Investec Gets Ready for Life After Koseff by Beating Profit Bets

Investec Plc Chief Executive Officer Stephen Koseff, who is stepping down in October after 40 years of helping build the bank and money manager, delivers his final set of full-year results on Thursday with profit numbers that beat expectations.

Adjusted earnings per share for the 12 months ended March 31 rose 13 percent to 61.3 pence from a year ago, the London and Johannesburg-based lender said in a statement on Thursday. That beat the 53.8 pence median estimate of four analysts surveyed by Bloomberg.

Koseff, 66, and Managing Director Bernard Kantor, 68, said in February they would relinquish their roles this year. They’re handing over to Hendrik du Toit, the founding CEO of Investec Asset Management, who will oversee the business from the U.K., and Fani Titi, who will step down as Investec’s chairman to take the helm from the South African side.

“Whilst the complexities of Brexit continue to cause uncertainty in the U.K. economy, the final quarter of the 2018 financial year has started to see an uplift in the South African economic outlook,” the company said.