Investec reports 3.6% rise in annual earnings

JOHANNESBURG – Financial services group Investec reported a 3.6% rise in full-year earnings on Thursday despite challenges in its main markets, South Africa and Britain.“In spite of a challenging operating environment, these results speak to strong support from our clients,” joint chief executive officers said in a statement.

Investec has had to contend with the impact of Brexit in the United Kingdom and a sluggish economy in South Africa, where a weaker rand currency hurt its performance. Adjusted operating profit there grew by just 1.8% in rand terms versus a 36.1% improvement in sterling adjusted profits in its combined UK and other businesses.

The group also embarked on an overhaul of its structure in an effort to counter falling fees and rising costs. Its asset management arm, which it said generated substantial net inflows, prompting higher funds under management and annuity fees, is being spun off and listed separately in London. It expects that process to complete in the second half of 2019.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Pepkor says half-year earnings rose up to 54.1%The group was a wholly owned subsidiary of Steinhoff until it was listed on the JSE in September 2017 Great results by far.
Source: BDliveSA - 🏆 12. / 63 Read more »

Tencent reports higher earnings than estimated, boosting NaspersOne analyst expects Tencent’s fundamentals to improve in the second half, backed by the launch of new games and stronger monetisation potential of shooting games
Source: BDliveSA - 🏆 12. / 63 Read more »

Mondi reports strong first-quarter earnings growthUnderlying earnings will be affected by higher maintenance costs in 2019, the group says, although it saw lower costs in its first quarter
Source: BDliveSA - 🏆 12. / 63 Read more »

Steinhoff falls 15% as market reacts to glum 2017 earnings reportThe Stellenbosch-headquartered retail conglomerate published its long-delayed 2017 earnings late on Tuesday. Fin24 Seriously? Thought this shitstock Steinhoff was on 0 already? Buying this now is like voting for the ANC.
Source: News24 - 🏆 4. / 80 Read more »

Apple faces rise in iPhone costs | IOL Business ReportApple could see the production costs for its iPhone rise given the impact that trade tensions between the US and China are having on input materials. busrep
Source: IOL - 🏆 46. / 51 Read more »

South Africa's unemployment rate rises to 27.6% in first quarter | IOL Business ReportStatistics South Africa today said that the number of employed persons decreased by 237 000 to 16,3 million in the first three months of this year. busrep We all know what the cure for unemployment is. Let’s be bold and implement it. busrep Thank u myanc busrep Thats what most people voted for
Source: IOL - 🏆 46. / 51 Read more »