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Profits up at South Africa's Investec, despite weaker rand

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JOHANNESBURG (Reuters) - South African bank and asset manager Investec reported a 4.8 percent increase in full-year profit on Thursday, helped by net new fund inflows and a strong showing at its banking unit. Investec, which is also listed in London, said statutory adjusted earnings per share (EPS) rose to 41.3 pence from 39.4 pence a year earlier. It's Wealth and Investment and Asset Management businesses together took in a net 5.3 billion pounds ($7.73 billion) of assets during the financial year and Specialist Banking's operating profit increased by 4.3 percent to 409.2 million pounds. "The decisive action we took within the Specialist Bank in prior years, supported by continued penetration of our target client base, has achieved strong results," said Chief Executive Stephen Koseff. However, macro uncertainty and volatility in the group's key operating geographies during the financial year impacted overall results, Investec said, adding that the rand had depreciated by 16.3 percent over the period. "Overall a good performance in a challenging environment reinforces our strategy of building a diversified business model," said Koseff. The South African business's operating profit rose 12.7 percent, while the combined UK and Other businesses posted a 20.9 percent increase. Net interest income from lending, rose 6.1 percent to 571.9 million pounds. The Johannesburg-based company increased its full-year dividend to 21 pence per share from 20 pence last time. (Reporting by Nqobile Dludla; Editing by Greg Mahlich)