Investec expecting 7 percent increase in earnings

Investec expecting 7 percent increase in earnings

Investment bank and asset management major Investec is expected to report nearly 7 percent increase in yearly earnings. The financial services major has registered better growth in South Africa and United Kingdom. The results would suffer slightly due to lower earnings from Australia.

As the currency weakened in South Africa, the revenue in rand terms would increase between 22-25 percent.

Investec CEO Stephen Koseff said that the investment bank has improved its margins and the earnings will be better than company guidance. The London listed Investec will sell its UK mortgage arms Kensington.

The company is also in process of selling its Australian business. The business is expecting to grow despite bad debt charges.

The stock was trading strong in Johannesburg market. The stock has offered nearly 9 percent returns to investors this year. The stock was trading flat in London.


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