- South African investment bank Investec said it expected a rise in net asset value, but warned expected credit losses would remain elevated amid lower interest rates and reduced client activity.

The company said it did not anticipate declaring an interim dividend, following prevailing guidance from both South African and UK regulators regarding dividend declarations.

Net asset value per share was expected at between 422p and 428p for 30 September, up from 414.3p seen at the end of fiscal 2020.

Adjusted earnings per share was expected to be between 10.5p and 8.3p; 53% to 63% below last year's 22.4p. Basic EPS was expected to be between 8.4p and 6.5p, 56% to 66% behind last year's 19.0p.

Over the five months to 31 August 2020, third-party funds under management increased by 14.1% to £51.4bn and net inflows were positive at £391m, the company said.

'Severe GDP contractions and volatile financial markets negatively impacted revenues,' it added. 'Provisions for ECL are expected to remain elevated in the period under review. Net asset value per share is expected to increase.'

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