REG - Investec PLC - Final Results 31/03/2026
21/05/2026 07:00
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RNS Number : 1732F Investec PLC 21 May 2026
Investec Limited Investec plc
Incorporated in the Republic of South Africa Incorporated in England and Wales
Registration number 1925/002833/06
Registration number 3633621
JSE share code: INL
LSE share code: INVP
JSE hybrid code: INPR JSE share code: INP
ISIN: GB00B17BBQ50
JSE debt code: INLV LEI: 2138007Z3U5GWDN3MY22
NSX share code: IVD
BSE share code: INVESTEC
ISIN: ZAE000081949
LEI: 213800CU7SM6O4UWOZ70
Investec (comprising Investec plc and Investec Limited) - Unaudited combined
consolidated financial results for the year ended 31 March 2026
Resilient performance, strong capital generation, continued strategic
investment for growth
Fani Titi, Group Chief Executive commented:
"The Group delivered a resilient performance in an uncertain macro-economic
environment, reflecting the strength of our diversified business model and
balance sheet. Adjusted earnings per share increased by 4.8% to 82.9 pence,
as we continued to support our clients, while investing for long-term growth.
We do not take for granted the trust our clients continue to place in us.
We are making good progress with our strategy to enhance our platforms,
leverage our franchises, and deliver long-term value for our stakeholders. We
are on track to achieve returns at the upper end of our target range by
FY2030. Today we will present a business update on our Private Client
strategy, outlining our plans to expand our proposition, strengthen
cross-collaboration and evolve our business model to improve operating
leverage. Our Private Client offering supports clients across their lifecycle
with bespoke solutions, combining deep relationships, digital enablement and
the power of One Investec.
Through our dynamic capital management approach, we will continue to deploy
capital optimally to advance returns.
As the next phase of our disciplined growth agenda accelerates, we remain
guided by our purpose to create enduring worth for our clients, colleagues
and the communities in which we operate.
I would like to express my deep gratitude to our colleagues across the Group
for the dedication they show in supporting our clients and communities."
Key financial metrics:
£'millions Revenue Cost to income CLR Adjusted operating profit Adjusted EPS (pence) Basic EPS (pence) HEPS (pence) ROE ROTE Total DPS (pence) NAV per share (pence) TNAV per share (pence)
FY2026 2 281.4 52.9% 36bps 951.0 82.9 77.1 73.1 13.6% 15.7% 38.5 636.6 553.1
FY2025 2 190.5 52.6% 38bps 920.0 79.1 72.8 72.6 13.9% 16.2% 36.5 587.7 506.3
% change in £ 4.2% 3.4% 4.8% 5.9% 0.7% 5.5% 8.3% 9.2%
% change in Rands 4.0% 3.2% 4.6% 5.8% 0.6% 3.0% 3.9%
Totals and variances are presented in £'millions which may result in rounding
differences. The key financial metrics are defined on page 9.
£'millions Net core Customer FUM
loans deposits
FY2026 35 498 44 749 26 996
FY2025 32 387 41 164 23 385
% change in £ 9.6% 8.7% 15.4%
% change in NC 6.9% 6.1% 10.5%
Key drivers:
Net core loans increased 9.6% to £35.5 billion driven by growth across our
diversified lending books.
Customer deposits increased by 8.7% to £44.7 billion.
Funds under management (FUM) in the Southern African wealth business increased
by 15.4% to £27.0 billion
(FY2025: £23.4 billion). Strong net inflows in our discretionary and annuity
funds of £987 million (R23.0 billion) were supplemented by £333 million
(R7.8 billion) additional FUM from a strategic acquisition by our Swiss
operations in September 2025. This was partly offset by net outflows of £365
million (R8.5 billion) in non-discretionary funds.
Our associate Rathbones reported Funds under management and administration
(FUMA) of £113.6 billion at 31 March 2026 (31 March 2025: £104.1 billion).
Group financial summary:
Revenue growth was supported by ongoing client acquisition, client activity,
growth in average lending portfolios, and continued net inflows in
discretionary and annuity funds under management (FUM). Net interest income
(NII) benefitted from growth in average lending books and lower cost of funds
reflecting optimisation of the funding mix in Southern Africa in recent years.
This was offset by the endowment effect of lower interest rates. Non-interest
revenue (NIR) growth reflects a strong increase in fee income generated by our
Banking businesses, as well as higher annuity fees from our SA Wealth &
Investment business. Customer-flow trading income reflects increased client
hedging activity in response to global market volatility. This was augmented
by higher investment income and an increase in the Group's share of post-tax
profits from associates.
The cost to income ratio was 52.9% (FY2025: 52.6%). Total operating costs
increased by 4.7%. Fixed operating expenditure growth reflects continued
investment in people and technology to support the Group's growth initiatives,
as well as targeted project spend to transform the business and enhance
resilience, alongside annual cost inflation.
Pre-provision adjusted operating profit increased by 3.5% to £1 075.2 million
(FY2025: £1 039.2 million). The Group saw strong levels of lending
origination and fee generation, counterbalanced by the impact of declining
interest rates and increased investment in the business.
The credit loss ratio (CLR) on core loans was 36bps (FY2025: 38bps), within
the Group's through-the-cycle (TTC) range of 25bps to 45bps. Expected credit
loss (ECL) impairment charges amounted to £124.2 million (FY2025: £119.2
million). Overall credit quality remained strong.
Earnings attributable to other equity holders reduced to £69.2 million
(FY2025: £70.6 million).
Return on equity (ROE) was 13.6% (FY2025: 13.9%) within the Group's
medium-term 13% to 17% target range.
Return on tangible equity (ROTE) of 15.7% (FY2025: 16.2%) is within the
Group's medium-term 14% to 18% target range.
Distribution to shareholders The Board has proposed a final dividend of 21.0p
per share (FY2025: 20.0p), bringing the total dividend for the year to 38.5p
(FY2025: 36.5p) translating to a 46.4% payout ratio, within the Group's
current 35% to 50% payout policy. As part of the ongoing capital management
process, the Group has completed the c.R2.5 billion / £110 million share
buy-back announced in May 2025.
Balance sheet strength:
The Group remained well capitalised, with Investec Limited reporting a CET1
ratio of 13.6% measured on the Advanced Internal Ratings-Based approach and
the Investec plc CET1 ratio at 13.0% measured on the standardised approach.
The UK business continues to make progress on its journey towards migrating
its capital measurement from the standardised approach to the Internal
Ratings-Based approach.
Capital allocation:
The Group is committed to optimising shareholder returns. We are focused on
allocating capital to activities that generate returns above our cost of
capital. The Group manages its capital dynamically, maintaining an appropriate
balance between total returns to shareholders, investment in the business and
holding strong capital levels. One of the Group's priorities is to increase
the earnings contribution from capital light activities, and as such the Group
continues to evaluate organic and inorganic opportunities to achieve this
objective.
Update on our sustainability targets
As part of our commitment to achieving net zero by 2050, in May 2025 the Group
announced a five-year target to facilitate £18 billion of sustainable and
transition finance by FY2030. We are pleased to have facilitated £3.1 billion
in sustainable and transition finance in our first year of measuring progress
towards our target.
Today, we announce initial sector specific decarbonisation targets, including
targeting:
• a 20% to 45% emissions intensity reduction in power generation by
FY2030
• engagement with 85% (in South Africa) and 95% (in the UK and US) of
our qualifying oil and gas clients by FY2029 to support credible transition
pathways.
Please refer to our Investec Group year-end results booklet for further
detail.
Financial Outlook:
The execution of our growth agenda outlined in May 2025 is on track. The Group
expects FY2027 to be the peak investment year, with a positive inflection in
both earnings growth delivery and sustainable improvement in shareholder
returns to commence in FY2028. We remain on track to deliver ROE of c.16.0%
and ROTE of c.18.0% by the financial year ending 31 March 2030. We are
confident in the resilience of our client franchises across varying market
cycles.
31 March 2027 guidance
Revenue is expected to be supported by book growth, ongoing client activity
and continued success in our client acquisition and entrenchment strategies.
The Group currently expects:
Group ROE to be between 13.0% and 14.0% within the 13.0% to 17.0% target range
and ROTE to be between 14.8% and 15.8% within the target range of 14.0% to
18.0%, incorporating significant investment in our growth initiatives amid an
evolving operating environment.
• Southern Africa is expected to report ROE between 18.0% and 19.0%,
within the target range of 16.0% to 20.0%
• UK & Other is expected to report ROTE between 12.5% and 13.5%,
near the lower end of the target range of 13.0% to 17.0%.
Overall costs to be well managed in the context of continued investment in the
business and inflationary pressures, with the cost to income ratio expected to
be between 52.0% and 54.0%
The credit loss ratio to be within the through-the-cycle (TTC) range of 25bps
to 45bps.
The Group has maintained robust capital and liquidity levels well above
Board-approved minimums. The Group is well-positioned to continue to support
our clients in navigating the current economic uncertainty and deliver on our
clear strategy to enhance long-term shareholder returns.
31 March 2028 guidance
The Group is expected to deliver improved ROE of 13.8% to 14.6% and ROTE of
15.8% to 16.6%, as we continue to leverage our existing franchises,
supplemented by a meaningful contribution from our investment in our SA
Corporate mid-market business. In the UK, we expect our Private Client and
Corporate mid-market propositions to generate positive incremental returns
into FY2030. Our dynamic capital management, including ongoing optimisation of
capital is also expected to contribute to the progression of returns.
Business update
The Group will be hosting a Private Client business update today which will
set out a range of targets and present our plans to enhance our platforms,
strengthen global collaboration and evolve our business model to drive market
share growth and incremental returns.
Key financial data
This announcement covers the results of Investec plc and Investec Limited
(together "the Investec Group" or "Investec" or "the Group") for the year
ended 31 March 2026 (FY2026). Unless stated otherwise, comparatives relate to
the Group's operations for the year ended 31 March 2025 (FY2025).
Performance FY2026 FY2025 Variance % Neutral currency
change % change
Operating income (£'m) 2 281.4 2 190.5 90.9 4.2% 4.0%
Operating costs (£'m) (1 205.3) (1 151.4) (53.9) 4.7% 4.5%
Adjusted operating profit (£'m) 951.0 920.0 31.0 3.4% 3.3%
Adjusted earnings attributable to shareholders (£'m) 704.5 676.8 27.8 4.1% 4.1%
Adjusted basic earnings per share (pence) 82.9 79.1 3.8 4.8% 4.8%
Basic earnings per share (pence) 77.1 72.8 4.3 5.9% 5.9%
Headline earnings per share (pence) 73.1 72.6 0.5 0.7% 0.7%
Dividend per share (pence) 38.5 36.5
Dividend payout ratio 46.4% 46.1%
CLR (credit loss ratio) 0.36% 0.38%
Cost to income ratio 52.9% 52.6%
ROTE (return on tangible equity) 15.7% 16.2%
ROE (return on equity) 13.6% 13.9%
Balance sheet FY2026 FY2025 Variance % change
Funds under management (£'bn)
IW&I Southern Africa 27.0 23.4 3.6 15.4%
Rathbones/IW&I UK** 104.1 9.5 9.1%
113.6
Customer accounts (deposits) (£'bn) 44.7 41.2 3.6 8.7%
Net core loans and advances (£'bn) 35.5 32.4 3.1 9.6%
Cash and near cash (£'bn) 18.2 16.9 1.3 8.0%
TNAV per share (pence) 553.1 506.3 46.8 9.2%
NAV per share (pence) 636.6 587.7 48.9 8.3%
Totals and variances are presented in £'billions which may result in rounding
differences.
** As at 31 March 2026, Rathbones Group, a long-term associate of
the Investec Group, had funds under management and administration of £113.6
billion
(31 March 2025: £104.1 billion).
Salient features by geography FY2026 FY2025 Variance % change % change in Rands
Investec Limited (Southern Africa)
Adjusted operating profit (£'m) 488.3 463.0 25.3 5.5 % 5.2%
Cost to income ratio 53.3% 52.4%
ROTE 18.4% 18.4%
ROE 18.2% 18.3%
CET1 13.6% 14.8%
Leverage ratio 6.1% 6.2%
Customer accounts (deposits) (£'bn) 22.3 19.7 2.6 13.1 % 7.5%
Net core loans and advances (£'bn) 15.6 2.1 13.6 % 8.1%
17.7
Investec plc (UK & Other)
Adjusted operating profit (£'m) 462.7 457.0 5.7 1.3%
Cost to income ratio 52.5% 52.7%
ROTE 13.7% 14.5%
ROE 10.8% 11.2%
CET1 13.0% 12.6%
Leverage ratio 9.4% 9.9%
Customer accounts (deposits) (£'bn) 22.5 21.4 4.7 %
1.1
Net core loans and advances (£'bn) 17.8 16.8 1.0 5.9 %
Totals and variance are presented in £'billions, unless otherwise stated,
which may result in rounding differences.
Enquiries
Investec Investor Relations
Results: Qaqambile Dwayi
Tel: +27 (0) 11 291 0129
General enquiries:
Tel: +27 (0) 11 286 7070 or investorrelations@investec.com
Brunswick (SA PR advisers)
Tim Schultz
Tel: +27 (0) 82 309 2496
Lansons (UK PR advisers)
Tom Baldock
Tel: +44 (0) 78 6010 1715
Presentation/conference call details
Investec will host its results presentation live from London and broadcast
live in Johannesburg today at 10h00 (SA)/ 09h00 (UK) time.
Please register for the presentation at:
www.investec.com/investorrelations
A live video webcast of the presentation will be available on www.investec.com
About Investec
Investec Group is a leading international bank and wealth manager, with a
regional focus in Southern Africa and the United Kingdom, complemented by a
strategic presence in Continental Europe, Channel Islands, Dubai, India,
Mauritius, Switzerland, and the United States.
Investec partners with private, corporate, and institutional clients, and
delivers tailored solutions with exceptional service in the areas of private
banking and wealth management, and corporate and investment banking. Investec
is driven by its purpose to create enduring worth for all its stakeholders.
The Group was established in 1974 and currently has 8,000+ employees. Investec
has a dual-listed company structure with primary listings on the London and
Johannesburg Stock Exchanges.
