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Investec is widely considered the country’s most exclusive bank, and the private banking group has operations in the UK and South Africa.
On Friday, 19 September, the bank released a trading update outlining its expected financial performance for the first half of its 2026 financial year.
The statement did not provide clarity on whether Investec’s earnings are expected to increase or decrease compared to the first half of its 2025 financial year, with the following ranges provided –
- Adjusted earnings per share – decrease of 2% to increase of 5%
- Headline earnings per share – decrease of 4% to increase of 4%
- Basic earnings per share – decrease of 2% to increase of 6%
The banking group also said its pre-provision adjusted operating profit could either decline by as much as 6% or remain flat compared to the first half of the 2025 financial year.
However, the group said its credit loss ratio is expected to be within the through-the-cycle range of 25 basis points to 45 basis points, saying its overall credit quality remained strong.
In addition, Investec’s cost-to-income ratio is expected to be between 52% and 54%, in line with full-year guidance.
Investec expects to report adjusted operating profit before tax of between £451.0 million and £481.8 million, compared to £474.7 million in H1 2025.
From a regional perspective, Investec said its Southern Africa operations expects to see the specialist bank adjusted operating profit to grow by around 7%.
Group investments in this segment are expected to be weaker than the prior period, resulting in the overall Southern African business’s adjusted operating profit being either 5% less or flat compared to the prior period in rands.
For Investec’s UK business, including its interest in Rathbones, adjusted operating profit is expected to be between 1% less or 6% more compared to the prior period.
The UK Specialist Bank’s adjusted operating profit is expected to be between a 4% decrease to a 4% increase.
On a group level, Investec’s return on equity is expected to be between 13% and 14%, within its medium-term target range of 13% to 17%.
Investec’s full interim results for the six months ending 30 September 2025 are expected to be released on 20 November 2025.
issued on Daily Investor by Bianke Neethling | https://dailyinvestor.com/banking/102770/mixed-bag-for-south-africas-most-exclusive-bank/
