South African investment banking and asset management group Investec reported a 15% rise in full-year core profit on Thursday, but missed expectations because of United States writedowns.
Pre-tax operating profit rose to £537,7-million for the year to March 31, meaning growth was 3% lower than expected according to a Reuters poll.
The consensus forecast was £551-million in pre-tax operating profit, according to Reuters Estimates.
Private banking, asset management and property divisions grew substantially. But profits at its investment banking division dropped 15% because of the credit crunch.
Overall the results were hit by writedowns in its US Principal Finance division.
Adjusted earnings per share rose by 6,8% to 56,9 pence.
The board proposed a final dividend of 13,5 pence, bring the total annual dividend to 25 pence, a rise of 8,7%. — Reuters