LONDON (dpa-AFX) - Investec Plc (INVP.L), a specialist bank and asset manager, on Thursday said profit for the full year plunged from last year, amid lower investment income.
For the year ended March 31, pre-tax profit plunged to 291.24 million pounds from 466.38 million pounds in the prior year. The previous year's results have been restated.
Earnings attributable to shareholders declined to 247.53 million pounds from 420.52 million pounds. Earnings per share dropped to 24.3 pence from 46.7 pence.
Adjusted earnings per share fell to 30.1 pence from 40.6 pence.
Fee and commission income climbed to 1.01 billion pounds from 896.30 million pounds. Net interest income increased to 699.05 million pounds from 681.47 million pounds while Investment income declined to 174.33 million pounds from 254.94 million pounds.
Stephen Koseff, CEO, said, 'These results are disappointing but reflective of very challenging market conditions...Our main businesses have continued to deliver with the overall picture being masked by legacy issues and a weaker performance from our investment activities...We are well positioned to benefit from an economic recovery and the continued realignment of the global financial landscape.'
The board proposed a final dividend of 9.0 pence per ordinary share equating to a full year dividend of 17.0 pence, flat with last year.
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© 2012 AFX News