Johannesburg and London
JSE Debt and Equity Sponsor: Investec Bank Limited
Group financial performance
Overview
Revenue increased 4.2% to £2 281.4 million (FY2025: £2 190.5 million)
Net interest income (NII) decreased 1.6% to £1 335.8 million (FY2025: £1
358.1 million); growth in average interest earning assets and lower funding
costs driven by the execution of our strategy to optimise the funding pool in
Southern Africa in recent years, was offset by the negative endowment effect
of declining global interest rates. NII was also impacted by margin pressure
due to highly competitive pricing across our operating jurisdictions.
Non-interest revenue increased 13.6% to £945.7 million (FY2025: £832.4
million).
• Net fee and commission income increased by 14.7% to £506.0 million
(FY2025: £441.2 million), driven by increased activity across our global
corporate lending and investment banking franchises, and strong FX structuring
fees in Southern Africa. This was supported by strong fee generation in our
private client franchise in Southern Africa, reflecting increased client
activity and higher average discretionary FUM
• Investment income of £142.0 million (FY2025: £130.7 million)
reflects net fair value gains and dividends received on investment portfolios
• Share of post tax operating profit of associates and joint venture
holdings amounted to £90.9 million (FY2025: £75.8 million) primarily
consists of Investec's share of Rathbones reported post-tax underlying profit
attributable to shareholders for their year ended 31 December 2025. The
Group's equity accounted earnings for current year accrued at 43.15%, being
our average effective interest taking into consideration the elimination of
treasury shares held within Rathbones Group and the Rathbones share buyback
• Trading income arising from customer flow increased by 10.9% to
£169.9 million (FY2025: £153.2 million) reflecting higher levels of client
FX and interest rate hedging activity given heightened market volatility
• Trading income from balance sheet management and other trading
activities amounted to £9.4 million (FY2025: £25.6 million). This reflects
MTM movements in various hedging instruments used to manage interest rate risk
on the balance sheet; these are accounting mismatches and are expected to
reverse over the life of the instruments, as well as FX movements on foreign
currency denominated financial assets
• Other operating income increased to £27.6 million (FY2025: £5.8
million) primarily driven by an insurance recovery from a previously written
off exposure.
Expected credit loss (ECL) impairment charges amounted to £124.2 million
(FY2025: £119.2 million)
Asset quality remains within Group risk appetite limits, with exposures to a
carefully defined target market and well covered by collateral. The increase
in the ECL impairment charges is primarily driven by an IFRS 9 model charge in
the current year versus a release in the prior year and lower recoveries and
in Southern Africa. The credit loss ratio on core loans was 36bps (FY2025:
38bps).
Operating costs increased by 4.7% to £1 205.3 million (FY2025: £1 151.4
million)
The cost-to-income ratio was 52.9% (FY2025: 52.6%). Fixed operating
expenditure increased due to continued investment in technology and people to
support the Group's growth ambitions and enhance business resilience. Higher
personnel expenses relate to both annual salary increases and growth in
headcount. Variable remuneration in each geography was in line with respective
underlying business performance.
Taxation
The taxation charge on adjusted operating profit was £178.0 million (FY2025:
£169.6 million), resulting in an effective tax rate of 20.7% (FY2025: 20.1%).
Investec plc effective tax rate is 20.0% (FY2025: 19.3%), reflecting the
weighted effective tax rate from multiple jurisdictions where Investec plc has
operations. Investec Limited's effective tax rate is 21.2% (FY2025: 20.7%).
Funding and liquidity
Customer deposits increased 8.7% to £44.7 billion (FY2025: £41.2 billion) on
a reported basis and 6.1% in neutral currency. Customer deposits increased by
4.7% to £22.5 billion for Investec plc and increased by 13.1% on a reported
basis and by 7.5% in neutral currency to R503.3 billion for Investec Limited
since 31 March 2025.
Cash and near cash of £18.2 billion (FY2025: £16.9 billion) being £9.4
billion in Investec plc and R199 billion in Investec Limited at 31 March 2026
representing approximately 40.7% of customer deposits (41.8% for Investec plc
and 39.5% for Investec Limited).
Loans and advances to customers as a percentage of customer deposits was 79.3%
(FY2025: 78.4%) for Investec plc and 77.9% (FY2025: 77.2%) for Investec
Limited.
The Group comfortably exceeds Board-approved internal targets and Basel
liquidity requirements for the Liquidity Coverage Ratio (LCR) and Net Stable
Funding Ratio (NSFR).
• Investec plc reported a LCR of 349% and a NSFR of 139% at 31 March
2026
• Investec Bank Limited (consolidated Group) reported a LCR of 185.7%
and an NSFR of 117.3% at 31 March 2026.
Capital adequacy and leverage ratios
Capital and leverage ratios remain sound, ahead of regulatory requirements.
The CET1 and leverage ratio were 13.0% (FY2025: 12.6%) and 9.4% for Investec
plc (standardised approach) and 13.6% (FY2025: 14.8%) and 6.1% for Investec
Limited (Advanced Internal Ratings-Based approach) respectively. The Investec
Limited CET1 ratio incorporates a RWA add-on resulting from the new output
floor introduced through the remaining Basel post crisis reforms effective 1
July 2025. Once fully phased in by 1 January 2028, the output floor is
designed to limit the benefit from modelling RWAs to 72.5% of prescribed
non-modelled RWAs.
At 31 March 2026, the prescribed output floor was 65%, resulting in a RWA
add-on which reduced Investec Limited's CET 1 ratio by 40 bps.
Segmental performance
Specialist Banking
Adjusted operating profit from Specialist Banking increased by 2.2% to £857.1
million (FY2025: £839.0 million).
Specialist Banking Southern Africa UK & Other Total
FY2026 FY2025 Variance FY2026 FY2025 Variance FY2026 FY2025
£'m £'m £'m % Rands % £'m £'m £'m % £'m £'m
Operating income (before ECL) 940.1 868.7 71.4 8.2% 7.9% 1 085.8 1 090.3 (4.6) (0.4%) 2 025.8 1 959.0
ECL impairment charges (26.8) (22.2) (4.6) 20.8% 19.6% (97.4) (97.0) (0.3) 0.4% (124.2) (119.2)
Operating costs (457.3) (418.0) (39.3) 9.4% 9.0% (586.4) (582.9) (3.5) 0.6% (1 043.7) (1 000.9)
(Profit)/loss attributable to NCI (0.5) 0.2 (0.7) (>100.0%) (>100.0%) 0.1 (0.8) 0.8 >100% (0.4) (0.6)
Adjusted operating profit 455.5 428.7 26.8 6.3% 6.0% 401.6 410.4 (8.7) (2.1%) 857.1 839.0
Totals and variances are presented in £'million which may result in rounding
differences.
Southern Africa Specialist Banking (in Rands)
Adjusted operating profit increased by 6.0% to R10 579 million (FY2025: R9
976 million) reflecting a strong performance in an improving, albeit still
uncertain, operating environment. Our core client franchises demonstrated good
momentum supported by continued success in our client acquisition and
entrenchment strategies, as well as improved business confidence. We are
focused on a client segment-led approach to deepen relationships, grow market
share and enhance connectivity. We continue to invest in people and key
digital modernisation initiatives to further our growth agenda, while
maintaining cost discipline.
Net core loans grew by 8.1% to R399.5 billion (FY2025: R369.8 billion) driven
by 10.7% growth in our private banking lending book, as well as strong growth
across our corporate credit portfolios particularly in our Listed corporate,
Energy and Infrastructure finance, and Fund Finance portfolios. In line with
our strategic investment into the Corporate mid-market segment, the lending
book grew by 14.4%, well ahead of the estimated market growth.
Revenue increased 7.9% benefitting from growth in average interest earning
assets, and continued client acquisition in line with our growth strategies.
• Net interest income (NII) increased by 6.3% driven by 9.2% growth in
the average net core loans balance and lower cost of funds which has
benefitted from the successful execution of our strategies to optimise the
funding pool. This was partially offset by the negative endowment effects of
lower average interest rates and competitive pricing in the market
• Non-interest revenue increased by 11.3% driven by:
- Net fee and commission income which grew by 17.8% reflecting higher
equity capital market and advisory fees, as well as increased FX structuring
fee activity in the corporate and investment banking business. This was
further supported by higher private banking fees resulting from increased
client activity
- Higher trading income from customer flow supported by stronger client
flows from FX and interest rate trading desks given increased market
volatility
- Other operating income reflects an insurance recovery from a previously
written-off exposure
Partly offset by:
- Lower trading income from balance sheet management activities which
reflects unrealised MTM losses associated with managing interest rate risk.
Recognition of these MTM movements are temporary and reverse over the life of
the financial instruments.
ECL impairment charges increased to R617 million (FY2025: R517 million)
primarily driven by an IFRS 9 model charge in the current year versus a
release in the prior year and lower recoveries relative to prior year, partly
offset by lower specific impairments. The credit loss ratio was 14bps (FY2025:
15bps).
The cost to income ratio was 48.6% (FY2025: 48.1%). Operating costs increased
by 9.0% reflecting our continued investment into the business to achieve
strategic growth and operational efficiency. Fixed operating costs grew 9.4%
driven by higher headcount to support our strategic growth initiatives and
enhance business resilience, as well as annual salary increases. Technology
spend increased in order to drive our growth agenda, in particular
transactional banking modernisation and feature rollout to scale our existing
capability. Variable remuneration increased in line with performance.
UK & Other Specialist Banking
Adjusted operating profit of £401.6 million (FY2025: £410.4 million)
reflects a resilient performance in a volatile and lower-rate environment,
where underlying franchise momentum was counterbalanced by margin compression
and continued strategic investment. We are executing the next phase of our
growth strategy, scaling our Private Client franchise, accelerating our
transactional banking capabilities, and expanding both our mid‑market
advisory proposition and our Alternative Investment Management platform. These
initiatives will drive client acquisition, deepen client relationships, and
underpin sustainable future growth.
Net core loans grew 5.9% to £17.8 billion driven by growth across our
diversified corporate loan book, particularly in our Fund Solutions, Direct
Lending, and Real Estate portfolios, as well as 10.3% growth in the
residential mortgage portfolio.
Revenue decreased slightly on prior year; as strong growth in net fee and
commission income, generated from our Investment Banking lending and advisory
activities, was offset by lower net interest income and lower income from
balance sheet management and other trading activities. Investment income and
Customer flow trading income both contributed positively to revenue.
• Net interest income decreased by 6.8% as the benefit of a larger
average loan book was offset by the impact of lower average interest rates and
margin compression from competitive pricing
• Non-interest revenue increased by 14.7% driven by:
- Net fees and commissions increasing by 14.0% reflecting higher
arrangement fees generated across our investment banking lending franchises,
including strong deal activity in our Aviation franchise
- Increased investment income driven by net realised fair value movements
from equity investments and higher dividend income
- Higher trading income from customer flow underpinned by increased
facilitation of hedging for clients by our Treasury Risk Solutions business
- Other operating income mainly reflects an insurance recovery from a
previously written off exposure
Partly offset by:
- Lower income from balance sheet management and other trading activities.
ECL impairment charges amounted to £97.4 million, resulting in a credit loss
ratio of 57bps (FY2025: 60bps) in line with guidance, predominantly driven by
Stage 3 ECL charges on certain exposures. Overall asset quality of the book
remained stable; Stage 3 exposures remained at 3.4% of gross core loans
subject to ECL (FY2025: 3.4%) and Stage 2 exposures decreasing to 7.4%
(FY2025: 8.1%) of gross core loans subject to ECL.
The cost to income ratio was 54.0% (FY2025: 53.5%). Total operating costs
increased by 0.6%. Fixed operating cost growth of 4.1% reflects continued and
accelerated investment in our Private Client and Corporate mid-market growth
initiatives, strategic and regulatory projects to transform the business and
enable future growth, as well as inflationary pressure. Variable remuneration
decreased relative to the prior year.
The Group notes the FCA's announcement on 30 March 2026 regarding the final
scope of the Motor Finance compensation scheme. Based on the scheme as
currently proposed, the Group has concluded that its existing £30 million
provision, covering both redress and associated operational costs, remains
appropriate based on information currently available and our estimate of a
potential response rate. Refer to page 24 for further information.
Wealth & Investment
Adjusted operating profit from the Wealth & Investment businesses
increased 13.9% to £127.9 million (FY2025: £112.3 million).
Wealth & Investment Southern Africa UK & Other Total
FY2026 FY2025 Variance FY2026 FY2025 Variance FY2026 FY2025
£'m £'m £'m % % in Rands £'m £'m £'m % £'m £'m
Operating income 158.9 143.6 15.2 10.6% 10.1% 80.9 69.1 11.8 17.0% 239.8 212.8
Operating costs (111.8) (100.5) (11.4) 11.3% 10.9% - - - -% (111.8) (100.5)
Adjusted operating profit 47.0 43.2 3.9 9.0% 8.2% 80.9 69.1 11.8 17.0% 127.9 112.3
Totals and variances are presented in £'million which may result in rounding
differences.
Southern Africa Wealth & Investment International Business (in Rands)
Adjusted operating profit increased by 8.2% to R1 086 million (FY2025: R1 004
million).
Total FUM increased by 9.8% to R609.6 billion (FY2025: R555.2 billion) driven
by discretionary and annuity net inflows of R30.7 billion (including R7.8
billion additional FUM from a strategic acquisition) and positive market
movements, partly offset by foreign currency translation impact on dollar
denominated portfolios as the South African Rand strengthened against the US
Dollar, and non-discretionary outflows of R8.5 billion. The business delivered
strong client retention and acquisition in a dynamic market, underscoring the
strength of our international wealth management proposition. We are also
scaling through increasing client overlap with Private Banking and disciplined
execution of growth levers across clients, platforms and international
distribution. Rising shared clients and sustained net inflows reflect improved
coordination, platform integration and a more integrated international
offering.
Revenue grew by 10.1% underpinned by strong current and prior year inflows in
our discretionary and annuity portfolios across local and offshore investment
products, partly offset by lower fee income generated from structured products
relative to the prior year. Revenue in Switzerland grew by 3.8% in Pounds
driven by higher net fee income as a result of higher average FUM, partly
offset by lower net interest income due to lower average interest rates.
