21st May 2015 07:43
LONDON (Alliance News) - Investec PLC Thursday said operating profit from its remaining operations rose strongly in its last financial year, as third-party assets under management rose by nearly 14% and customer account deposits and loans and advances also rose strongly.
The asset manager and specialist bank sold its Australian bank, its Irish mortgage unit, and UK mortgage lender Kensington in its last financial year, and is managing down the remainder of its legacy business in the UK.
Operating profit from its remaining businesses rose 15% to GBP580.7 million in the 12 months to end-March, from GBP504.9 million a year earlier, while earnings per share before goodwill, acquired intangibles and non-operating items rose to 47.5 pence from 43.1p.
It said third party assets under management rose 13.7% to GBP124.1 billion, from GBP109.2 billion, customer deposits rose 7.3% to GBP22.6 billion from GBP21.1 billion, while core loans and advances rose 15.4% to GBP16.5 billion from GBP14.3 billion.
"The group is in the best position it has been since the mid-2000s. We have delivered on all the strategic initiatives set out in 2013 and can now focus on growing our three core businesses, Asset Management, Wealth & Investment and Specialist Banking," Chief Executive Stephen Koseff said.
Investec said it will pay a final dividend of 11.5 pence a share, bringing the full-year dividend to 20.0p, up from 19.0p.
Investec shares were up 0.4% at 632.00 pence in London early Thursday.
By Steve McGrath; [email protected]; @stevemcgrath1
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