Investec targets underperformers as earnings fall

  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 35 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 63%

Nigeria News News

Investec boosted by SA investors’ demand for offshore investments

Investec co-CEO Fani Titi announced the closure of several smaller businesses at the group’s interim results presentation on Thursday as the specialist banking group and asset manager saw earnings decline for the six months ended September.

Investec’s headline earnings per share for the six months ending September fell 17% to 22.7p per share while the dividend remained unchanged at 11p per share. While return on equity fell to 13.1% from 14.2%, it remained within the target band of the group. “The business is still losing money, but we are gaining traction both in terms of client acquisition and the mortgage book,” says Titi.The demerger of Investec Asset Management is on track and the publication of a circular on the details of the transaction including the company’s forthcoming listing on the London Stock Exchange is imminent, said Investec co-CEO Hendrik du Toit. The company is to be renamed Ninety One.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in NG

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.

Investec targets underperformers as earnings fallJoint CEO Titi targets more cost-savings with the closure of smaller businesses to stem decline
Source: BDliveSA - 🏆 12. / 63 Read more »

MMH earnings jump in first quarterInsurer says diluted normalised headline earnings per share rose 13%
Source: BDliveSA - 🏆 12. / 63 Read more »