Operating costs increased 10.9%, driven by investment in people for continued
growth, higher technology spend, and inflation. Variable remuneration
increased in line with underlying performance. Fixed operating expenditure
increased by 11.0%. Operating margin was 29.6% (FY2025: 30.1%).
UK & Other Wealth & Investment
The all-share combination of IW&I UK and Rathbones successfully completed
in September 2023. Investec continues to hold c.44.5 million Rathbones shares
(ordinary and convertible), unchanged since completion of the combination.
The current financial year consists of the Group's share of Rathbones post-tax
underlying profit attributable to shareholders of £177.4 million for their
year ended 31 December 2025 which amounts to £76.6 million (FY2025: £69.1
million). We have accrued earnings at an average effective interest of 43.15%
for the year, taking into consideration the elimination of treasury shares
held within Rathbones Group and the impact of the Rathbones share buyback in
the current year. In prior years, the consideration of treasury shares had not
been applied and earnings were accrued at 41.25%, as such an additional £4.3
million has been recognised in 1H2026 to account for the differential.
Rathbones announced the successful completion of the planned IW&I UK
client and asset migration during the current financial year, establishing a
strong foundation for realising the full benefits of the combined organisation
going forward. Rathbones reported annualised synergies of £76 million for the
year ended 31 December 2025, well ahead of the original £60 million target.
At 31 March 2026 Rathbones reported FUMA of £ 113.6 billion FUMA.
As we approach three years post the combination of IW&I UK and Rathbones,
we are evolving our strategic partnership from a referral-based model to an
integrated assets-under-advice model. Investec will now lead the client
relationship and advice, with Rathbones providing underlying investment
capabilities, alongside Investec Wealth & Investment International. This
is aligned to the Group's strategy to deliver a unified Banking and Wealth
proposition via a single platform, enabling holistic advice and seamless
digital delivery.
Group Investments
Group Investments includes the holding in Ninety One held by the UK, as well
as Bud Group Holdings, Burstone Group (formerly known as IPF) and other equity
investments held in Southern Africa.
Group Investments Southern Africa UK & Other Total
FY2026 FY2025 Variance FY2026 FY2025 Variance FY2026 FY2025
£'m £'m £'m % % in Rands £'m £'m £'m % £'m £'m
Operating income (net of ECL charges) 3.9 7.7 (3.8) (49.4%) (48.3%) 11.9 11.0 0.9 8.5% 15.8 18.6
Operating costs (0.5) - (0.5) >100% >100% - - - - (0.5) -
Adjusted operating profit 3.5 7.7 (4.2) (54.9%) (54.5%) 11.9 11.0 0.9 8.5% 15.4 18.6
Totals and variances are presented in £'million which may result in rounding
differences.
The contribution from Group Investments is expected to reduce over time as
the South African portfolio is realised.
Further information
Additional information on each of the business units is provided in the Group
results analyst book published on the Group's website:
http://www.investec.com.
The maintenance and integrity of the Investec website are the responsibility
of the directors. The statutory auditors did not carry out a review of the
analyst booklets or any other financial information that is published on the
website.
On behalf of the Boards of Investec plc and Investec Limited
Philip Hourquebie Fani Titi
Chair Group Chief Executive
21 May 2026
Notes to the commentary section above
Presentation of financial information
Investec operates under a Dual Listed Companies (DLC) structure with primary
listings of Investec plc on the London Stock Exchange and Investec Limited on
the JSE Limited.
In terms of the contracts constituting the DLC structure, Investec plc and
Investec Limited effectively form a single economic enterprise from a
shareholder perspective, in which the economic and voting rights of ordinary
shareholders of the companies are maintained in equilibrium relative to each
other. Creditors, however, are ring-fenced to either Investec plc or Investec
Limited as there are no cross-guarantees between the companies. The directors
of the two companies consider that for financial reporting purposes, the
fairest presentation is achieved by combining the results and financial
position of both companies.
Accordingly, these results reflect the results and financial position of the
combined DLC Group under UK adopted IFRS® Accounting Standards which comply
with IFRS® Accounting Standards as issued by the International Accounting
Standards Board (IASB) and the (EC) No. 1606/2002 as it applies in the
European Union, denominated in Pound Sterling. In the commentary above, all
references to Investec or the Group relate to the combined DLC Group
comprising Investec plc and Investec Limited.
Following a review of the liquidity, capital position, profitability, the
business model and operational risks facing the business, the directors have a
reasonable expectation that the Investec Group will be a going concern for a
period of at least 12 months. The results for the year ended 31 March 2026
have accordingly been prepared on the going concern basis.
Unless the context indicates otherwise, all comparatives included in the
commentary above relate to the year ended 31 March 2025.
Amounts represented on a neutral currency basis for income statement items
assume that the relevant average exchange rates for the year ended 31 March
2026 remain the same as those in the prior year. Amounts represented on a
neutral currency basis for balance sheet items assume that the relevant
closing exchange rates as at 31 March 2026 remain the same as those at 31
March 2025.
Foreign currency impact
The Group's reporting currency is Pound Sterling. Certain of the Group's
operations are conducted by entities outside the UK. The results of operations
and the financial condition of these individual companies are reported in the
local currencies in which they are domiciled, including Rands, Australian
Dollars, Euros, US Dollars and Indian Rupees. These results are then
translated into Pound Sterling at the applicable foreign currency exchange
rates for inclusion in the Group's combined consolidated financial statements.
In the case of the income statement, the weighted average rate for the
relevant period is applied and, in the case of the balance sheet, the relevant
closing rate is used.
The following table sets out the movements in certain relevant exchange rates
against Pound Sterling over the period:
31 Mar 2026 31 Mar 2025
Currency Closing Average Closing Average
per GBP1.00
South African Rand 22.58 23.25 23.74 23.25
Euro 1.20
1.15 1.16 1.19
US Dollar 1.32 1.34 1.29 1.28
Profit Forecast
Revenue momentum is expected to be underpinned by book growth, stronger client
activity levels and continued success in our client acquisition and
entrenchment strategies.
The Group currently expects:
• Group ROE to be between 13.0% and 14.0%. Investec Limited is expected
to report ROE between 18.0% and 19.0%, and Investec plc is expected to report
ROTE between 12.5% and 13.5%
• Overall costs to be well managed in the context of continued
investment in the business and inflationary pressures, with cost to income
ratio expected to be between 52.0% and 54.0%
• The credit loss ratio to be within the through-the-cycle (TTC) range
of 25bps to 45bps.
The Group has maintained robust capital and liquidity levels well above
Board-approved minimums. The Group is well-positioned to continue to support
our clients in navigating the current economic uncertainty and deliver on our
clear strategy to enhance long-term shareholder returns.
The basis of preparation of this statement and the assumptions upon which it
was based are set out below. This statement is subject to various risks and
uncertainties and other factors - these factors may cause the Group's actual
future results, performance or achievements in the markets in which it
operates to differ from those expressed in this Profit Forecast.
Any forward-looking statements made are based on the knowledge of the Group at
21 May 2026.
This forward-looking statement represents a profit forecast under the Listing
Rules of the UK's Financial Conduct Authority. The Profit Forecast relates to
the year ending 31 March 2026.
The financial information on which the Profit Forecast was based is the
responsibility of the Directors of the Group and has not been reviewed and
reported on by the Group's auditors.
Basis of preparation
The Profit Forecast has been properly compiled using the assumptions stated
below, and on a basis consistent with the accounting policies adopted in the
Group's 31 March 2025 audited annual financial statements, which are in
accordance with UK adopted international accounting standards and IFRS®
Accounting Standards as issued by the International Accounting Standards Board
(IASB).
At 31 March 2026, UK adopted IFRS Accounting Standards are identical in all
material respects to current IFRS applicable to the Group, with differences
only in the effective dates of certain standards.
Assumptions
The Profit Forecast has been prepared on the basis of the following
assumptions during the forecast period:
Factors outside the influence or control of the Investec Board:
• There will be no material change in the political and/or economic
environment that would materially affect the Investec Group
• There will be no material change in legislation or regulation
impacting on the Investec Group's operations or its accounting policies
• There will be no business disruption that will have a significant
impact on the Investec Group's operations, whether for the economic effects of
increased geopolitical tensions or otherwise
• The Rand/Pound Sterling, Euro/Pound, INR/Pound and US Dollar/Pound
Sterling exchange rates and the tax rates remain materially unchanged from the
prevailing rates detailed above
• There will be no material changes in the structure of the markets,
client demand or the competitive environment
• There will be no material change to the facts and circumstances
relating to legal proceedings and uncertain tax matters
• There have been no material changes to the Group's principal risks as
disclosed on pages 10 to 29 of the Investec Group Risk and Governance report
for the year ended 31 March 2025.
Estimates and judgements
In preparation of the Profit Forecast, the Group makes estimations and applies
judgement that could affect the reported amount of assets and liabilities
within the reporting period. Key areas in which judgement is applied include:
• Valuation of unlisted investments primarily in private equity, direct
investments portfolios and embedded derivatives. Key valuation inputs are
based on the most relevant observable market inputs, adjusted where necessary
for factors that specifically apply to the individual investments and
recognising market volatility
• The determination of ECL against assets that are carried at amortised
cost and ECL relating to debt instruments at fair value through other
comprehensive income (FVOCI) involves the assessment of future cash flows, the
underlying model assumptions and economic scenarios all which are judgmental
in nature
• Valuation of investment properties is performed by capitalising the
budgeted net income of the property at the market related yield applicable at
the time
• The Group's income tax charge and balance sheet provision are
judgmental in nature. This arises from certain transactions for which the
ultimate tax treatment can only be determined by final resolution with the
relevant local tax authorities. The Group recognises in its tax provision
certain amounts in respect of taxation that involve a degree of estimation and
uncertainty where the tax treatment cannot finally be determined until a
resolution has been reached by the relevant tax authority. The carrying amount
of this provision is often dependent on the timetable and progress of
discussions and negotiations with the relevant tax authorities, arbitration
processes and legal proceedings in the relevant tax jurisdictions in which the
Group operates. Issues can take many years to resolve and assumptions on the
likely outcome would therefore have to be made by the Group. Where
appropriate, the Group has utilised expert external advice as well as
experience of similar situations elsewhere in making any such provisions
• Determination of interest income and interest expense using the
effective interest rate method involves judgement in determining the timing
and extent of future cash flows
• The estimates relating to dividends tax arbitrage and motor finance
provisions remain materially unchanged.
Accounting policies, significant judgements and disclosures
These unaudited condensed consolidated financial statements for the year to 31
March 2026 have been prepared in accordance with the Listing Rules of the
Financial Conduct Authority (FCA) relating to Preliminary Announcements and
comprise the results of Investec PLC and Investec Limited together with its
subsidiaries (the Group). They comply with the recognition and measurement
criteria of IFRS® Accounting Standards and UK adopted IFRS, and the
presentation and disclosure requirements of IAS 34 Interim Financial
Reporting, and therefore do not include all of the information required for
full annual financial statements. At 31 March 2026, UK adopted IFRS are
identical in all material respects to current IFRS applicable to the Group,
with differences only in the effective dates of certain standards.
The accounting policies applied in the preparation for the results for the
year ended 31 March 2026 are consistent with those in the audited financial
statements for the year ended 31 March 2025. These results should be read in
conjunction with the 31 March 2025 annual financial statements, which provide
the comparatives for the disclosures in this document.
The financial results have been prepared under the supervision of Nishlan
Samujh, the Group Finance Director. The financial statements for the year
ended 31 March 2026 will be available on the Group's website:
www.investec.com
Proviso
• Please note that matters discussed in this announcement may contain
forward-looking statements which are subject to various risks and
uncertainties and other factors, including, but not limited to:
- changes in the political and/or economic environment that would
materially affect the Investec Group
- changes in legislation or regulation impacting the Investec Group's
operations or its accounting policies
- changes in business conditions that will have a significant impact on
the Investec Group's operations
- changes in exchange rates and/or tax rates from the prevailing rates
outlined in this announcement
- changes in the structure of the markets, client demand or the
competitive environment
• A number of these factors are beyond the Group's control
• These factors may cause the Group's future results, performance or
achievements in the markets in which it operates to differ from those
expressed or implied
• Any forward-looking statements made are based on the knowledge of the
Group at 21 May 2026
• The information in the Group's announcement for the year ended 31
March 2026, which was approved by the Board of Directors on 21 May 2026, does
not constitute statutory accounts as defined in Section 434 of the UK
Companies Act 2006. The 31 March 2025 financial statements were filed with the
registrar and were unqualified with the audit report containing no statements
in respect of sections 498(2) or 498(3) of the UK Companies Act
• The financial information on which forward-looking statements are
based is the responsibility of the Directors of the Group and has not been
reviewed and reported on by the Group's auditors.
This announcement is available on the Group's website: www.investec.com
Definitions
• Adjusted operating profit refers to profit before tax, adjusted to
remove goodwill, acquired intangibles and strategic actions including such
items within equity accounted earnings, and non-controlling interests.
Non-IFRS measures such as adjusted operating profit are considered as
financial information as per the JSE Listing Requirements. The financial
information is the responsibility of the Group's Board of Directors.
