Try our mobile app
Investec plc Investec Limited
Incorporated in England and Wales Incorporated in the Republic of South Africa
Registration number 3633621 Registration number 1925/002833/06
LSE ordinary share code: INVP JSE ordinary share code: INL
JSE ordinary share code: INP JSE hybrid code: INPR
ISIN: GB00B17BBQ50 JSE debt code: INLV
LEI: 2138007Z3U5GWDN3MY22 NSX ordinary share code: IVD
BSE ordinary share code: INVESTEC
ISIN: ZAE000081949
LEI: 213800CU7SM6O4UWOZ70
UNAUDITED CONDENSED COMBINED CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED 31 MARCH 2025 AND
CASH DIVIDEND DECLARATION
Fani Titi, Group Chief Executive commented:
"We are pleased to report a strong performance in a volatile operating environment, with the Group generating a Return on
Equity of 13.9%, in line with guidance provided in May 2024. Pre-provision adjusted operating profit grew 7.8% surpassing £1
billion for the first time in our history, demonstrating the underlying strength of our differentiated client franchises. We have
maintained robust capital and liquidity levels, positioning us well to support our clients and drive sustainable growth.
The Group has successfully executed the strategy to simplify and focus the business as communicated at our capital markets
day (CMD) in 2019. This resulted in a 200bps structural improvement in Group returns and created a strong foundation to power
future growth.
We are scaling and leveraging our client franchises, allocating capital with discipline and investing in clearly defined growth
initiatives to enhance our existing platforms. We expect to generate incremental returns of c.200bps over the next five years,
resulting in a ROE around the upper end of the upgraded medium-term target range.
I would like to thank our colleagues for their dedication, our clients for partnering with us, and our shareholders for their
continued support."
Key financial metrics
Adjusted Adjusted Basic Total NAV per TNAV per
Cost to operating EPS EPS* HEPS DPS share share
£'millions Revenue income CLR profit (pence) (pence) (pence) ROE ROTE (pence) (pence) (pence)
FY2025 2 190.5 52.6% 38bps 920.0 79.1 72.8 72.6 13.9% 16.2% 36.5 587.7 506.3
FY2024 2 085.2 53.8% 28bps 884.5 78.1 105.3 72.9 14.6% 16.5% 34.5 563.9 477.5
% change in £ 5.0% 4.0% 1.3% (30.9%) (0.4%) 5.8% 4.2% 6.0%
% change in Rands 3.8% 2.8% 0.2% (31.6%) (1.6%) 3.3% 5.1%
Totals and variances are presented in £’millions which may result in rounding differences.
* The Basic EPS decrease reflects the impact of significant net gains from strategic actions executed in the prior year.
All prior year numbers in the financial commentary of this document are presented on a pro-forma basis to provide information that is more comparable to the
current year, as a result of previously disclosed strategic actions which completed in the first half of the prior financial year. The prior-year statutory results are
presented on a continuing and discontinuing basis in line with the relevant accounting standards.
Group financial summary:
Pre-provision adjusted operating profit increased 7.8% to £1 039.2 million (FY2024: £963.6 million), as revenue grew 5.0%
against operating cost growth of 2.8%, resulting in a positive jaws ratio.
Revenue was supported by client acquisition and ongoing entrenchment strategies, strong net inflows in discretionary and
annuity funds under management (FUM) in the current and prior periods, as well as growth in average interest earning assets.
Net interest income (NII) benefitted from higher average lending books and lower cost of funds in Southern Africa as a result of
our strategy to optimise the funding pool, partly offset by the effects of deposit repricing in the UK. Non-interest revenue (NIR)
growth reflects strong growth in fees from our SA Wealth & Investment business, as well as improved fee income generation
from our Banking businesses. Investment income also contributed positively to NIR growth driven by net fair value gains and
dividends received. Higher trading income from client flow resulting from increased market liquidity was offset by the non-repeat
of prior-year risk management gains from hedging the remaining financial products run down book in the UK
The cost to income ratio improved to 52.6% (FY2024: 53.8%) as revenue grew ahead of costs. Total operating costs increased
by 2.8%. Fixed operating expenditure growth reflects strategic investment in people and technology for growth, and inflationary
pressures. The prior year includes a £30 million provision related to the FCA motor finance commission review. Variable
remuneration in each geography was in line with respective performance.
