Investec doubles profits

INVESTEC nearly doubled its annual profits last year to bounce back above prepandemic levels.

The South African-based lender said earnings per share climbed 91pc in the year to March, boosted by increased customer deposits and loans.

It also benefited from rising interest rates, which boosted margins. The bank’s main South African business reported a 54pc profit rise to £297.5m, while profits at its UK arm more than doubled to £299.9m.

Expected losses from bad loans were 71pc lower than a year ago, with limited defaults in both countries as Covid eased.