Investec Plc, owner of a bank and money manager in South Africa and the U.K., posted full-year earnings that beat analyst estimates as assets under management and lending jumped. Net income for the 12 months ended March 31 climbed to 487.1 million pounds ($630.9 million) from 423.1 million pounds a year earlier, the London and Johannesburg-based lender said in a statement on Thursday.
Investec, which also has operations in Australia, makes most of its operating profit in South Africa, where the rand has risen 26 percent against the pound over the course of its fiscal year. The South African economy is forecast to grow in 2017 at about double last year’s pace, yet still remains sluggish after two ratings companies cut the country’s debt to junk status.
Johannesburg - Some of the banks accused of manipulating trades in the rand are objecting to the complaint by South Africa’s Competition Commission, calling it vague and embarrassing, and demanding it be amended or dropped.