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# Investec Group Reports FY2024 Pre-Provision Operating Profit of £963.6 Million, Up 7.1%
- URL: https://www.theglobalbanker.com/investec-group-fy2024-pre-provision-profit-963-million-up-7-percent/
- Published: 2024-05-24T06:00:00.000Z
- Updated: 2026-10-02T12:56:26.000Z
- Description: Investec posted pre-provision adjusted operating profit of £963.6m for FY2024, with revenue of £2.09bn, EPS up 13.4%, and a total dividend of 34.5 pence per share.
- Author: TGB Editorial Team
- Tags: Banking News, Africa, Europe, #archive

Investec Group delivered pre-provision adjusted operating profit of £963.6 million for the financial year ended March 2024, a 7.1% increase on the prior year period. Adjusted operating profit after the provision charge rose 8% to £884.5 million, while group revenue reached £2.09 billion, a 5% increase on the prior year.

Adjusted basic earnings per share climbed 13.4% to 78.1 pence for the year. The board proposed a final dividend of 19.0 pence per share, taking the total dividend for the year to 34.5 pence (FY2023: 31.0 pence). Return on tangible equity for the year stood at 16.5%, and the group-level return on equity came in at 14.6%.

#### BALANCE SHEET GROWTH AND RATHBONES COMBINATION

Net core loans rose 1.7% to £30.9 billion (6.1% on a neutral currency basis), while customer deposits were flat at £39.6 billion in sterling terms but grew 4.4% on a neutral currency basis. The credit loss ratio on core loans was 28 basis points, at the bottom end of the group's through-the-cycle range.

During the financial year, Investec completed the combination of Investec Wealth and Investment UK with Rathbones Group. IW&I UK now forms part of the Rathbones Group, in which Investec holds a 41.25% stake. The completion of the combination was flagged in the results as a strategic milestone.

#### OUTLOOK

The group's management said in the results statement that the financial year's outcomes reflected the successful execution of its strategic priorities and the resilience of its client franchises under testing conditions. Looking ahead, Investec said it expected revenue momentum to continue, underpinned by book growth, client activity and client acquisition, partly offset by expected interest rate cuts, and guided to a group ROE of about 14% and ROTE of about 16% for the 2025 financial year.