• Adjusted earnings attributable to shareholders refers to earnings
attributable to shareholders adjusted to remove goodwill, acquired intangible
assets, strategic actions, including such items within equity accounted
earnings and earnings attributable to perpetual preference shareholders and
Other Additional Tier 1 security holders
• Adjusted basic earnings per share is calculated as adjusted earnings
attributable to shareholders divided by the weighted average number of
ordinary shares in issue during the year
• Headline earnings is an earnings measure required to be calculated and
disclosed by the JSE and is calculated in accordance with the guidance
provided in Circular 1/2023
• Headline earnings per share (HEPS) is calculated as headline earnings
divided by the weighted average number of ordinary shares in issue during the
year
• Basic earnings is earnings attributable to ordinary shareholders as
defined by IAS33 "Earnings Per Share"
• Dividend payout ratio is calculated as the dividend per share divided
by adjusted earnings per share
• Pre-provision adjusted operating profit is calculated as total
operating income before expected credit loss impairment charges, net of
operating costs and net of operating profits or losses attributable to other
non-controlling interests
• The credit loss ratio is calculated as expected credit loss (ECL)
impairment charges on gross core loans as a percentage of average gross core
loans subject to ECL
• The coverage ratio is ECL as a percentage of gross core loans subject
to ECL
• Revenue refers to operating income as found on the face of the
condensed combined consolidated income statement adjusted to remove
transactions relating to goodwill, acquired intangibles, and strategic actions
within equity accounted earnings
• The cost to income ratio is calculated as operating costs divided by
operating income before expected credit loss impairment charges (net of
operating profits or losses attributable to other non-controlling interests)
• Return on average ordinary shareholders' equity (ROE) is calculated as
adjusted earnings attributable to ordinary shareholders divided by average
ordinary shareholders' equity
• Return on average tangible ordinary shareholders' equity (ROTE) is
calculated as adjusted earnings attributable to ordinary shareholders divided
by average tangible ordinary shareholders' equity
• Net core loans is defined as net loans to customers plus net own
originated securitised assets
• Cash and near cash includes cash, near cash (other 'monetisable
assets' which largely include short-dated trading assets) and central bank
cash placements and guaranteed liquidity
• NCI is non-controlling interests.
Financial assistance
Shareholders are referred to Special Resolution number 3, which was approved
at the annual general meeting held on 7 August 2025, relating to the
provision of direct or indirect financial assistance in terms of Section 45 of
the South African Companies Act, No 71 of 2008 to related or inter-related
companies. Shareholders are hereby notified that in terms of S45(5)(a) of the
South African Companies Act, the Boards of Directors of Investec Limited and
Investec Bank Limited provided such financial assistance during the period
1 April 2025 to 31 March 2026 to various Group subsidiaries.
Exchange rate impact on statutory results
Exchange rates between local currencies and Pound Sterling have fluctuated
over the period. The most significant impact arises from the volatility of the
Rand. The average Rand: Pound Sterling exchange rate over the period is in
line with the comparative period ended 31 March 2025, and the closing rate has
appreciated by 4.9% since 31 March 2025 . The following tables provide an
analysis of the impact of the Rand on our reported numbers.
Results in Pounds Sterling Results in Rands
Total Group Year to 31 March 2026 Year to 31 March 2025 % Neutral currency^ Year to 31 March 2026 Neutral Year to 31 March 2026 Year to 31 March 2025 %
change currency change
%
change
Adjusted operating profit before taxation (million) £951 £920 3.4% £950 3.3% R22 093 R21 400 3.2%
Earnings attributable to shareholders (million) £725 £693 4.6% £725 4.6% R16 849 R16 135 4.4%
Adjusted earnings attributable to shareholders (million) £705 £677 4.1% £705 4.1% R16 388 R15 747 4.1%
Adjusted earnings per share 82.9p 79.1p 4.8% 82.9p 4.8% 1927c 1842c 4.6%
Basic earnings per share 77.1p 72.8p 5.9% 77.1p 5.9% 1793c 1695c 5.8%
Headline earnings per share 73.1p 72.6p 0.7% 73.1p 0.7% 1700c 1690c 0.6%
Results in Pounds Sterling Results in Rands
At 31 March 2026 At 31 March % Neutral currency^^ At 31 March 2026 Neutral At 31 March 2026 At 31 March %
2025
2025
change currency change
%
change
Net asset value per share 636.6p 587.7p 8.3% 628.6p 7.0% 14 374c 13 954c 3.0%
Tangible net asset value per share 553.1p 506.3p 9.2% 545.1p 7.7% 12 489c 12 021c 3.9%
Total equity (million) £6 071 £5 655 7.4% £5 957 5.3% R137 081 R134 267 2.1%
Total assets (million)* £63 834 £58 276 9.5% £62 272 6.9% R1 441 353 R1 383 651 4.2%
Core loans (million) £35 498 £32 387 9.6% £34 631 6.9% R801 533 R768 971 4.2%
Cash and near cash balances (million) £18 192 £16 851 8.0% £17 760 5.4% R410 776 R400 085 2.7%
Customer accounts (deposits) (million) £44 749 £41 164 8.7% £43 657 6.1% R1 010 419 R977 360 3.4%
^ For income statement items we have used the average Rand: Pound
Sterling exchange rate that was applied in the prior year, i.e. R23.25.
^^ For balance sheet items we have assumed that the Rand: Pound
Sterling closing exchange rate has remained neutral since 31 March 2025.
* Restated as detailed below.
Condensed combined consolidated income statement
£'000 Year to Year to
31 March 2026 31 March 2025^
Interest income 3 875 959 4 160 769
Interest expense (2 540 208) (2 802 663)
Net interest income 1 335 751 1 358 106
Fee and commission income 570 565 495 426
Fee and commission expense (64 583) (54 265)
Investment income 141 964 130 716
Share of post-taxation profit of associates and joint venture holdings 60 367 40 170
Profit before amortisation and integration costs 90 899 75 797
Amortisation of acquired intangibles (16 025)
(6 812)
Acquisition related and integration costs within associate (14 507) (28 815)
Trading income arising from
- customer flow* 169 887 153 246
- balance sheet management and other trading activities 9 368 25 615
Other operating income 27 559 5 833
Operating income 2 250 878 2 154 847
Expected credit loss impairment charges (124 170) (119 230)
Operating income after expected credit loss impairment charges 2 126 708 2 035 617
Operating costs (1 205 341) (1 151 399)
Financial impact of strategic actions** (19 536) (21 070)
Profit before taxation 901 831 863 148
Taxation (176 470) (169 818)
Taxation on operating profit before goodwill and acquired intangibles (177 999) (169 623)
Taxation on acquired intangibles and strategic actions 1 529
(195)
Profit after taxation 725 361 693 330
(Profit)/loss attributable to non-controlling interests 152
(854)
Earnings attributable to equity holders 724 507 693 482
Earnings attributable to ordinary shareholders 655 357 622 932
Earnings distributed to perpetual preferred securities and Other Additional 69 150 70 550
Tier 1 security holders
^ Restated as detailed below.
* Included in trading income arising from customer flow is income
of £292.1 million (March 2025: £283.3 million) and interest expense of
£122.2 million (March 2025: £152.8 million).
** In the prior year, an immaterial amount in respect of Closure
and rundown of the Hong Kong direct investments business was presented
separately. In the current year, this has been collapsed into Financial impact
of strategic actions, with the comparative restated accordingly.
Earnings per share
Year to Year to
31 March 2026
31 March 2025
Basic earnings per share - pence 77.1 72.8
Diluted basic earnings per share - pence 75.0 70.3
Condensed combined consolidated statement of total comprehensive income
£'000 Year to Year to
31 March 2026
31 March 2025
Profit after taxation 725 361 693 330
Other comprehensive income:
Items that may be reclassified to the income statement
Fair value movements on cash flow hedges taken directly to other comprehensive (10 380)
income* (8 931)
Fair value movements on debt instruments at FVOCI taken directly to other 8 667
comprehensive income* (687)
Gain on realisation of debt instruments at FVOCI recycled through the income (3 296) (3 409)
statement*
Foreign currency adjustments on translating foreign operations 81 474
(23)
Hedge of net investment in subsidiary (2 080) -
Items that will never be reclassified to the income statement
Share of other comprehensive income/(loss) of associates and joint venture 26 (3 803)
holdings
Fair value movements on equity instruments at FVOCI taken directly to other 78 069 (24 019)
comprehensive income*
Movement in post-retirement benefit liabilities - 46
Net loss attributable to own credit risk*
(376) (184)
Total comprehensive income 878 914 650 871
Total comprehensive (income)/loss attributable to non-controlling interests 179
(301)
Total comprehensive income attributable to equity holders 878 613 651 050
Total comprehensive income attributable to ordinary shareholders 809 463 580 500
Total comprehensive income distributed to perpetual preferred securities and 69 150 70 550
Other Additional Tier 1 security holders
* These amounts are net of a total tax credit of £1.9 million
(March 2025: tax credit of £4.8 million).
Condensed combined consolidated balance sheet
At 31 March 2026 31 March 2025^ 31 March 2024^
£'000
Assets
Cash and balances at central banks 4 037 851 5 003 272 6 279 088
Loans and advances to banks 1 207 794 1 321 060 1 122 036
Non-sovereign and non-bank cash placements 659 248 425 375 460 559
Reverse repurchase agreements and cash collateral on securities borrowed 4 845 284 4 290 283 4 376 886
Sovereign debt securities 7 415 831 6 095 597 4 957 922
Bank debt securities 741 651 675 322 596 436
Other debt securities 1 758 598 1 197 741 1 148 147
Derivative financial instruments 1 066 207 823 107 997 938
Securities arising from trading activities 1 472 667 1 995 422 1 669 217
Loans and advances to customers 35 163 096 32 026 904 30 645 313
Own originated loans and advances to customers securitised 335 293 360 488 269 034
Fair value adjustment for asset portfolio hedged risk (20 507) - -
Other loans and advances 114 044 139 087 117 513
Other securitised assets - - 66 704
Other financial instruments at fair value through profit or loss in respect 291 949 206 272 154 738
of liabilities to customers
Investment portfolio 770 816 697 582 807 030
Interests in associated undertakings and joint venture holdings 863 337 846 009 858 420
Current taxation assets 81 445 25 751 35 636
Deferred taxation assets 167 350 204 971 204 861
Other assets 2 331 494 1 503 534 1 693 030
Property and equipment 315 198 223 463 238 072
Investment properties 39 159 100 841 105 975
Goodwill 82 841 74 285 75 367
Software 20 502 7 452 9 707
Non-current assets classified as held for sale 72 492 32 568 22 270
63 833 640 58 276 386 56 911 899
Liabilities
Deposits by banks 2 726 216 2 752 547 3 643 793
Derivative financial instruments 1 338 790 987 784 1 045 033
Other trading liabilities 1 391 906 1 593 025 1 334 772
Repurchase agreements and cash collateral on securities lent 1 738 349 1 157 856 1 006 272
Customer accounts (deposits) 44 748 985 41 164 221 39 531 563
Fair value adjustment for liability portfolio hedged risk (10 395) - -
Debt securities in issue 1 664 528 1 563 602 1 541 194
Liabilities arising on securitisation of own originated loans and advances 267 123 257 282 208 571
Liabilities arising on securitisation of other assets - - 71 751
Current taxation liabilities 49 609 50 746 43 955
Deferred taxation liabilities 5 155 3 526 5 198
Other liabilities 2 571 577 1 860 840 1 877 860
Liabilities to customers under investment contracts 281 029 213 594 154 889
56 772 872 51 605 023 50 464 851
Subordinated liabilities 990 022 1 016 703 972 806
57 762 894 52 621 726 51 437 657
Equity
Ordinary share capital 243 243 247
Ordinary share premium 1 368 705 1 394 939 1 394 939
Treasury shares (712 812) (574 560) (539 905)
Other reserves (758 144) (902 381) (856 111)
Retained income 5 445 857 5 093 194 4 761 508
Ordinary shareholders' equity 5 343 849 5 011 435 4 760 678
Perpetual preference share capital and premium 126 458 128 072 127 136
Shareholders' equity excluding non-controlling interests 5 470 307 5 139 507 4 887 814
Other Additional Tier 1 securities in issue 601 421 516 364 586 103
Non-controlling interests (982) 325
(1 211)
Total equity 6 070 746 5 654 660 5 474 242
Total liabilities and equity 63 833 640 58 276 386 56 911 899
^ Restated as detailed below.
Included in 'loans and advances to banks' £46 million (2025: £48 million),
'sovereign debt securities' £1 235 million (2025: £340 million), 'bank debt
securities' £77 million (2025: £57 million, 'other debt securities' £163
million (2025: £nil) and 'securities arising from trading activities' £507
million (2025: £601 million) and 'other loans and advances' £nil (2025: £1
million) are assets provided as collateral where the transferee has the right
to resell or re-pledge.
Condensed combined consolidated statement of changes in equity
For the year to 31 March 2026 Ordinary shareholders' equity Perpetual Shareholders' equity Other Non- Total
preference
excluding
Additional
£'000
share capital and share
non-
Tier 1 controlling equity
premium controlling
securities
interests
in issue interests
Balance at the beginning of the year 5 011 435 128 072 5 139 507 516 364 (1 211) 5 654 660
Total comprehensive income 863 601 5 119 868 720 9 893 301 878 914
Share-based payments adjustments 90 569 - 90 569 - - 90 569
Dividends paid to ordinary shareholders (337 345) - (337 345) - - (337 345)
Dividends declared to perpetual preference shareholders and Other Additional (69 150) 10 656 (58 494) 58 494 - -
Tier 1 security holders
Dividends paid to perpetual preference and Other Additional Tier 1 security - (10 656) (10 656) (58 494) - (69 150)
holders
Buy back and cancellation of ordinary shares (26 234) - (26 234) - - (26 234)
Repurchase of perpetual preference shares (15) (6 733) (6 748) - - (6 748)
Acquisition of treasury shares (191 991) - (191 991) - - (191 991)
Issue of Other Additional Tier 1 security instruments - - - 86 991 - 86 991
Redemption of Other Additional Tier 1 security instruments - - - (11 827) - (11 827)
Net equity impact of non-controlling interest movements - - - - (72)
(72)
Net equity movements in associates and joint ventures 7 881 - 7 881 - - 7 881
Treasury shares in trading book (4 902) - (4 902) - - (4 902)
Balance at the end of the year 5 343 849 126 458 5 470 307 601 421 (982) 6 070 746
Total comprehensive income attributable to ordinary shareholders is total
comprehensive income attributable to equity holders, less dividends
distributed to other equity holders including other Additional Tier 1 security
holders, and amounts to £809.8 million.