Credit loss ratio (CLR) on core loans was 38bps (FY2024: 28bps), within the Group’s through-the-cycle (TTC) range of 25bps
to 45bps. Expected credit loss (ECL) impairment charges increased to £119.2 million (FY2024: £79.1 million). The prior year
benefitted from net recoveries from previously impaired exposures in South Africa. The overall credit quality remained strong,
with no evidence of trend deterioration.
Return on equity (ROE) was 13.9% (FY2024: 14.6%) within the Group’s medium-term 13% to 17% target range, notwithstanding
the increase in the average equity base resulting from the net gain recognised on completion of the combination of IW&I UK with
Rathbones in the prior year. Return on Tangible equity (ROTE) of 16.2% (FY2024: 16.5%) is within the Group’s medium-term 14%
to 18% target range.
Distribution to shareholders The Board has proposed a final dividend of 20.0p per share (FY2024: 19.0p) bringing the total
dividend for the year to 36.5p (FY2024: 34.5p), translating to a 46.1% payout ratio, within the Group’s current 35% to 50%
payout policy. As part of the ongoing capital management process, the Group intends to execute a share buy-back programme
of c.R2.5 billion / c.£100 million to be implemented over the next twelve months.
Sustainable and transition finance targets: We continue to make progress on our sustainability journey and have announced
our target to facilitate £18 billion of sustainable and transition finance by 2030.
Net asset value (NAV) per share increased to 587.7p (31 March 2024: 563.9p), driven by strong capital generation in the
current period and foreign exchange translation gains, partly offset by distribution to shareholders. Tangible net asset value
(TNAV) per share increased to 506.3p (31 March 2024: 477.5p).
Earnings attributable to other equity holders increased to £70.6 million (FY2024: £49.1 million). The current financial year
reflects the full year impact of the £350 million Additional Tier 1 (AT1) issued in February 2024, with a 10.5% coupon. The
remaining £108 million AT1 from the 2017 issuance (with 6.75% coupon) was settled in December 2024.
Key drivers:
Net core loans increased 4.7% to £32.4 billion (31 March 2024: £30.9 billion) and grew by 4.3% on a neutral currency basis;
driven by strong corporate lending in South Africa in the second half of the financial year and growth from private clients lending
in both geographies. Growth in corporate lending turnover in the UK was offset by higher repayment rates given the high interest
rate environment.
Customer deposits increased by 4.1% to £41.2 billion (31 March 2024: £39.5 billion) and grew by 3.7% in neutral currency driven
by strong growth in non-wholesale and retail deposits in both geographies.
Funds under management (FUM) in the Southern African business increased by 11.8% to £23.4 billion (31 March 2024:
£20.9 billion). Net inflows in our discretionary and annuity funds of R16.9 billion (£727 million), were partly offset by FX
translation losses and non-discretionary outflows of R9.8 billion (£420 million).
Our associate investment in Rathbones reported Funds Under Management and Administration (FUMA) totalled £104.1 billion
at 31 March 2025. Investec owns 41.25% of Rathbones.
Balance sheet strength:
The Group remained well capitalised in both our anchor geographies, with Investec Limited reporting a CET1 ratio of 14.8%
measured on the Advanced Internal Ratings-Based approach and the Investec plc CET1 at 12.6% measured on a standardised
approach. The UK business continues to make progress in its journey towards migrating its capital measurement from the
standardised approach to the internal ratings-based approach.
