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Investec profit seen 'marginally higher'

Investec expects full-year operating profit to be "marginally higher" than last time as the UK, Europe and Australia offset weakness at the South African business.

The company, which posted an operating profit of £368m a year ago, said it has enjoyed a "resilient" performance during the year ending 31 March 2010.

"UK, European and Australian operating profits are well ahead of the prior year," the South Africa-focused bank said Thursday. "The South African operations have traded ahead of the first half of the financial year, but are expected to post a weaker full-year performance."

Defaults have continued to increase, although at a slower pace, while core loans and advances have grown 10% since March last year to £17.8bn, customer deposits are up 37% to £20bn and third party assets under management have jumped 42% to £69.4bn.

Investec, which joins the FTSE 100 next Monday following a 28% rally in the last month, said its capital adequacy ratio remained steady at 15.5%.

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