Key Points:
- Investec’s revenue grew nearly 5 percent, driven by core franchises. Profit jumped 50% to over $1 billion under CEO Fani Titi.
- Client deposits remained stable, while net core loans grew 1.7%, fueled by corporate and private client lending.
- Fani Titi’s leadership and strategic execution position Investec for continued growth despite economic uncertainty.
Investec Group (Investec), the Anglo-South African international banking and wealth management conglomerate led by South African executive Fani Titi, capped off its fiscal year ended March 31, 2024, with a solid performance. Revenue climbed 4.98 percent year-over-year (YoY) to £2.09 billion ($2.65 billion), solidifying Investec’s leadership position.
Revenue growth driven by core franchises
The increase was fueled by strong performances in Investec’s corporate client franchises in the UK and South Africa, along with Investec Wealth & Investment in its home market. Client deposits remained steady at £39.6 billion ($50.28 billion), while net core loans grew 1.7 percent to £30.9 billion ($39.24 billion) in 2024, driven by corporate and private client lending.
Interest expense for the year surged 45 percent to £2.78 billion ($3.53 billion). However, net interest income benefitted from growth in lending books and higher interest rates, positioning Investec Bank as a financial force.
Investec’s client strategy drives profit growth
Fani Titi, the Group Chief Executive of Investec, credited the group’s strong results to successful client acquisition strategies that boosted client activity and loan book growth. “This performance underwrites our commitment to create enduring worth for all our stakeholders through our market-leading client franchises in our chosen markets,” he said.
He added: “Our balance sheet remains strong and highly liquid, positioning us well to support our clients in navigating the uncertain macroeconomic backdrop. Today we announce new medium-term targets, resulting from the structural improvement in Group performance following the execution of the strategy announced at the February 2019 Capital Markets Day.”
Fani Titi’s leadership steers growth
Under Fani Titi’s leadership since March 2020, Investec has demonstrated resilience and growth despite challenging market conditions. The group’s profit soared from £556.37 million ($696.75 million) in FY 2022 to £817.43 million ($1.02 billion) in FY 2023.
Further reinforcing confidence, Titi holds a stake in Investec valued at R20.98 million ($1.14 million), representing 0.02 percent ownership. This investment reflects his belief in the group’s growth potential. With revenue momentum, loan book growth, and strong client activity, Investec remains on a path of growth and resilience under Titi’s visionary leadership.
