Investec full-year profit up

by Reuters 0

South African’s Investec reported a 10.2 per cent rise in full-year profit on Thursday, helped by a strong showing at its asset management and lending businesses, and it raised its dividend.

[DATA INP:Investec], which is also listed in London, said adjusted earnings per share (EPS) totalled 47.5 pence in the year ended March compared with 43.1 pence a year earlier.

The bank has been offloading units in Europe and Australia that have dragged on its performance. In September it sold 540 million pounds of Irish mortgages to U.S. private equity firm Lone Star.

“We have delivered on all the strategic initiatives set out in 2013 and can now focus on growing our three core businesses,” Chief Executive Stephen Koseff said in a statement.

Funds inflow grew 14 per cent to 124.1 billion pounds ($192.71 billion) while net interest income, the measure of earnings from lending, rose 8.9 per cent to 539 million pounds.

The Johannesburg-based company increased its full-year dividend pay-out to 20 pence a share from 19 pence a year earlier.