LONDON (dpa-AFX) - Investec plc (INVP.L) on Thursday reported pre-tax profit from continuing operations of 310.48 million pounds for the year ended 31 March 2020, down from 514.53 million pounds in the prior year. Earnings per share from continuing operations were 17.5 pence, down from 40.4 pence last year.
However, earnings attributable to shareholders surged to 1.14 billion pounds from 534.33 million pounds a year ago. Basic earnings per share grew to 115.3 pence from 52.0 pence last year.
Adjusted basic earnings per share were 46.5 pence, compared to 60.9 pence last year.
Net interest income for the year increased 4.5 percnt to 853.00 million pounds from 816.65 million pounds a year ago, underpinned by private client activity and loan book growth.
Total operating income before expected credit losses and impairment losses declined to 1.81 billion pounds from 1.95 billion pounds a year ago.
Due to the regulatory guidance provided to banks in both South Africa and the UK, the company's board has decided not to declare a final ordinary dividend, resulting in a full year dividend of 11.0 pence per ordinary share.
Looking ahead, Investec said it was difficult to forecast with any reasonable degree of certainty due to the COVID-19 pandemic. The company expects the year ahead to be challenging, as the economic recovery from the devastating effects of COVID-19 is likely to be protracted.
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