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Investec posts higher full-year revenues, record operating profit
(Sharecast News) - Investec reported steady full-year growth on both its top and bottom lines, including record operating profits. The private, corporate and investment bank said that revenues grew by 5% to reach £2.191bn over the year ending on 31 March.
That drove a 7.8% rise in pre-provision operating profits to over £1bn for the first time.
Commenting on the latest results for the group, chief executive officer Fani Titi highlighted what it said were still elevated capital and liquidity levels.
She also hailed the group's delivery on the strategy laid out at its 2019 Capital Markets Day to simplify and focus the business.
For the year ahead, Investec guided towards an improvements in its return on tangible equity to around 14% with the credit loss ratio expected to come in withing the through-the-cycle range of 25-45 basis points.
The cost-to-income ratio for the financial year just ended declined from 53.8% to 52.6%.
Looking out to the medium-term, the return on equity was seen rising towards the upper end of the lender's target range of 13.0-17.0% by fiscal year 2030.
Management declared a total dividend per share of 36.5p, against 34.5p for the year before.
As of 1234 GMT, shares of Investec were up by 3.13% at 507.0p.
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