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Investec reports 29% surge in net profit amid rising rates

EditorAmbhini Aishwarya
Published 16/11/2023, 08:24
© Reuters.

Investec PLC, the financial services group dual-listed on the London and Johannesburg stock exchanges, has delivered a robust performance in the first half of fiscal 2024, which ended on September 30th. The company's net profit soared by 29% to reach £614.9 million ($763.5 million), a significant increase from the £478.1 million reported in the same period last year.

The substantial growth in net profit is attributed to a combination of effective client acquisition strategies, an expansion of its loan book, and the benefit of rising interest rates within a challenging macroeconomic landscape. Investec's net interest income also saw a healthy rise, climbing to £682.6 million from £607.8 million.

Shareholders have a reason to celebrate as basic earnings per share jumped to 69.6 pence. Additionally, the adjusted earnings per share were calculated at 38.7 pence. In recognition of these strong results, Investec's board declared an increased dividend payout of 15.5 pence per share.

Another highlight from the report was Investec's return on equity, which stood at a commendable 14.6%. This performance indicator is often scrutinized by investors as it reflects the company's efficiency in generating profits from its equity.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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