbundling. The group has opted not to pay a final dividend for its year to end-March, bringing its total dividend to 11p, from 24.5p previously.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
COVID-19 LIVE UPDATES | 40,000 could die in SA when Covid-19 storm peaks: expertsEven as most of the country prepares to head to level 3 of government's alert levels at the end of this month, the department of health can only hope that it will have done enough to drill into South Africans the need to practise the non-pharmaceutical interventions of social distancing, heightened hygiene and mask wearing, in the absence of treatment for the virus.
Read more »
Investec says Covid-19 has cost it R2.3bn despite growth in client-related revenuesThe group is bracing for higher credit writedowns as the pandemic hammers the global economy
Read more »
Investec Property Fund doubles offshore focus even as SA assets do well amid Covid-19IPF has been able to offer tenants in financial distress, because of the pandemic, 100% rental relief for the period of the lockdown
Read more »
30 more Covid-19 deaths, as South Africa’s cases surge to 19 137South Africa now has over 19 000 confirmed cases of the Covid-19 coronavirus and 30 more deaths, Health Minister Zweli Mkhize announced on Thursday afternoon. | Day56ofLockdown
Read more »
Government told not to 'misuse' data from new Covid-19 grant recipientsThe protection of personal information of the vulnerable people who have applied for - and been approved for - the special Covid-19 Social Relief of Distress grant should be paramount
Read more »
Can you be retrenched for testing positive for Covid-19?Crucial questions have been answered by labour lawyer Lerato Kungoane on some of the sensitive issues regarding retrenchment for those testing positive.
Read more »