Here is a summary of the key points from the trading statement
Investec Group provided a pre-close trading update for the interim period ending September 30, 2024, expecting revenue growth and improved cost-to-income ratio.
The Group expects pre-provision adjusted operating profit to be between £520 million and £550 million, adjusted earnings per share between 37.2p and 40.2p, and headline earnings per share between 35.3p and 38.2p.
The Groups revenue growth was supported by balance sheet growth, contributions from growth initiatives, and elevated interest rates.
Core loans and funds under management (FUM) in Southern Africa increased, while customer deposits remained stable.
The Group maintained strong capital and liquidity levels and is well-positioned to support clients and build identified growth opportunities.
The Groups trading performance is in line with its FY2025 guidance, and it remains committed to optimising shareholder returns.
An investor conference call was held, and the interim results for the six months ending September 30, 2024, are scheduled for release on November 21, 2024.
| Financial Metrics | 1H2025 | 1H2024 | Change |
|---|---|---|---|
| Pre-provision adjusted operating profit | £520 - £550 million | £487.7 million | 6.7% - 12.9% |
| Adjusted earnings per share | 37.2p - 40.2p | 38.7p | -4.0% to 4.0% |
| Headline earnings per share | 35.3p - 38.2p | 36.9p | -1.4% to 3.5% |
| Basic earnings per share | 35.2p - 38.2p | 69.6p | -45.0% to -50.0% |
| Credit loss ratio | Around upper end of 25bps - 45bps | N/A | N/A |
| Cost to income ratio | Below 53.3% | 53.3% | N/A |
| Group adjusted operating profit before tax | £450 - £482 million | £441.4 million | N/A |
| Southern African business adjusted operating profit | At least 15.0% ahead in Rands | R4,832 million (£205.9 million) | N/A |
| UK business adjusted operating profit | 5% - 11% behind | £235.4 million | N/A |
| Group ROE | 13.0% - 14.0% | N/A | N/A |
| Group ROTE | 15.5% - 16.5% | N/A | N/A |
Debt-related information was not explicitly mentioned in the provided text.