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Investec expects higher full-year revenue, operating profit
March 14, 2017 / 10:31 AM / 9 months ago

Investec expects higher full-year revenue, operating profit

March 14 (Reuters) - Investec Plc expects higher full-year revenue and operating profit as a recovery in equity markets boosted the company’s asset management and wealth and investment units.

The South Africa-focused bank also said it expects its specialist banking businesses to report results for the year ended March 31 ahead of the previous year, helped by the UK unit.

“The UK economy has been performing better than initially expected, however the possibility of a hard Brexit continues to create uncertainty and could impact overall levels of economic growth,” the company said.

Investec, which is being investigated along with more than a dozen other banks for colluding to rig South Africa’s rand, said it had not yet been received relevant information on the precise allegations against it.

Investec said last month that South Africa’s Competition Commission’s case against the bank was confined to the conduct of a single trader. (Reporting by Arathy S Nair in Bengaluru; editing by Susan Thomas)

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