Here is a summary of the key points from the trading statement
Investec Group provided a pre-close trading update for the interim period ending September 30, 2024, expecting revenue growth and improved cost-to-income ratio.
The Group expects pre-provision adjusted operating profit to be between £520 million and £550 million, adjusted earnings per share between 37.2p and 40.2p, and headline earnings per share between 35.3p and 38.2p.
The Groups revenue growth was supported by balance sheet growth, contributions from growth initiatives, and elevated interest rates.
Core loans and funds under management (FUM) in Southern Africa increased, while customer deposits remained stable.
The Group maintained strong capital and liquidity levels and is well-positioned to support clients and build identified growth opportunities.
The Groups trading performance is in line with its FY2025 guidance, and it remains committed to optimising shareholder returns.
An investor conference call was held, and the interim results for the six months ending September 30, 2024, are scheduled for release on November 21, 2024.