Business
Results for the six months ended 30 September 2021
Results for the six months ended 30 September 2021.
About this update from Investec Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7407S\n Investec PLC\n 18 November 2021\n \n \n \n \n \n \n \n \n \n Investec Limited\n \n \n Incorporated in the Republic of South Africa\nRegistration number 1925/002833/06\nJSE share code: INL\n \n \n NSX share code: IVD\n \n \n BSE share code: INVESTEC\n \n \n ISIN: ZAE000081949\n \n \n LEI: 213800CU7SM6O4UWOZ70\n \n \n \n \n \n Investec plc\n \n \n Incorporated in England and Wales\nRegistration number 3633621\nLSE share code: INVP\n \n \n JSE share code: INP\nISIN: GB00B17BBQ50\n \n LEI: 2138007Z3U5GWDN3MY22\n \n \n \n \n \n \n \n \n \n \n Reviewed combined consolidated financial \n \n \n results for the six months ended 30 September 2021\n \n \n \n \n \n \n Highlights for 30 September 2021 (1H2022) compared to 30 September 2020 (1H2021)\n \n \n • \n Revenue grew 30.5% supported by the strength of our client franchises and improved market conditions.\n \n \n • \n Adjusted earnings per share increased 134.8% to 26.3p (1H2021: 11.2p), ahead of comparable pre-COVID levels (September 2019). \n \n \n • \n Wealth & Investment funds under management (FUM) increased 8.6% to £63.0 billion (31 March 2021: £58.0 billion) underpinned by net inflows of £1.5 billion, market recovery and good investment performance. \n \n \n • \n Loan books within Specialist Banking grew 7.2% to £28.3 billion (31 March 2021: £26.4 billion) given increased activity levels and continued client acquisition in both geographies.\n \n \n • \n The cost to income ratio improved to 64.0% (1H2021: 72.0%), with operating costs increasing 11.7%. Fixed operating expenditure increased 3.3% reflecting continued cost discipline.\n \n \n • \n Pre-provision adjusted operating profit increased 61.2% to £336.0 million (1H2021: £208.5 million), 9.3% ahead of September 2019. \n \n \n • \n Expected credit loss (ECL) impairment charges were 84.5% lower, resulting in a credit loss ratio (CLR) of 7bps (31 March 2021: 35bps; 1H2021: 47bps), reflecting strong asset quality and higher recoveries.\n \n \n • \n Return on equity (ROE) was 11.2% for the period (1H2021: 5.3%) and return on tangible equity (ROTE) was 12.1% (1H2021: 5.8%).\n \n \n • \n Tangible net asset value (TNAV) per share increased 10.2% (annualised) to 445.2p (31 March 2021: 423.6p). Net asset value (NAV) per share increased 9.3% (annualised) to 479.2p (31 Marc...