Sustainable and transition finance targets:
Following the publication of our enhanced Sustainable and Transition Finance Classification Framework in May 2024, we are
pleased to announce an accompanying target to facilitate £18 billion of sustainable and transition finance by 2030. This target is
a vital component of our broader sustainability agenda, underscoring our dedication to integrating sustainability into our
commercial strategies, and is one of several critical levers towards achieving our net zero by 2050 ambition. Please refer to our
Investec Group year-end analyst book for further detail.
Financial Outlook:
The global macro-economic environment is facing heightened uncertainty, creating volatility in economic forecasts and financial
markets. We are continuously monitoring the evolving environment. The guidance below is based on our economic forecasts and
expected business activity levels to date. The group’s medium-term targets remain unchanged.
FY2026 Outlook
Revenue momentum is expected to be underpinned by book growth, stronger client activity levels and success in our client
acquisition and entrenchment strategies.
The Group currently expects:
• Group ROE to be c.14.0% within the 13.0% to 17.0% target range:
◦ Southern Africa is expected to report ROE of c.18.5%, within the target range of 16.0% to 20.0%
◦ UK & Other is expected to report ROTE of c.14.0%, within the target range of 13.0% to 17.0%
• Overall costs to be well managed in the context of inflationary pressures and continued investment in the business, with the
cost to income ratio expected to be between 52.0% and 54.0%
• The credit loss ratio to be within the through-the-cycle range of 25bps to 45bps. Southern Africa is expected to be around the
lower end of the TTC range of 15bps to 35bps. UK & Other credit loss ratio is expected to remain around the FY2025 reported
levels.
The Group has maintained strong capital and liquidity levels well above Board-approved minimums. The Group is well-positioned
to manage the impacts of external challenges and continue supporting our clients to navigate the current economic uncertainty.
Medium term outlook
The Group is committed to its medium-term financial targets. We have a clear and executable strategy to advance our ROE
towards the upper end of the target range by FY2030.
ROE expansion is expected to be underpinned by:
• continuing to build scale and leverage our existing client franchises to generate higher returns,
• executing specific growth initiatives to enhance our current specialisations and drive incremental returns,
• and managing capital optimally
Building scale and leveraging existing client franchises
Our established client franchises built over the past five decades offer an extensive breadth of products and services to
corporates and institutions, complemented by a compelling private client offering and an international wealth management
proposition. Our distinct offering is built on enduring relationships, deep specialisations and cross collaboration between
divisions and geographies. The Group operates in large and growing markets, presenting a significant opportunity to grow our
current lower market share through client acquisition and unlocking the full potential of “One Investec”.
Specific growth initiatives are expected to contribute significant incremental returns by FY2030:
Building a Corporate mid-market transactional banking franchise
The Group is investing in platforms to enhance our corporate mid-market proposition in both our anchor geographies. This
capability will further entrench and attract clients into our ecosystem, increase non-interest banking revenues and enhance our
transactional deposit franchises. We will facilitate day to day banking needs for our clients, complementing our event-driven
specialisations.
Our well-established UK Corporate and Investment Banking franchise stands as the only integrated and diversified specialist
bank, providing the capabilities of global investment banks to the corporate mid-market. We are transitioning to end-to-end
corporate banking, by adding transactional banking capabilities. There is an opportunity to create significant value by leveraging
our high-touch approach and sector expertise to gain market share. The Group plans to invest in this UK capability over the next
three years. We expect around 1 000 clients to have at least two products and to achieve a market share of c.2% by FY2030.
In South Africa, our objective is to create a single platform for mid-sized South African corporates to holistically manage their
banking needs. We aspire to be the primary banking partner that seamlessly combines high-touch lending with an innovative, user-
friendly transactional banking experience. Given our current low market share in this large and growing segment, the potential to
create value for the Group is significant. We are well-positioned to become the strategic partner that offers the Investec private
client experience to businesses. Our plan is to fast-track the delivery of this proposition, enabling accelerated transactional banking
client acquisition to around three times the current base of 2 700, translating to a market share of c.8% by FY2030.
