- Fund management company Investec reported a fall in profit as a £105m hit from the pandemic and lower trading income weighed on performance.

For the year ended 31 March, adjusted profit fell 16.8% to £609m, following a £105m Covid-19 impact on profit.

Operating income decreased 7.5% to £1,806.8m, pressured by higher impairment charges and negative fair value adjustments on certain portfolios.

The credit loss ratio increased to 0.38% from 0.28% on-year.

Core loans and advances were broadly flat at £24.9bn, while customer deposits rose 2.9% to £32.2bn.

Funds under management recorded net inflows of £599m.

'We expect the year ahead to be challenging as the economic recovery from the devastating effects of Covid-19 is likely to be protracted,' the company warned. 'Client activity is likely to be muted, interest income impacted by lower interest rates and impairments likely to be elevated.'

At 9:13am: [LON:INVP] Investec PLC share price was -0.9p at 160.2p

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