Investec PLC (LSE:INVP) boosted its annual earnings forecast, helped by lower funding costs, reduced credit impairments and increased revenue.
The financial services company lifted its adjusted earnings per share guidance to between 51p and 55p for the period ending 31 March 2022, from the 48p to 53p range expected in November, according to a statement on Friday.
Revenue momentum continued into the second half of the year, while net interest income benefited from lower funding costs and higher average lending books.
Costs were also kept under control, the company said, while credit loss impairment charges were lower.
For the period ended 28 February 2022, the Wealth and Investment business increased funds under management (FUM) by 6.6%, to £61.9bn, with net inflows of £2bn and positive market conditions.
Still, current market volatility may impact FUM at 31 March 2022.
Although the company has no direct exposure to the Ukraine conflict, its outlook could be impacted by uncertainty affecting the global economy and financial markets, it said.