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Investec targets underperformers as earnings fall

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Joint CEO Titi targets more cost-savings with the closure of smaller businesses to stem decline

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.

 

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