For the year to 31 March 2025 Ordinary Perpetual Shareholders' equity Other Non- Total
preference
excluding
Additional
£'000 shareholders'
share capital and share premium
non-
Tier 1 controlling equity
controlling
securities
equity interests
in issue interests
Balance at the beginning of the year 4 760 678 127 136 4 887 814 586 103 325 5 474 242
Total comprehensive income/(loss) 648 509 936 649 445 1 605 (179) 650 871
Share-based payments adjustments 71 531 - 71 531 - - 71 531
Dividends paid to ordinary shareholders (320 788) - (320 788) - - (320 788)
Dividends declared to perpetual preference shareholders and Other Additional (70 550) 11 546 (59 004) 59 004 - -
Tier 1 security holders
Dividends paid to perpetual preference and Other Additional Tier 1 security - (11 546) (11 546) (59 004) - (70 550)
holders
Cancellation of special converting shares (4) - (4) - -
(4)
Acquisition of treasury shares (69 681) - (69 681) - - (69 681)
Issue of Other Additional Tier 1 security instruments - - - 25 968 - 25 968
Redemption of Other Additional Tier 1 security instruments - - - (97 312) - (97 312)
Net equity impact of non-controlling interest movements 1 755 - 1 755 - (1 357) 398
Net equity movement in associates and joint ventures (8 449) - (8 449) - - (8 449)
Transfer to reserves (1 566) - (1 566) - - (1 566)
Balance at the end of the year 5 011 435 128 072 5 139 507 516 364 (1 211) 5 654 660
Total comprehensive income attributable to ordinary shareholders is total
comprehensive income attributable to equity holders, less dividends
distributed to other equity holders including other Additional Tier 1 security
holders, and amounts to £580.5 million.
Condensed combined consolidated cash flow statement
£'000 Year to Year to
31 March 2026
31 March 2025^
Cash flows from operating activities
Profit before taxation adjusted for non-cash, non-operating items and other 1 075 573 1 115 023
required adjustments
Taxation paid (173 406) (145 791)
Increase in operating assets (5 230 046) (2 576 556)
Increase in operating liabilities 4 015 652 1 039 532
Net cash outflow from operating activities (312 227) (567 792)
Cash flows from investing activities
Cash flow on acquisition of Group operations, net of cash acquired -
(1 167)
Cash outflow on acquisition of associates and joint venture holdings (12 899) (5 405)
Cash flows from other investing activities (20 329) 16 447
Net cash (outflow)/inflow from investing activities (34 395) 11 042
Cash flows from financing activities
Dividends paid to ordinary shareholders (337 345) (320 788)
Dividends paid to other equity holders (69 150) (74 417)
Acquisition of non-controlling interest - 310
Repurchase of perpetual preference shares -
(6 748)
Proceeds on issue of other Additional Tier 1 securities in issue 86 991 25 968
Repayment of other Additional Tier 1 securities in issue (11 827) (97 312)
Cash flow on acquisition of treasury shares, net of related costs (195 425) (69 681)
Buy back and cancellation of ordinary shares (26 234) -
Proceeds on subordinated liabilities raised 311 629 21 059
Repayment of subordinated liabilities (363 304) -
Lease liabilities paid (143 712) (44 365)
Net cash outflow from financing activities (755 125) (559 226)
Effects of exchange rates on cash and cash equivalents 50 104 559
Net decrease in cash and cash equivalents (1 051 643) (1 115 417)
Cash and cash equivalents at the beginning of the year 6 136 760 7 252 177
Cash and cash equivalents at the end of the year 5 085 117 6 136 760
^ Restated as detailed below.
Cash and cash equivalents comprise 'cash and balances at central banks' and
'loans and advances to banks', excluding £150.9 million (March 2025: £165.5
million) of balances that are not short term in nature, and net of £9.8
million (March 2025: £22.3 million) of overdrafts.
Headline earnings per share
£'000 Year to Year to
31 March 2026
31 March 2025
Headline earnings
Earnings attributable to shareholders 724 507 693 482
Dividends paid to perpetual preference shareholders and Other Additional Tier (69 150) (70 550)
1 security holders (other equity holders)
Loss on repurchase of perpetual preference shares -
(15)
Property revaluation** (2 939)
(3 196)
Recycling of foreign currency reserve (6 863) -
Gain on deemed disposal of associate** -
(2 100)
Gain on deemed disposal of business** -
(1 052)
Gain on disposal of aircraft** (21 105) -
Impairment of software - 1 242
Headline earnings attributable to ordinary shareholders 621 283 620 978
Weighted average number of shares in issue during the year 850 306 638 855 460 320
Headline earnings per share - pence*** 73.1 72.6
Diluted headline earnings per share - pence*** 71.1 70.0
Adjusted earnings per share
£'000 Year to Year to
31 March 2026
31 March 2025
Adjusted earnings
Earnings attributable to shareholders 724 507 693 482
Equity accounted amortisation of acquired intangibles 16 025 6 812
Equity accounted acquisition related and integration costs 14 507 28 815
Financial impact of strategic actions 19 536 21 070
Taxation on acquired intangibles and strategic actions 195
(1 529)
Dividends paid to perpetual preference shareholders and Other Additional Tier (69 150) (70 550)
1 security holders (other equity holders)
Accrual adjustment on earnings attributable to other equity holders* 653 (3 029)
Adjusted earnings attributable to ordinary shareholders 704 549 676 795
Weighted average number of shares in issue during the year 850 306 638 855 460 320
Adjusted earnings per share - pence 82.9 79.1
Diluted adjusted earnings per share - pence 80.7 76.3
* In accordance with IFRS® Accounting Standards, dividends
attributable to equity holders are accounted for when a constructive liability
arises i.e. on declaration by the Board of Directors and approval by the
shareholders where required. Investec's preference is to present EPS by
adjusting for earnings that are attributed to equity instruments (other than
ordinary shares) on an accrual basis and therefore adjusts the paid dividend
on such instruments to accrued in arriving at adjusted earnings per share.
** Taxation on disposal of aircraft, property revaluation and
disposal of associate and business amounted to £8.5 million (March 2025:
£0.7 million) with no impact on earnings attributable to non-controlling
interests.
*** Headline earnings per share and diluted headline earnings per
share have been calculated and is disclosed in accordance with the JSE Listing
Requirements, and in terms of Circular 1/2023 issued by the South African
Institute of Chartered Accountants. Current year adjustments include the gain
on deemed disposal arising on gaining control of an associate, the recycling
of the foreign currency reserve of a liquidated entity, the profit on disposal
of a division in the South African Wealth business and the profit on disposal
of aircraft held as PPE.
Management's measure of segmental profit or loss
Management's measure of operating profit, 'adjusted operating profit', is
calculated based on profit before taxation, adjusted to remove goodwill,
acquired intangibles and strategic actions, including such items within equity
accounted earnings, and non-controlling interests.
For the year to 31 March 2026 2025
£'000
Profit before taxation 901 831 863 148
Financial impact of strategic actions* 19 536 21 070
Adjustments related to equity accounted earnings 30 532 35 627
Amortisation of acquired intangibles 16 025 6 812
Acquisition related and integration costs within associate 14 507 28 815
(Profit)/loss attributable to non-controlling interests 152
(854)
Adjusted operating profit 951 045 919 997
* Included within this line are movements in value on deferred
considerations on various transactions, continuing integration costs resulting
from the Rathbones deal as well as various capital costs incurred in
contemplation of potential transactions.
Combined consolidated segmental analysis
Segmental geographical and business analysis of adjusted operating profit
before goodwill, acquired intangibles, non-operating items, taxation and after
non-controlling interests.
Private Client
Specialist Banking
For the year to 31 March 2026 Wealth & Investment Private Banking Corporate, Investment Banking and Other Group Investments Group Costs Total Group % change % of total
£'000
UK and Other 80 898 32 520 369 115 11 907 (31 730) 462 710 1.3% 48.7%
Southern Africa 47 035 139 842 315 647 3 458 (17 647) 488 335 5.5% 51.3%
Adjusted operating profit 127 933 172 362 684 762 15 365 (49 377) 951 045 3.4% 100.0%
% change 13.9 % (12.3) % 6.6 % (17.6) % (1.3) % 3.4 %
% of total 13.5% 18.1% 72.0% 1.6% (5.2) % 100.0%
Private Client
Specialist Banking
For the year to 31 March 2025^ Wealth & Investment Private Banking Corporate, Investment Banking and Other Group Investments Group Costs Total Group % of total
£'000
UK and Other 69 147 47 128 363 250 10 977 (33 522) 456 980 49.7%
Southern Africa 43 169 149 314 279 354 7 667 (16 487) 463 017 50.3%
Adjusted operating profit 112 316 196 442 642 604 18 644 (50 009) 919 997 100.0%
% of total 12.2% 21.4% 69.8% 2.0% (5.4) % 100.0%
^ Following a strategic review of our Private Capital business in
Southern Africa, previously reported as part of our Private Banking segment,
the business is now reported in the Corporate, Investment Banking and Other
segment. The comparative year has been restated to reflect this change,
resulting in a £5.2 million movement in adjusted operating profit between
segments.
Combined consolidated segmental geographical analysis of total assets and
total liabilities
At 31 March 2026 2025^
£'mn UK and Other Southern Total UK and Other Southern Total
Africa Group Africa Group
Total assets 31 972 31 862 63 834 29 817 28 459 58 276
Total liabilities 28 230 29 533 57 763 26 306 26 316 52 622
^ Restated as detailed below.
Combined consolidated segmental geographical analysis of operating income
Private Client
Specialist Banking
For the year to 31 March 2026 Wealth & Investment Private Banking Corporate, Investment Banking and Other Group Total
Investments Group
£'000
UK and Other 80 898 80 801 1 004 955 11 907 1 178 561
Southern Africa 158 871 353 472 586 586 3 920 1 102 849
Operating income 239 769 434 273 1 591 541 15 827 2 281 410
Adjustments related to equity accounted earnings (30 532)
Amortisation of acquired intangibles (16 025)
Acquisition related and integration costs within associate (14 507)
Operating income per income statement
2 250 878
Private Client
Specialist Banking
For the year to 31 March 2025^ Wealth & Investment Private Banking Corporate, Investment Banking and Other Group Total Group
Investments
£'000
UK and Other 69 147 100 570 989 763 10 977 1 170 457
Southern Africa 143 655 336 140 532 552 7 670 1 020 017
Operating income 212 802 436 710 1 522 315 18 647
2 190 474
Adjustments related to equity accounted earnings (35 627)
Amortisation of acquired intangibles (6 812)
Acquisition related and integration costs within associate (28 815)
Operating income per income statement 2 154 847
^ Following a strategic review of our Private Capital business
in Southern Africa, previously reported as part of our Private Banking
segment, the business is now reported in the Corporate, Investment Banking and
Other segment. The comparative year has been restated to reflect this change,
resulting in a £31.9 million movement in adjusted operating profit between
segments.
Balance sheet restatements
Presentation of derivatives and settlement balances on open trades
The Group's application of the offsetting requirements of IAS 32 - Financial
Instruments: Presentation was incorrectly implemented on certain derivative
positions at 31 March 2025 and 31 March 2024. Restating the balance sheet at
this date to offset these instruments resulted in a £21.3 million (31 March
2024: £33.4 million) decrease in 'derivative financial instruments' assets
and 'derivative financial instruments' liabilities.
In addition, at 31 March 2025 and 31 March 2024, certain settlement debtors
and creditors were presented net where there was no right to do so, and
certain unsettled trades were not recognised. The balance sheet has therefore
been restated at these dates to gross up these instruments appropriately. This
resulted in changes to settlement debtors and creditors in 'other assets' and
'other liabilities' respectively, as well as the traded instruments.
This offsetting restatement was previously presented in the 30 September 2025
interim results, and has subsequently been revised for purposes of 31 March
2026 reporting as a result of the above offsetting matter identified in
another business unit, to accurately reflect the impact thereof. As a result,
the comparative interim period in the 30 September 2026 interim financial
statements will be impacted.
These changes have no impact on the income statement, statement of changes in
equity or cash flow statement (other than the consequential impact on
operating assets and operating liabilities, due to the changes in the balance
sheet line items).
The impact of these changes on the 31 March 2025 balance sheet was:
At 31 March 2025 Presentation of derivatives and settlement balances on open trades At 31 March
as previously reported 2025
restated
£'000
Assets
Sovereign debt securities 6 090 175 5 422 6 095 597
Derivative financial instruments 844 360 (21 253) 823 107
Securities arising from trading activities 2 005 831 (10 409) 1 995 422
Other assets 1 453 429 50 105 1 503 534
Total assets 58 252 521 23 865 58 276 386
Liabilities
Derivative financial instruments 1 009 037 (21 253) 987 784
Other trading liabilities 1 587 927 5 098 1 593 025
Other liabilities 1 820 820 40 020 1 860 840
Total liabilities 52 597 861 23 865 52 621 726
The impact of these changes on the 31 March 2024 balance sheet was:
At 31 March 2024 Presentation of derivatives and settlement balances on open trades At 31 March 2024
as previously reported restated
£'000
Assets
Sovereign debt securities 4 943 147 14 775 4 957 922
Derivative financial instruments 1 031 366 (33 428) 997 938
Securities arising from trading activities 1 661 223 7 994 1 669 217
Other assets 1 664 745 28 285 1 693 030
Total assets 56 894 273 17 626 56 911 899
Liabilities
Derivative financial instruments 1 078 461 (33 428) 1 045 033
Other trading liabilities 1 338 597 (3 825) 1 334 772
Other liabilities 1 822 981 54 879 1 877 860
Total liabilities 51 420 031 17 626 51 437 657
Cash flow restatements
Due to the restatements above, there was a net increase in operating assets
and operating liabilities of £6.2 million within the cash flow statement with
a net nil impact on operating cash flows.
Income statement restatements
Classification of gains
Gains on certain financial instruments were inappropriately classified as fee
and commission income and therefore did not reflect the substance of the
underlying transactions. The comparative information has been restated
accordingly.
This change had no impact on the cash flow statement.
Year to Year to
31 March 2025 31 March 2025
as previously restated
reported
£'000 Classification of gains
Fee and commission income 518 106 (22 680) 495 426
Trading income arising from customer flow 130 566 22 680 153 246
Contingent liabilities, provisions and legal matters
Historical German dividend tax arbitrage transactions
Investec Bank plc has previously been notified by the Office of the Public
Prosecutor in Cologne, Germany, that it and certain of its current and former
employees may be involved in possible charges relating to historical
involvement in German dividend tax arbitrage transactions (known as cum-ex
transactions). Investigations are ongoing and no formal proceedings have been
issued against Investec Bank plc by the Office of the Public Prosecutor. In
addition, Investec Bank plc received certain enquiries in respect of client
tax reclaims for the periods 2010-2011 relating to the historical German
dividend arbitrage transactions from the German Federal Tax Office (FTO) in
Bonn. The FTO provided more information in relation to their claims and
Investec Bank plc has sought further information and clarification.
