Johannesburg – Financial services group Investec says growth in client-related revenues was more than offset by a deteriorating global economic backdrop in its year to end-March, when Covid-19 cost 105 pounds (R2.3bn) in lost profits.
The coronarivus pandemic had weighed on income and led to increased credit writedowns.
“In the course of the last two months, the social and economic impact of the Covid-19 pandemic on our customers and the markets in which we operate has affected the performance of the group,” CEO Fani Titi said.
The group also revealed that its client franchises showed resilience. Over the year, core loans were broadly flat while customer deposits increased 2.9% to 32.2bn pounds.