South Africa's Investec reports marginal rise in full-year earnings

JOHANNESBURG, May 21 (Reuters) - South ​African bank Investec reported a marginal rise in full-year earnings on ​Thursday, ‌with client acquisition and growth in lending portfolios offsetting ⁠the impact of lower interest rates.

* ⁠Investec, which also ​operates in Britain, posted headline earnings per share of 73.1 pence for the year to March 31, compared ​with ‌72.6 pence the previous year.

* Pre-provision adjusted operating profit increased 3.5% to £1.1 billion ($1.48 billion) as revenue grew 4.2% to £2.3 billion.

* Revenue was supported by ​lending growth of 9.6% to £35.5 billion, continued client ‌acquisition and strong net inflows in discretionary and annuity funds under management.

* Net ‌interest income fell 1.6% to £1.3 billion, tempered by the so-called endowment effect of declining interest rates, even though ​it benefited from growth in average lending and a lower cost ‌of funding.

* The credit loss ratio - a measure of bad loans against total lending - on core loans ⁠improved ⁠to 36 basis points, within its through-the-cycle ‌target range of 25 to 45 basis points.

* Credit loss impairments ​rose ​slightly to £124 million.

* Investec announced a ‌final dividend of 21 pence per share.

Investec