Investec Bank plc is cooperating with the German authorities and continues to
conduct its own internal investigation into the matters in question. A
provision is held to reflect the estimate of financial outflows that could
arise as a result of this matter and is reassessed at each reporting date.
There are factual issues to be resolved which may have legal consequences,
including financial penalties.
In relation to potential civil claims; whilst Investec Bank plc is not a
claimant nor a defendant to any civil claims in respect of cum-ex
transactions, Investec Bank plc has received third party notices in relation
to two civil proceedings in Germany and may elect to join the proceedings as a
third party participant. Investec Bank plc has itself served third party
notices on various participants to these historic transactions in order to
preserve the statute of limitations on any potential future claims that
Investec Bank plc may seek to bring against those parties, should Investec
Bank plc incur any liability in the future. Investec Bank plc has also entered
into standstill agreements with some third parties in order to suspend the
limitation period in respect of the potential civil claims. While Investec
Bank plc is not a claimant nor a defendant to any civil claims at this stage,
it cannot rule out the possibility of civil claims by or against Investec Bank
plc in future in relation to the relevant transactions.
The Group has not provided further disclosure with respect to these historical
dividend arbitrage transactions because it has concluded that such disclosure
may be expected to seriously prejudice its outcome.
Motor finance commission review
The Investec Group (the Group) notes the FCA's announcement on 30 March 2026
regarding the final scope of the Motor Finance compensation scheme, following
the Supreme Court judgment handed down on 1 August 2025, and has undertaken an
assessment of the implications and potential impact of the proposed redress
scheme.
As previously disclosed, in determining its existing provision the Group
considered a range of scenarios to reflect uncertainties in key assumptions,
including potential regulatory responses and redress outcomes. The FCA has now
provided further detail on the approach, including the products in scope, the
circumstances in which inadequate disclosure may give rise to an unfair
relationship, the methodology for calculating redress, and the proposed
customer engagement approach and time limits.
Based on the scheme as currently proposed, the Group has concluded that its
existing provision of £30m, covering both redress and associated operational
costs, remains appropriate based on information currently available and our
estimate of a potential response rate. The ultimate financial impact could
differ from these estimates as a result of customer take-up rates and the
associated impact on operational costs however, we do not believe this will
impact the overall provision materially.
The Group notes that the FCA's scheme is subject to ongoing legal challenges
which, if successful, may materially affect the design, implementation or
existence of any redress framework. Accordingly, the legal and regulatory
position, as well as the nature, extent and timing of any remediation, remain
materially uncertain pending the outcome of this challenge.
Events after the reporting period
There have been no significant events subsequent to the reporting date that
would require adjustment to or disclosure in the financial statements. In the
ordinary course of business, events may occur that influence the credit
quality of loans and advances. At the date of this report, we have concluded
that no changes are required to our ECL provisions or there is insufficient
new information available since the reporting date of any conditions which
existed at the balance sheet date to reliably estimate any adjustments to
these ECL provisions.
Net fee and commission income
For the year to 31 March 2026 UK and Southern Total
£'000 Other Africa
Wealth & Investment net fee and commission income - 143 424 143 424
Fund management fees/fees for funds under management - 82 798 82 798
Private client transactional fees - 66 023 66 023
Fee and commission expense -
(5 397) (5 397)
Specialist Banking net fee and commission income 195 408 167 283 362 691
Specialist Banking fee and commission income* 216 042 205 702 421 744
Specialist Banking fee and commission expense (20 634) (38 419) (59 053)
Group Investments net fee and commission income - (133) (133)
Group Investments fee and commission income - - -
Group Investments fee and commission expense -
(133) (133)
Net fee and commission income 195 408 310 574 505 982
Fee and commission income 216 042 354 523 570 565
Fee and commission expense (20 634) (43 949) (64 583)
Net fee and commission income 195 408 310 574 505 982
Annuity fees (net of fees payable) 45 136 223 364 268 500
Deal fees 150 272 87 210 237 482
For the year to 31 March 2025 UK and Southern Total
£'000 Other Africa^
Wealth & Investment net fee and commission income - 128 505 128 505
Fund management fees/fees for funds under management - 74 026 74 026
Private client transactional fees - 58 883 58 883
Fee and commission expense - (4 404) (4 404)
Specialist Banking net fee and commission income 171 463 141 553 313 016
Specialist Banking fee and commission income* 184 319 178 198 362 517
Specialist Banking fee and commission expense (12 856) (36 645) (49 501)
Group Investments net fee and commission income - (360) (360)
Group Investments fee and commission income - - -
Group Investments fee and commission expense -
(360) (360)
Net fee and commission income 171 463 269 698 441 161
Fee and commission income 184 319 311 107 495 426
Fee and commission expense (12 856) (41 409) (54 265)
Net fee and commission income 171 463 269 698 441 161
Annuity fees (net of fees payable) 27 889 192 409 220 298
Deal fees 143 574 77 289 220 863
^ Restated as detailed below.
* Included in Specialist Banking fee and commission income is
operating lease income of £8.4 million (2025: £9.0 million) generated from
investment property and
£26.1 million (2025: £8.4 million) generated from aircraft leasing
structures, which are out of the scope of IFRS 15 - Revenue from Contracts
with Customers.
Analysis of financial assets and liabilities by category of financial
instrument
At 31 March 2026 Financial Amortised Non-financial Total
instruments at cost instruments or
fair value scoped out of
IFRS 9
£'000
Assets
Cash and balances at central banks - 4 037 851 - 4 037 851
Loans and advances to banks - 1 207 794 - 1 207 794
Non-sovereign and non-bank cash placements 84 643 574 605 - 659 248
Reverse repurchase agreements and cash collateral on securities borrowed 370 758 4 474 526 - 4 845 284
Sovereign debt securities 3 036 796 4 379 035 - 7 415 831
Bank debt securities 583 013 158 638 - 741 651
Other debt securities 258 638 1 499 960 - 1 758 598
Derivative financial instruments 1 066 207 - - 1 066 207
Securities arising from trading activities 1 472 667 - - 1 472 667
Loans and advances to customers 3 947 492 31 215 604 - 35 163 096
Own originated loans and advances to customers securitised - 335 293 - 335 293
Fair value adjustment for asset portfolio hedged risk (20 507) - - (20 507)
Other loans and advances - 114 044 - 114 044
Other financial instruments at fair value through profit or loss in respect of 291 949 - - 291 949
liabilities to customers
Investment portfolio 770 816 - - 770 816
Interests in associated undertakings and joint venture holdings - - 863 337 863 337
Current taxation assets - - 81 445 81 445
Deferred taxation assets - - 167 350 167 350
Other assets 62 637 1 822 759 446 098 2 331 494
Property and equipment - - 315 198 315 198
Investment properties - - 39 159 39 159
Goodwill - - 82 841 82 841
Software - - 20 502 20 502
Non-current assets classified as held for sale - - 72 492 72 492
11 925 109 49 820 109 2 088 422 63 833 640
Liabilities
Deposits by banks - 2 726 216 - 2 726 216
Derivative financial instruments 1 338 790 - - 1 338 790
Other trading liabilities 1 391 906 - - 1 391 906
Repurchase agreements and cash collateral on securities lent 257 330 1 481 019 - 1 738 349
Customer accounts (deposits) 2 508 464 42 240 521 - 44 748 985
Fair value adjustment for liability portfolio hedged risk (10 395) - - (10 395)
Debt securities in issue - 1 664 528 - 1 664 528
Liabilities arising on securitisation of own originated loans and advances - 267 123 - 267 123
Current taxation liabilities - - 49 609 49 609
Deferred taxation liabilities - - 5 155 5 155
Other liabilities 46 880 1 974 904 549 793 2 571 577
Liabilities to customers under investment contracts 281 029 - - 281 029
5 814 004 50 354 311 604 557 56 772 872
Subordinated liabilities - 990 022 - 990 022
5 814 004 51 344 333 604 557 57 762 894
Financial instruments at fair value
The table below analyses recurring fair value measurements for financial
assets and financial liabilities. These fair value measurements are
categorised into different levels in the fair value hierarchy based on the
inputs to the valuation technique used.
The different levels are identified as follows:
Level 1 - quoted (unadjusted) prices in active markets for identical assets or
liabilities.
Level 2 - inputs other than quoted prices included within level 1 that are
observable for the asset or liability, either directly
(i.e. as prices) or
indirectly (i.e. derived from prices).
Level 3 - inputs for the asset or liability that are not based on observable
market data (unobservable inputs).
Fair value category
At 31 March 2026 Total Level 1 Level 2 Level 3
instruments at
fair value
£'000
Assets
Non-sovereign and non-bank cash placements 84 643 - 84 643 -
Reverse repurchase agreements and cash collateral on securities borrowed 370 758 - 370 758 -
Sovereign debt securities 3 036 796 2 510 863 525 933 -
Bank debt securities 583 013 583 013 - -
Other debt securities 258 638 70 450 150 224 37 964
Derivative financial instruments 1 066 207 - 1 064 833 1 374
Securities arising from trading activities 1 472 667 1 472 667 - -
Loans and advances to customers 3 947 492 - 424 602 3 522 890
Fair value adjustment for asset portfolio hedged risk (20 507) - (20 507) -
Other financial instruments at fair value through profit or loss in respect of 291 949 39 873 30 765
liabilities to customers 221 311
Investment portfolio 770 816 275 158 2 143 493 515
Other assets 62 637 32 045 26 175 4 417
11 925 109 5 165 507 2 668 677 4 090 925
Liabilities
Derivative financial instruments 1 338 790 - 1 338 256 534
Other trading liabilities 1 391 906 362 506 1 029 400 -
Repurchase agreements and cash collateral on securities lent 257 330 - 257 330 -
Customer accounts (deposits) 2 508 464 - 2 508 464 -
Fair value adjustment for liability portfolio hedged risk (10 395) - (10 395)
Other liabilities 46 880 - 46 880 -
Liabilities to customers under investment contracts 281 029 - 250 264 30 765
5 814 004 362 506 5 420 199 31 299
Net financial assets/(liabilities) at fair value 6 111 105 4 803 001 (2 751 522) 4 059 626
Transfers between level 1 and level 2
There were no significant transfers between level 1 and level 2 in the current
year.
Measurement of financial assets and liabilities at level 2
The table below sets out information about the valuation techniques used at
the end of the reporting period in measuring financial instruments categorised
as level 2 in the fair value hierarchy:
Valuation basis/techniques Main inputs
Assets
Non-sovereign and non-bank cash placements Discounted cash flow model Yield curves
Reverse repurchase agreements and cash collateral on securities borrowed Discounted cash flow model Discount rates
Yield curve
Sovereign debt securities Discounted cash flow model Yield curve
Other debt securities Discounted cash flow model Yield curve
Externally sourced price Discount rates
Broker quotes
Derivative financial instruments and fair value adjustment on portfolio hedged Discounted cash flow model Yield curve
risk
Black-Scholes Discount rate
Industry Standard Derivatives Pricing Models Volatilities
Underlying spot and forward prices
Credit curves
Loans and advances to customers Discounted cash flow model Yield curves
Contractual cash flows
Broker quotes
Credit Curves
Other financial instruments at fair value through profit or loss in respect of Current price of underlying unitised assets Listed prices
liabilities to customers
Investment portfolio Adjusted quoted price Liquidity adjustment
Discounted cash flow model Discount rate and net assets
Net asset value model Discount rate and fund unit price
Comparable quoted inputs
Other assets Discounted cash flow model Yield curves
Current price of underlying Quoted price
unitised assets
Liabilities
Derivative financial instruments and fair value adjustment on portfolio hedged Discounted cash flow model Yield curve
risk
Black-Scholes Discount rate
Industry Standard Derivatives Pricing Models Volatilities
Underlying spot and forward prices
Credit curves
Other trading liabilities Discounted cash flow model Yield curves
Repurchase agreements and cash collateral on securities lent Discounted cash flow model Yield curves
Customer accounts (deposits) Discounted cash flow model Yield curve
Contractual cash flows
Other liabilities Discounted cash flow model Yield curve
Contractual cash flows
Liabilities to customers under investment contracts Current price of underlying unitised assets Listed prices
Level 3 financial instruments
The following tables show a reconciliation of the opening balances to the
closing balances for level 3 financial instruments. All instruments are at
fair value through profit or loss.
£'000 Loans and Investment Other balance Total
advances to portfolio sheet assets
customers
Assets
Balance at 1 April 2025 2 606 987 467 924 81 022 3 155 933
Net gains in the income statement 236 230 22 753 727 259 710
Interest income 243 979 95 3 978 248 052
Investment (loss)/income (7 749) 22 658 13 135
(1 774)
Trading loss - -
(1 477) (1 477)
In the statement of comprehensive income (7 715) - -
(7 715)
Purchases and originations 4 576 979 51 599 36 703 4 665 281
Sales (1 116 954) (45 106) (21 002) (1 183 062)
Settlements (2 810 823) (5 264) (20 899) (2 836 986)
Transfers out of level 3 - (9 335) - (9 335)
Foreign exchange adjustments 38 186 10 944 47 099
(2 031)
Balance at 31 March 2026 3 522 890 493 515 74 520 4 090 925
£'000 Other balance Total
sheet liabilities
Liabilities
Balance at 1 April 2025 27 811 27 811
Net loss included in the income statement 1 004 1 004
Investment loss 1 297 1 297
Trading income
(293) (293)
Purchases 1 060 1 060
Foreign exchange adjustments 1 424 1 424
Balance at 31 March 2026 31 299 31 299
The Group transfers between levels within the fair value hierarchy when the
significance of the unobservable inputs change or if the valuation methods
change. Transfers are deemed to occur at the end of each semi-annual reporting
period. During the year ended 31 March 2026, investment portfolio assets of
£9.3 million were transferred from level 3 to Level 2 due to the use of
broker‑observable valuation inputs. There were no significant transfers into
level 3 in the current year.
