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Investec's full-year profits leap by more than 90%

19 May 2022 7:06 PM
Tags:
The Money Show
Bruce Whitfield
Investec
Fani Titi
company results
Ninety One
Richard Wainwright
asset management

The Money Show's Bruce Whitfield interviews Richard Wainwright, CEO of Investec Bank.

Investec has reported a profit surge of almost 91% for the year ended 31 March 2022.

The private bank and wealth manager is dual-listed on the London and Johannesburg Stock Exchanges and reports its results in pounds.

Image: @InvestecBank on Facebook

Headline earnings per share (HEPS) increased by more than 100% to R10.56 (53.3p).

Funds under management (FUM) were up 9.2% to over R1 trillion (£63.8 billion).

Around 56% of Investec's operating profit is from South Africa with most of the balance coming out of the UK.

With operating profit now exceeding pre-pandemic levels, we look forward to taking this growth momentum into the coming year, ever mindful of the present challenges, but well positioned to seize the possibilities ahead.

Investec

Bruce Whitfield interviews Richard Wainwright, CEO of Investec Bank Limited.

He asks whether the numbers for South Africa show that our "upper crust" investors are becoming a little more cautious.

Our results are very pleasing... Clearly they do reflect the history of the last 12 months to March, and so the important thing for the market is how people are feeling about the future, particularly in South Africa...

Richard Wainwright, CEO - Investec Bank

Sitting here in London... they're forecasting inflation at between 7% and 9%... and South Africa's still at around 6%... but what you're seeing is business confidence remaining at low levels, so for us to have produced these results in that kind of environment is quite exceptional.

Richard Wainwright, CEO - Investec Bank

Wainwright notes that high-net-worth clients in South Africa have been investing internationally for a number of years already.

"I think wealthy South Africans have been hedging their bets for some time... We've been very well-positioned to capture those kinds of international flows."

The focus in the country now needs to be on boosting business confidence and implementing structural reforms, he says.

For more detail, listen to the interview with Wainwright below:




19 May 2022 7:06 PM
Tags:
The Money Show
Bruce Whitfield
Investec
Fani Titi
company results
Ninety One
Richard Wainwright
asset management

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