Investec Group (INVP) H1 2026 earnings summary

Executive summary

• Delivered resilient earnings and results across geographies and business lines, with adjusted EPS up 2.5% to 40.5p and a strong focus on disciplined growth, client-centricity, and digital transformation.

• Returned approximately £376 million to shareholders over the past 12 months via dividends and buybacks, representing 7.4% of average market capitalization.

• Maintained strong capital generation and returns to shareholders within target ranges, supporting sustainable returns and investment in growth initiatives.

• Strategic expansion in corporate mid-market and private client offerings, with ongoing investment in technology, platforms, and sustainability initiatives.

Financial highlights

• Adjusted operating profit declined 1.4% to £468.1m; pre-provision adjusted operating profit at £527.4m.

• Adjusted EPS up 2.5% to 40.5p; tangible NAV per share up 7.4% to 527.9p.

• Interim dividend of 17.5p per share declared, payout ratio 43.2%; significant progress on share buyback program.

• Cost-to-income ratio at 51.9%, up from 50.8% prior period.

• Credit loss ratio improved to 35bps (from 42bps), within the 25–45bps target range.

Outlook and guidance

• FY2026 revenue expected to be supported by book growth and client activity, partially offset by lower average interest rates.

• Group ROE expected at ~13.7%, with Southern Africa at ~18.5% and UK & Other ROTE at ~13.6%.

• Cost-to-income ratio guidance maintained at 52–54%; credit loss ratio to remain within 25–45bps.

• Second half performance anticipated to be broadly in line with the first half.