The following tables quantify the gains or (losses) included in the income
statement and statement of other comprehensive income recognised on level 3
financial instruments:
For the year to 31 March 2026 Realised Unrealised Total
£'000
Total gains included in the income statement for the year
Interest income 215 862 32 190 248 052
Investment income (5 395) 17 233 11 838
Trading income/(loss) 664 (1 848)
(1 184)
211 131 47 575 258 706
Total gains included in other comprehensive income for the year
Gain on realisation on debt instruments at FVOCI recycled through the income (3 172) - (3 172)
statement
Fair value movements on debt instruments at FVOCI taken directly to other - (7 715) (7 715)
comprehensive income
(3 172) (7 715) (10 887)
Sensitivity of fair values to reasonably possible alternative assumptions by
level 3 instrument type
The fair value of financial instruments in level 3 are measured using
valuation techniques that incorporate assumptions that are
not evidenced by prices from observable market data. The following table shows
the sensitivity of these fair values to reasonably possible alternative
assumptions, determined at a transactional level. Reasonable possible changes
are determined depending on the nature of the instrument, for example, for
credit related inputs, this is a one rating grade movement up or down. In
other instances, the extent of a reasonable change is based on market
experience.
At 31 March 2026 Balance sheet Principal valuation technique Significant unobservable input Range of unobservable inputs Favourable Unfavourable
value used changes changes
£'000 £'000 £'000
Assets
Other debt securities 37 964 Potential impact on income statement 1 286 (1 663)
Underlying asset value Underlying asset value ^^ 892 (1 408)
Discounted cash flows Credit spreads 0.47% - 1.27% 53 (89)
Other Other ^ 341 (166)
Derivative financial instruments 1 374 Potential impact on income statement 788 -
Other Other ^ 788 -
Loans and advances to customers 3 522 890 Potential impact on income statement 33 873 (38 182)
Discounted cash flow Credit spreads 0.13% - 4.01% 8 526 (13 232)
Discounted cash flow Discount rate 10% 876 (1 529)
Net asset value Underlying asset value ^^ 6 589 (3 164)
Underlying asset value Property values ** 17 882 (20 257)
Potential impact on other comprehensive income 17 071 (27 257)
Discounted cash flows Credit spreads 0.14% - 4.43% 17 071 (27 257)
Investment portfolio 493 515 Potential impact on income statement 56 784 (82 506)
Discounted cash flows Cash flows ** 483 -
Discounted cash flows Discount rates * 1 722 (1 952)
Net asset value Underlying asset value ^^ 4 339 (10 174)
Price earnings EBITDA multiple 7.89x - 8.5x 5 048 (7 775)
Other Discount rate 10% 3 732 (7 466)
EBITDA multiple Change in EBITDA 4% 572 (1 144)
EBITDA multiple Change in EBITDA 17.5% - 25% 3 282 (6 271)
Price earnings EBITDA ** 21 354 (21 679)
Underlying asset value Underlying asset value ^^ 5 107 (13 362)
Other Other^ 11 145 (12 683)
Other financial instruments at fair value through profit or loss in respect of 30 765 Potential impact on income statement 3 076 (3 076)
liabilities to customers
Underlying asset value Underlying asset value ^^ 3 076 (3 076)
Other assets 4 417 Potential impact on income statement 2 062 (794)
Discounted cash flows Cash flow adjustments 47.71% CPR 1 673 (467)
Underlying asset value Underlying asset value ^^ 389 (327)
Total level 3 assets 4 090 925 114 940 (153 478)
Liabilities
Derivative financial instruments 534 Potential impact on income statement 50 -
Other Other ^ 50 -
Liabilities to customers under investment contracts 30 765 Potential impact on income statement 3 076 (3 076)
Underlying asset value Underlying asset value^^ ^^ 3 076 (3 076)
Total level 3 liabilities 31 299 3 126 (3 076)
Net level 3 assets 4 059 626 118 066 (156 554)
^ The valuation sensitivity has been assessed by
adjusting various inputs such as expected cash flows, probability of recovery,
discount rates, earnings multiples rather than a single input. It is deemed
appropriate to reflect the outcome on a portfolio basis for the purposes of
this analysis as the sensitivity of the assets cannot be determined through
the adjustment of a single input.
^^ Underlying asset values are calculated by reference
to a tangible asset, for example property, aircraft or shares.
∗∗ The EBITDA, cash flows and property values have
been stressed on an investment-by-investment and loan-by-loan basis in order
to obtain favourable and unfavourable valuations.
In determining the value of level 3 financial instruments, the following are
the principal inputs that can require judgement:
Credit spreads
Credit spreads reflect the additional yield that a market participant would
demand for taking exposure to the credit risk of an instrument. The credit
spread for an instrument forms part of the yield used in a discounted cash
flow calculation. In general, a significant increase in a credit spread in
isolation will result in a movement in fair value that is unfavourable for the
holder of a financial instrument.
Discount rates
Discount rates are used to adjust for the time value of money when using a
discounted cash flow valuation method. Where relevant, the discount rate also
accounts for illiquidity, market conditions, and uncertainty of future cash
flows.
Cash flows
Cash flows relate to the future cash flows that can be expected from the
instrument and require judgement.
EBITDA
The investee's earnings before interest, taxes, depreciation, and
amortisation. This is the main input into a price earnings multiple valuation
method.
Price-earnings multiple
The price-to-earnings ratio is an equity valuation multiple. It is a key
driver in the valuation of unlisted investments.
Property value
Property value are key drivers of future cash flows on these investments.
Underlying asset value
In instances where cash flows have links to referenced assets, the underlying
asset value is used to determine the fair value. The underlying asset
valuation is derived using observable market prices sourced from broker
quotes, specialist valuers, or other reliable pricing sources.
Fair value of financial assets and liabilities at amortised cost
At 31 March 2026 Carrying Fair value approximates carrying amount Balances where fair values do not approximate carrying amounts Fair value of balances that do not approximate carrying
amount amounts
£'000
Assets
Cash and balances at central banks 4 037 851 4 037 851 - -
Loans and advances to banks 1 207 794 1 207 794 - -
Non-sovereign and non-bank cash placements 574 605 574 605 - -
Reverse repurchase agreements and cash collateral on securities borrowed 4 474 526 4 142 753 331 773 332 104
Sovereign debt securities 4 379 035 1 091 832 3 287 203 3 356 140
Bank debt securities 158 638 158 621 156 458
17
Other debt securities 1 499 960 456 318 1 043 642 1 037 238
Loans and advances to customers 31 215 604 17 478 986 13 736 618 13 773 763
Own originated loans and advances to customers securitised 335 293 335 293 - -
Other loans and advances 114 044 114 044 - -
Other assets 1 822 759 1 822 759 - -
49 820 109 31 262 252 18 557 857 18 655 703
Liabilities
Deposits by banks 2 726 216 648 297 2 077 919 2 099 615
Repurchase agreements and cash collateral on securities lent 1 481 019 1 398 540 82 479 82 690
Customer accounts (deposits) 42 240 521 25 924 560 16 315 961 16 267 517
Debt securities in issue 1 664 528 248 220 1 416 308 1 431 990
Liabilities arising on securitisation of own originated loans and advances 267 123 267 123 - -
Other liabilities 1 974 904 1 974 904 - -
Subordinated liabilities 990 022 292 393 697 629 722 815
51 344 333 30 754 037 20 590 296 20 604 627
Macro-economic scenarios
UK and Other
For Investec plc, four macro-economic scenarios are used in the measurement of
ECL. These scenarios incorporate a base case, an upside case and two downside
cases.
As part of the annual scenario review and in light of the current
macro-economic environment, the composition of the downside scenarios has been
updated. Severe downside 1, which is an AI and private credit based scenario,
replaces the previous downside 2 - global synchronised downturn scenario.
Downside 2 is an inflation scenario focusing on the Middle East and an energy
price shock, which replaces the downside 1 - trade war scenario. In addition
to the assessment of the macro-economic scenarios themselves, scenario
weightings are also reviewed taking into account the latest economic
developments and the associated risks to the outlook. Prominent risks at the
start of the year included concerns over AI, via company valuations and
spending, issues surfacing in the private credit space, and the possible
re-emergence of inflationary pressures, via geopolitical developments.
Consequently, severe downside 1 scenario was allocated a 15% weight, while
downside 2 scenario was allocated a 30% weight. The risks to economic activity
remain skewed to the downside, with the downside weighting biased towards
downside 2, given the escalating war in Iran and an energy price shock.
South Africa
For Investec Limited, five macro-economic scenarios incorporate a base case,
two upside cases and two downside cases.
As at 31 March 2026 all five scenarios were updated to incorporate the latest
available data. Scenario weightings have been adjusted since 31 March 2025
with decreased weighting to the extreme up case and lite down case (2% to 1%)
and (32% to 28%) respectively, increased weighting to the base case (50% to
55%). The severe down case and up case remained at 1% and 15% respectively.
The base case includes the view that economic growth is modest but lifts
towards 3.0% in a five year period.
Analysis of gross core loans, asset quality and ECL
The loan book has experienced good growth and stable asset quality over the
period. Stage 3 exposures decreased to £958 million, representing 2.7% of
gross core loans subject to ECL (31 March 2025: £963 million or 3.0%), driven
by write-offs and lower inflows into Stage 3 in the second half of the year.
The Stage 3 coverage ratio increased to 25.2% (31 March 2025: 22.6%) as the
Group continued to adequately provide for potential exits.
The Group's credit loss ratio reduced to 36bps at 31 March 2026 (31 March
2025: 38bps), within the through-the-cycle range of 25-45bps and in line with
guidance. Across the Group, provisions for specific impairments, including
additional provisions on existing exposures, were offset by post write-off
recoveries and specific impairment reversals in South Africa. Macro-economic
forward-looking scenarios reflect heightened geopolitical risk in the Middle
East, persistent inflationary pressures, higher fuel costs and revised
interest rate expectations, resulting in greater downside risk in the
macro-economic scenarios.
UK and Other Southern Africa Total Group
£'million 31 March 2026 31 March 2025^ 31 March 2026 31 March 2025^ 31 March 2026 31 March 2025^ ^
Gross core loans 18 011 16 990 17 833 15 712 35 844 32 702
Gross core loans at FVPL (excluding fixed rate loans) 809 572 68 61 877 633
Gross core loans subject to ECL(*) 17 202 16 418 17 765 15 651 34 967 32 069
Stage 1 15 354 14 524 16 931 14 842 32 285 29 366
Stage 2 1 266 1 331 458 409 1 724 1 740
of which past due greater than 30 days 31 60 26 32 57 92
Stage 3 582 563 376 400 958 963
ECL (207) (176) (139) (139) (346) (315)
Stage 1 (37) (34) (27) (21) (64) (55)
Stage 2 (28) (31) (13) (11) (41) (42)
Stage 3 (142) (111) (99) (107) (241) (218)
Coverage ratio
Stage 1 and 2 0.4% 0.4% 0.2% 0.2% 0.3% 0.3%
Stage 3 24.4% 19.7% 26.3% 26.8% 25.2% 22.6%
Total coverage ratio 1.2% 1.1% 0.8% 0.9% 1.0% 1.0%
Credit loss ratio 0.57% 0.60% 0.14% 0.15% 0.36% 0.38%
ECL impairment (charges)/releases on core loans (97) (97) (24) (22) (121) (119)
Average gross core loans subject to ECL 16 810 16 270 16 708 15 036 33 518 31 306
* Includes portfolios for which ECL is not required for IFRS
purposes, but which management evaluates on this basis. These are fixed rate
loans which have passed the solely payments of principal and interest (SPPI)
test and are held in a business model to collect contractual cash flows but
have been designated at FVPL to eliminate accounting mismatches (interest rate
risk is being economically hedged). The underlying loans have been fair valued
and management performs an ECL calculation consistent with those applied to
other assets in order to obtain a reasonable estimate of the credit risk
component. The portfolio is managed on the same basis as gross core loans
measured at amortised cost. £0.4 billion of the drawn exposure falls into
Stage 1 (31 March 2025: £0.3 billion), £1 million in Stage 2 (31 March 2025:
£1 million) and the remaining £64 million in Stage 3 (31 March 2025: £47
million). The ECL on the Stage 1 portfolio is £1 million (31 March 2025: £1
million), ECL on the Stage 2 portfolio is £nil (31 March 2025: £nil) and ECL
on the Stage 3 portfolio is £19 million (31 March 2025: £8 million).
^ Restated as detailed below.
Re-presentation of gross and ECL values
Prior period gross and ECL values have been re-presented in line with changes
to management's approach to measuring credit risk metrics. Gross and ECL
values at 31 March 2025 have increased by £58 million for 'loans and advances
to customers' and £1 million each for 'other debt securities' and 'sovereign
debt securities' with no change to the income statement or balance sheet.
These increases were due to:
• Adjustments relating to suspended interest: In prior periods, Stage 3
gross loans and advances were presented net of suspended interest in
management's credit risk metrics with the adjustment for suspended interest
disclosed separately in the footnotes. The presentation has been amended such
that the suspended interest against a Stage 3 exposure is now included within
the ECL allowance instead of being netted off the gross amount. This
adjustment does not change the net carrying value as shown on the balance
sheet
• Adjustments relating to FVOCI: The gross and ECL values of financial
assets held at FVOCI were presented either in footnotes or in supplementary
tables. Going forward, gross values will all be presented consistently at the
fair value of the instruments increased by ECL values. This adjustment does
not change the carrying value, being the fair value, as shown on the balance
sheet.
As a result of these re-presentations, gross core loans and ECLs are £32 702
million and £315 million respectively, as at 31 March 2025 (31 March 2024:
£31 248 million and £334 million respectively).
Investec plc
Incorporated in England and Wales
Registration number: 3633621
LSE ordinary share code: INVP
JSE ordinary share code: INP
ISIN: GB00B17BBQ50
LEI: 2138007Z3U5GWDN3MY22
Ordinary share dividend announcement
In terms of the DLC structure, Investec plc shareholders registered on the
United Kingdom share register may receive all or part of their dividend
entitlements through dividends declared and paid by Investec plc on their
ordinary shares and/or through dividends declared and paid on the SA DAN share
issued by Investec Limited.