Enhancing our Private Client offering
The Group is a leading provider of bespoke private client solutions, encompassing a holistic private banking and international
wealth offering. This is complemented by our strategic partnership with Rathbones in the UK. Our proposition is underpinned by
a deep understanding of our clients’ personal and business objectives, offering tailored banking and investment services both
locally and internationally.
We are entering the next phase of growth for our UK Private Client business to accelerate the execution of a comprehensive
banking proposition. This will deepen client engagement, increase client acquisition, support higher HNW mortgage growth, and
contribute to a reduced cost of funding. Our investment in the private client transactional banking platform will facilitate the
delivery of a full-suite product offering, including multi-currency accounts and credit cards, while improving our lending
capabilities. We aim to increase the current client base of 7 500 to approximately 18 500, resulting in a market share of c.18% by
FY2030.
In South Africa, we are accelerating our client acquisition strategy, particularly in the high income segment. We will continue to
invest in our wealth-led international Private Client offering to provide an integrated holistic global proposition to our clients.
The above growth initiatives are a natural evolution in our business model and will facilitate increased market share, enhance the
breadth of our client offering and enable us to compete more effectively in the market. Our cost to income ratio already
incorporates investment spend on new growth initiatives and thus we do not anticipate a significant increase in this ratio going
forward. Cost discipline remains a priority for the Group. Cost to income ratio is expected to remain below 55% in the medium
term.
Capital allocation
The Group is committed to optimising shareholder returns. We will be allocating capital to activities that generate returns above
our cost of capital. The Group manages its capital dynamically, maintaining an appropriate balance between total returns to
shareholders, investment in the business and holding strong capital levels. One of the Group’s priorities is to increase the
earnings contribution from capital light activities, and as such the Group continues to evaluate organic and inorganic
opportunities to achieve this objective.
The strategies outlined above represent our clear path to achieving returns around the upper end of our medium-term target
range by FY2030, expected to collectively add an incremental return of c.200bps.
Upcoming business updates:
We intend to provide detailed updates on our specific growth initiatives at the following results presentations:
20 November 2025: Corporate mid-market
21 May 2026: Private Client
Key financial data
This announcement covers the results of Investec plc and Investec Limited (together "the Investec Group" or "Investec" or "the
Group") for the year ended 31 March 2025 (FY2025). Unless stated otherwise, comparatives relate to the Group's operations for
the year ended 31 March 2024 (FY2024).
Basic earnings per share in the prior year includes a gain of £358.5 million on the combination of Investec Wealth & Investment
UK with Rathbones plc, partly offset by the net loss on deconsolidation of IPF totalling £101.5 million.
% Neutral currency
Performance FY2025 FY2024^ Variance change % change
Operating income (£’m)* 2 190.5 2 085.2 105.2 5.0 % 4.5%
Operating costs (£’m) (1 151.4) (1 120.2) (31.2) 2.8 % 2.2%
Adjusted operating profit (£’m) 920.0 884.5 35.5 4.0% 3.4%
Adjusted earnings attributable to shareholders (£’m) 676.8 662.5 14.3 2.2% 1.7%
Adjusted basic earnings per share (pence) 79.1 78.1 1.0 1.3% 0.8%
Basic earnings per share (pence) 72.8 105.3 (32.5) (30.9%) (31.2%)
Headline earnings per share (pence) 72.6 72.9 (0.3) (0.4%) (1.0%)
Dividend per share (pence) 36.5 34.5
Dividend payout ratio 46.1% 44.2%
CLR (credit loss ratio) 0.38% 0.28%
Cost to income ratio 52.6% 53.8%
ROTE (return on tangible equity) 16.2% 16.5%
ROE (return on equity) 13.9% 14.6%
* Operating income in the prior year has been prepared on a pro-forma basis.
^ Restated.
