Investec has declared it remains on course despite grappling with a "challenging macroeconomic backdrop and market volatility" throughout the opening half of its financial year.
The FTSE 250 lender indicated it anticipates its adjusted operating profit before tax for the six-month period to land between £451m and £481.8m, aligning with the £474.7m it delivered during the corresponding period last year, as reported by .
Adjusted earnings per share have similarly been projected to arrive between 38.7p and 41.5p, representing a two per cent decline to five per cent advance on last year.
Basic earnings per shares are anticipated to drop by six per cent or climb by two per cent, ranging between 36p to 38.8p.
Group chief executive Fani Titi commented: "[We] continued to make progress on our strategic objectives, notwithstanding the challenging macroeconomic backdrop and market volatility."
"We are on track to with our strategy to build scale, leverage existing client franchises and execute plans to enhance our proposition."
Investec maintains its commitment to finalising its £100m share buyback programme unveiled in May, having acquired £46m worth of shares to date.
The group's share price declined 0.5 per cent in early morning trading to 582p.
Investec boosted by specialist arm
Meanwhile, assets under management within its Southern African wealth division rose by 7.8 per cent to £25.2bn from £23.4bn.
Rathbone's, the º£½ÇÊÓƵ wealth manager in which the bank holds a 41 per cent stake, recorded funds under management and administration of £109bn. Investec also revealed that customer deposits fell by 1.9 per cent to £40.8bn, reflecting the ongoing implementation of its strategy to optimise the liability composition in Southern Africa.
Specialist banking core loans rose 4.7 per cent to £33bn, attributed to expansion in both corporate lending portfolios and private client services across both nations.
Revenue was bolstered by heightened activity levels, increased average advances, and positive net inflows in discretionary and annuity funds under management.
Nevertheless, this growth was counterbalanced by the effects of reduced average interest rates and diminished income from the group's investment portfolio.
Titi commented: "The group has robust capital and liquidity levels to manage the impact of external challenges and deliver on our clear and executable strategy to enhance long-term shareholder returns."
Motor finance ruling
The group also praised the Supreme Court's motor finance ruling, having set aside £30m in provisions ahead of last month's decision.
Titi remarked: "We welcomed the ruling of the Supreme Court, we think there was a great degree of balance."
Titi further stated the bank anticipates "more clarity" from the FCA regarding the redress scheme, which the financial regulator estimated to cost between £9bn and £18bn.