Investec plc shareholders registered on the South African branch register may
receive all or part of their dividend entitlements through dividends declared
and paid by Investec plc on their ordinary shares and/or through dividends
declared and paid on the SA DAS share issued by Investec Limited.
Declaration of dividend number 47
Notice is hereby given that final dividend number 47, being a gross dividend
of 21.00000 pence (2025: 20.00000 pence) per ordinary share has been declared
by the Board from income reserves in respect of the year ended 31 March 2026,
payable to shareholders recorded in the shareholders' register of the Company
at the close of business on Friday, 21 August 2026.
• For Investec plc shareholders, registered on the United Kingdom share
register, through a dividend payment by Investec plc from income reserves of
21.00000 pence per ordinary share
• For Investec plc shareholders, registered on the South African branch
register, through a dividend payment by
Investec Limited, on the SA DAS share, payable from income reserves,
equivalent to 21.00000 pence per ordinary share.
The relevant dates relating to the payment of dividend number 47 are as
follows:
Last day to trade cum-dividend Tuesday, 18 August 2026
On the Johannesburg Stock Exchange (JSE) Wednesday, 19 August 2026
On the London Stock Exchange (LSE)
Shares commence trading ex-dividend Wednesday, 19 August 2026
On the Johannesburg Stock Exchange (JSE) Thursday, 20 August 2026
On the London Stock Exchange (LSE)
Record date (on the JSE and LSE) Friday, 21 August 2026
Payment date (on the JSE and LSE) Tuesday, 15 September 2026
Share certificates on the South African branch register may not be
dematerialised or rematerialised between Wednesday, 19 August 2026 and Friday,
21 August 2026, both dates inclusive, nor may transfers between the United
Kingdom share register and the South African branch register take place
between Wednesday, 19 August 2026 and Friday, 21 August 2026, both dates
inclusive.
Additional information for South African resident shareholders of Investec plc
• Shareholders registered on the South African branch register are
advised that the distribution of 21.00000 pence, equivalent to a gross
dividend of 471.45000 cents per share (rounded to 472.00000 cents per ordinary
share), has been arrived at using the Rand/Pound Sterling average buy/sell
forward rate of 22.45000, as determined at 11h00 (SA time) on Wednesday
20 May 2026.
• Investec plc United Kingdom tax reference number: 2683967322360
• The issued ordinary share capital of Investec plc is 696 082 618
ordinary shares
• The dividend paid by Investec plc to South African resident
shareholders registered on the South African branch register and the dividend
paid by Investec Limited to Investec plc shareholders on the SA DAS share are
subject to South African Dividend Tax (Dividend Tax) of 20% (subject to any
available exemptions as legislated)
• Shareholders registered on the South African branch register who are
exempt from paying the Dividend Tax will receive a net dividend of 472.00000
cents per share, paid by Investec Limited on the SA DAS share
• Shareholders registered on the South African branch register who are
not exempt from paying the Dividend Tax will receive a net dividend of
377.60000 cents per share (gross dividend of 472.00000 cents per share less
Dividend Tax of 94.40000 cents per share), paid by Investec Limited on the SA
DAS share.
By order of the Board
David Miller
Company Secretary
21 May 2026
Sponsor: Investec Bank Limited
Investec Limited
Incorporated in the Republic of South Africa
Registration number: 1925/002833/06
JSE share code: INL
JSE hybrid code: INPR
JSE debt code: INLV
NSX ordinary share code: IVD
BSE ordinary share code: INVESTEC
ISIN: ZAE000081949
LEI: 213800CU7SM6O4UWOZ70
Ordinary share dividend announcement
Declaration of dividend number 140
Notice is hereby given that final dividend number 140, being a gross dividend
of 472.00000 cents (2025: 484.00000 cents) per ordinary share has been
declared by the Board from income reserves in respect of the year ended 31
March 2026 payable to shareholders recorded in the shareholders' register of
the Company at the close of business on Friday, 21 August 2026.
The relevant dates relating to the payment of dividend number 140 are as
follows:
Last day to trade cum-dividend Tuesday, 18 August 2026
Shares commence trading ex-dividend Wednesday, 19 August 2026
Record date Friday, 21 August 2026
Payment date Tuesday, 15 September 2026
The final gross dividend of 471.45000 cents per share (rounded to 472.00000
cents per ordinary share) has been determined by converting the Investec plc
distribution of 21.00000 pence per ordinary share into Rands using the
Rand/Pound Sterling average buy/sell forward rate of 22.45000 at 11h00 (SA
time) on Wednesday 20 May 2026.
Share certificates may not be dematerialised or rematerialised between
Wednesday, 19 August 2026 and Friday, 21 August 2026, both dates inclusive,
nor may transfers between the South African share register and the United
Kingdom, Botswana and/or Namibia branch register/s take place between
Wednesday, 19 August 2026 and Friday, 21 August 2026, both dates inclusive.
Additional information to take note of
• Investec Limited South African tax reference number: 9800/181/71/2
• The issued ordinary share capital of Investec Limited is 290 464 999
ordinary shares
• The dividend paid by Investec Limited is subject to South African
Dividend Tax (Dividend Tax) of 20% (subject to any available exemptions as
legislated)
• Shareholders who are exempt from paying the Dividend Tax will receive
a net dividend of 472.00000 cents per ordinary share
• Shareholders who are not exempt from paying the Dividend Tax will
receive a net dividend of 377.60000 cents per ordinary share (gross dividend
of 472.00000 cents per ordinary share less Dividend Tax of 94.40000 cents per
ordinary share).
By order of the Board
Niki van Wyk
Company Secretary
21 May 2026
Sponsor: Investec Bank Limited
Investec plc
Incorporated in England and Wales
Registration number: 3633621
Share code: INPP
ISIN: GB00B19RX541
LEI: 2138007Z3U5GWDN3MY22
Preference share dividend announcement
Non-redeemable non-cumulative non-participating preference shares ("preference
shares")
Declaration of dividend number 40
Notice is hereby given that preference dividend number 40 has been declared by
the Board from income reserves in respect of the year ended 31 March 2026
amounting to a gross preference dividend of 24.21920 pence per preference
share payable to holders of the non-redeemable non-cumulative
non-participating preference shares as recorded in the books of the Company at
the close of business on Friday, 21 August 2026.
For shares trading on the Johannesburg Stock Exchange (JSE), the dividend of
24.21920 pence per preference share is equivalent to a gross dividend of
543.27298 cents per share, which has been determined using the Rand/Pound
Sterling average buy/sell forward rate of 22.43150 as at 11h00 (SA time) on
Wednesday 20 May 2026.
The relevant dates relating to the payment of dividend number 40 are as
follows:
Last day to trade cum-dividend
On the Johannesburg Stock Exchange (JSE) Tuesday, 18 August 2026
On the International Stock Exchange (TISE) Wednesday, 19 August 2026
Shares commence trading ex-dividend
On the Johannesburg Stock Exchange (JSE) Wednesday, 19 August 2026
On the International Stock Exchange (TISE) Thursday, 20 August 2026
Record date (on the JSE and TISE) Friday, 21 August 2026
Payment date (on the JSE and TISE) Friday, 04 September 2026
Share certificates may not be dematerialised or rematerialised between
Wednesday, 19 August 2026 and Friday, 21 August 2026, both dates inclusive,
nor may transfers between the United Kingdom share register and the South
African branch register take place between Wednesday, 19 August 2026 and
Friday, 21 August 2026, both dates inclusive.
Additional information for South African resident shareholders of Investec plc
• Investec plc United Kingdom tax reference number: 2683967322360
• The issued preference share capital of Investec plc is 2 754 587
preference shares
• The dividend paid by Investec plc to shareholders recorded on the
South African branch register should be regarded as a 'foreign dividend' for
South African Income Tax purposes and is subject to South African Dividend Tax
(Dividend Tax) of 20% (subject to any available exemptions as legislated) as
it is paid from the United Kingdom
• The net dividend amounts to 434.61838 cents per preference share for
preference shareholders liable to pay the Dividend Tax and 543.27298 cents per
preference share for preference shareholders exempt from paying the Dividend
Tax.
By order of the Board
David Miller
Company Secretary
21 May 2026
Sponsor: Investec Bank Limited
Investec plc
Incorporated in England and Wales
Registration number: 3633621
JSE share code: INPPR
ISIN: GB00B4B0Q974
LEI: 2138007Z3U5GWDN3MY22
Rand-denominated preference share dividend announcement
Rand-denominated non-redeemable non-cumulative non-participating perpetual
preference shares ("preference shares")
Declaration of dividend number 30
Notice is hereby given that preference dividend number 30 has been declared by
the Board from income reserves in respect of the year ended 31 March 2026
amounting to a gross preference dividend of 488.85959 cents per preference
share payable to holders of the Rand-denominated non-redeemable non-cumulative
non-participating perpetual preference shares as recorded in the books of the
Company at the close of business on Friday, 21 August 2026.
The relevant dates relating to the payment of dividend number 30 are as
follows:
Last day to trade cum-dividend Tuesday, 18 August 2026
Shares commence trading ex-dividend Wednesday, 19 August 2026
Record date Friday, 21 August 2026
Payment date Wednesday, 26 August 2026
Share certificates may not be dematerialised or rematerialised between
Wednesday, 19 August 2026 and Friday, 21 August 2026, both dates inclusive.
Additional information for South African resident shareholders of Investec plc
• Investec plc United Kingdom tax reference number: 2683967322360
• The issued Rand-denominated preference share capital of Investec plc
is 131 447 preference shares
• The dividend paid by Investec plc to shareholders recorded on the
South African branch register should be regarded as a 'foreign dividend' for
South African Income Tax purposes and is subject to South African Dividend Tax
(Dividend Tax) of 20% (subject to any available exemptions as legislated) as
it is paid from the United Kingdom
• The net dividend amounts to 391.08767 cents per preference share for
preference shareholders liable to pay the Dividend Tax and 488.85959 cents per
preference share for preference shareholders exempt from paying the Dividend
Tax.
By order of the Board
David Miller
Company Secretary
21 May 2026
Sponsor: Investec Bank Limited
Investec Limited
Incorporated in the Republic of South Africa
Registration number: 1925/002833/06
JSE share code: INL
JSE hybrid code: INPR
JSE debt code: INLV
NSX ordinary share code: IVD
BSE ordinary share code: INVESTEC
ISIN: ZAE000063814
LEI: 213800CU7SM6O4UWOZ70
Preference share dividend announcement
Non-redeemable non-cumulative non-participating preference shares ("preference
shares")
Declaration of dividend number 43
Notice is hereby given that preference dividend number 43 has been declared by
the Board from income reserves in respect of the year ended 31 March 2026
amounting to a gross preference dividend of 400.19590 cents per preference
share payable to holders of the non-redeemable non-cumulative
non-participating preference shares as recorded in the books of the Company at
the close of business on Friday, 21 August 2026.
The relevant dates for the payment of dividend number 43 are as follows:
Last day to trade cum-dividend Tuesday, 18 August 2026
Shares commence trading ex-dividend Wednesday, 19 August 2026
Record date Friday, 21 August 2026
Payment date Wednesday, 26 August 2026
Share certificates may not be dematerialised or rematerialised between
Wednesday, 19 August 2026 and Friday, 21 August 2026, both dates inclusive.
Additional information to take note of
• Investec Limited South African tax reference number: 9800/181/71/2
• The issued preference share capital of Investec Limited is
23 257 433 preference shares
• The dividend paid by Investec Limited is subject to South African
Dividend Tax (Dividend Tax) of 20% (subject to any available exemptions as
legislated)
• The net dividend amounts to 320.15672 cents per preference share for
shareholders liable to pay the Dividend Tax and 400.19590 cents per preference
share for preference shareholders exempt from paying the Dividend Tax.
By order of the Board
Niki van Wyk
Company Secretary
21 May 2026
Sponsor: Investec Bank Limited
Investec plc and Investec Limited
Investec plc
Incorporated in England and Wales
Registration number 3633621
JSE ordinary share code: INP
LSE ordinary share code: INVP
ISIN: GB00B17BBQ50
LEI: 2138007Z3U5GWDN3MY22
Registered office
30 Gresham Street, London
EC2V 7QP, United Kingdom
Auditor
Deloitte LLP
Registrars in the United Kingdom
Computershare Investor Services PLC
The Pavilions, Bridgwater Road, Bristol
BS99 6ZZ, United Kingdom
Company Secretary
David Miller
Investec Limited
Incorporated in the Republic of South Africa
Registration number 1925/002833/06
JSE ordinary share code: INL
JSE hybrid code: INPR
JSE debt code: INLV
NSX ordinary share code: IVD
BSE ordinary share code: INVESTEC
ISIN: ZAE000081949
LEI: 213800CU7SM6O4UWOZ70
Registered office
100 Grayston Drive
Sandown, Sandton
2196, South Africa
Auditors
Deloitte & Touche
PricewaterhouseCoopers Inc.
Transfer secretaries in South Africa
Computershare Investor Services (Pty) Ltd
Rosebank Towers, 15 Biermann Avenue, Rosebank
2196, South Africa
Company Secretary
Niki van Wyk
Directorate as at 21 May 2026
Philip Hourquebie(1, 2) (Chair)
Fani Titi(2) (Chief Executive)
Nishlan Samujh(2) (Finance Director)
Henrietta Baldock(1) (Senior Independent Director)
Vivek Ahuja(3)
Stephen Koseff (2, 4)
Nicky Newton-King(1, 2)
Jasandra Nyker(2
) Vanessa Olver(2
) Diane Radley(2
) Louisa Stephens(2)
1 British
2 South African
3 Singaporean
4 Australian
Vivek Ahuja was appointed to the Board on 6 May 2025.
Brian Stevenson stepped down from the Board on 7 August 2025.
Louisa Stephens was appointed to the Board on 21 August 2025.
Sponsor
Investec Bank Limited
100 Grayston Drive
Sandown, Sandton
2196, South Africa
PO Box 785700, Sandton
2146, South Africa
For queries regarding information in this document
Investor Relations
Telephone (27) 11 286 7070
(44) 20 7597 5546
Email investorrelations@investec.com
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Website www.investec.com/en_za/#home/investor-relations.html
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