Neutral currency
Balance sheet 31 Mar 2025 31 March 2024 Variance % change % change
Funds under management (£’bn)
IW&I Southern Africa 23.4 20.9 2.5 11.8 % 8.4 %
Rathbones/IW&I UK** 104.1 107.6 (3.5) (3.3%)
Customer accounts (deposits) (£’bn) 41.2 39.5 1.6 4.1% 3.7%
Net core loans and advances (£’bn) 32.4 30.9 1.5 4.7% 4.3%
Cash and near cash (£’bn) 16.9 16.4 0.5 3.0% 2.6%
TNAV per share (pence) 506.3 477.5 28.8 6.0% 6.1%
NAV per share (pence) 587.7 563.9 23.8 4.2% 4.3%
Totals and variances are presented in £’billions which may result in rounding differences.
** Following the all-share combination of IW&I UK and Rathbones, IW&I UK now forms part of the Rathbones Group. As at 31 March 2025, Rathbones Group,
of which Investec holds a 41.25% economic interest, had funds under management of £104.1 billion (2024: £107.6 billion).
% change in
Salient features by geography FY2025 FY2024 Variance % change Rands
Investec Limited (Southern Africa)
Adjusted operating profit (£’m) 463.0 429.0 34.0 7.9% 6.7%
Cost to income ratio 52.4% 52.9%
ROTE 18.3% 17.3%
ROE 18.4% 17.3%
CET1 14.8% 13.6%
Leverage ratio 6.2% 6.2%
Customer accounts (deposits) (£’bn) 19.7 18.8 0.9 5.2% 4.2%
Net core loans and advances (£’bn) 15.6 14.3 1.3 9.1% 7.6 %
Investec plc (UK & Other)
Adjusted operating profit (£’m) 457.0 455.5 1.5 0.3%
Cost to income ratio 52.7% 54.4%
ROTE 11.2% 12.8%
ROE 14.5% 15.7%
CET1 12.6% 12.4%
Leverage ratio 9.9% 10.2%
Customer accounts (deposits) (£’bn) 21.4 20.8 0.6 3.2%
Net core loans and advances (£’bn) 16.8 16.6 0.2 1.2%
Totals and variance are presented in £’billions unless otherwise stated which may result in rounding differences.
The assumptions can be obtained in the full announcement available on our website www.investec.com. The financial
information on which forward-looking statements are based is the responsibility of the directors of the Group and has not been
reviewed and reported on by the Group’s auditors.
On behalf of the Boards of Investec plc and Investec Limited
Philip Hourquebie Fani Titi
Chair Group Chief Executive
22 May 2025
This short-form announcement is the responsibility of the directors. It is only a summary of the information contained in the full
announcement and does not contain full or complete details. Any investment decision should be based on the full viewed
announcement which can be accessed from Thursday 22 May 2025 using the following JSE link:
https://senspdf.jse.co.za/documents/2025/jse/isse/INL/YE2025.pdf
Alternatively, the full announcement is available on our website www.investec.com
Copies of the full announcement may be requested by contacting Investor Relations on:
Telephone: (+27 11) 286 7000/e-mail: investorrelations@investec.com
Investec plc Directorate as at 21 May 2025
Incorporated in England and Wales Philip Hourquebie1, 2 (Chair)
Registration number 3633621 Fani Titi2 (Chief Executive)
JSE ordinary share code: INP Nishlan Samujh2 (Finance Director)
LSE ordinary share code: INVP Henrietta Baldock1 (Senior Independent Director)
ISIN: GB00B17BBQ50
LEI: 2138007Z3U5GWDN3MY22 Vivek Ahuja3
Stephen Koseff 2, 4
Registered office Nicky Newton-King 1, 2
Jasandra Nyker2
30 Gresham Street, London Vanessa Olver2
EC2V 7QP, United Kingdom Diane Radley2
Brian Stevenson1
Auditor
1 British
Deloitte LLP 2 South African
3 Singaporean
Registrars in the United Kingdom 4 Australian
Computershare Investor Services PLC Zarina Bassa and Philisiwe Sibiya stepped down from the Board
The Pavilions, Bridgwater Road, Bristol on 8 August 2024.
