Business
Final Results
Final Results.
About this update from Investec Plc
[{"type":"text","content":"\n\n\n\n\n\nInvestec Limited Incorporated in the Republic of South Africa\nRegistration number 1925/002833/06\nJSE share code: INL\nNSX share code: IVD\nBSE share code: INVESTEC\nISIN: ZAE000081949\nLEI: 213800CU7SM6O4UWOZ70\n\n\nInvestec plc Incorporated in England and Wales\nRegistration number 3633621\nLSE share code: INVP\nJSE share code: INP\nISIN: GB00B17BBQ50 LEI: 2138007Z3U5GWDN3MY22\n\n\n\n\n \nInvestec (comprising Investec plc and Investec Limited) - Unaudited combined consolidated financial results for the year ended 31 March 2023\n \nGroup results summary for the year ended 31 March 2023 (FY2023) compared to 31 March 2022 (FY2022)\n• The Group achieved strong financial performance amidst a complex macroeconomic backdrop that prevailed throughout the financial year\n• Adjusted earnings per share increased 25.0% to 68.9p (FY2022: 55.1p), at the upper end of previous guidance\n• Funds under management (FUM) decreased 4.5% to £61.0 billion (FY2022: £63.8 billion) largely reflecting the unfavourable market movements. Net inflows were £377 million, with £810 million inflows in discretionary FUM partly offset by £433 million net outflows in non-discretionary FUM\n• Net core loans increased to £30.2 billion (FY2022: £29.9 billion) increasing 7.7% in neutral currency; largely driven by corporate lending and residential mortgage lending in both core geographies\n• Customer accounts (deposits) increased 5.8% in constant currency, and decreased by 1.4% to £39.6billion on reported basis\n• Revenue grew 14.6%, benefitting from higher global interest rates and loan growth, which was underpinned by client acquisition and increased client activity. Fee and commission income was negatively impacted by the unfavourable market movements and weakening macro backdrop\n• The cost to income ratio improved to 59.6% (FY2022: 63.3%) as operating costs grew by 9.5%. Fixed operating expenditure increased by 11.3%, due to inflationary pressures, continued investment in people and technology to support growth, and post-pandemic normalisation in certain discretionary spend\n• Pre-provision adjusted operating profit increased 28.0% to £917.0 million (FY2022: £716.2 million), supported by the diversity of our revenue streams\n• A...