BS99 6ZZ, United Kingdom
Vivek Ahuja was appointed to the Board on 6 May 2025.
Company Secretary
Sponsor
David Miller
Investec Bank Limited
Investec Limited 100 Grayston Drive
Incorporated in the Republic of South Africa Sandown Sandton 2196
Registration number 1925/002833/06
JSE ordinary share code: INL PO Box 785700 Sandton 2146
JSE hybrid code: INPR
JSE debt code: INLV
NSX ordinary share code: IVD
BSE ordinary share code: INVESTEC
ISIN: ZAE000081949
LEI: 213800CU7SM6O4UWOZ70
Registered office
100 Grayston Drive
Sandown, Sandton
2196, South Africa
Auditors
Deloitte & Touche
PricewaterhouseCoopers Inc.
Transfer secretaries in South Africa
Computershare Investor Services (Pty) Ltd
Rosebank Towers, 15 Biermann Avenue, Rosebank
2196, South Africa
Company Secretary
Niki van Wyk
Investec plc
Incorporated in England and Wales
Registration number: 3633621
LSE ordinary share code: INVP
JSE ordinary share code: INP
ISIN: GB00B17BBQ50
LEI: 2138007Z3U5GWDN3MY22
Ordinary share dividend announcement
In terms of the DLC structure, Investec plc shareholders registered on the United Kingdom share register may receive all or part
of their dividend entitlements through dividends declared and paid by Investec plc on their ordinary shares and/or through
dividends declared and paid on the SA DAN share issued by Investec Limited.
Investec plc shareholders registered on the South African branch register may receive all or part of their dividend entitlements
through dividends declared and paid by Investec plc on their ordinary shares and/or through dividends declared and paid on the
SA DAS share issued by Investec Limited.
Declaration of dividend number 45
Notice is hereby given that final dividend number 45, being a gross dividend of 20.00000 pence (2024: 19.00000 pence) per
ordinary share has been declared by the Board from income reserves in respect of the year ended 31 March 2025, payable to
shareholders recorded in the shareholders’ register of the Company at the close of business on Friday, 15 August 2025 .
• For Investec plc shareholders, registered on the United Kingdom share register, through a dividend payment by Investec plc
from income reserves of 20.00000 pence per ordinary share.
• For Investec plc shareholders, registered on the South African branch register, through a dividend payment by
Investec Limited, on the SA DAS share, payable from income reserves, equivalent to 20.00000 pence per ordinary share.
The relevant dates relating to the payment of dividend number 45 are as follows:
Last day to trade cum-dividend
On the Johannesburg Stock Exchange (JSE) Tuesday 12 August 2025
On the London Stock Exchange (LSE) Wednesday 13 August 2025
Shares commence trading ex-dividend
On the Johannesburg Stock Exchange (JSE) Wednesday 13 August 2025
On the London Stock Exchange (LSE) Thursday 14 August 2025
Record date (on the JSE and LSE) Friday 15 August 2025
Payment date (on the JSE and LSE) Friday 29 August 2025
Share certificates on the South African branch register may not be dematerialised or rematerialised between Wednesday 13 August
2025 and Friday 15 August 2025, both dates inclusive, nor may transfers between the United Kingdom share register and the South
African branch register take place between Wednesday 13 August 2025 and Friday 15 August 2025, both dates inclusive.
Additional information for South African resident shareholders of Investec plc
• Shareholders registered on the South African branch register are advised that the distribution of 20.00000 pence, equivalent
to an gross dividend of 483.98400 cents per share (rounded to 484.00000 cents per ordinary share), has been arrived at
using the Rand/Pound Sterling average buy/sell forward rate of 24.19920, as determined at 11h00 (SA time) on Wednesday
21 May 2025
• Investec plc United Kingdom tax reference number: 2683967322360
• The issued ordinary share capital of Investec plc is 696 082 618 ordinary shares
• The dividend paid by Investec plc to South African resident shareholders registered on the South African branch register and
the dividend paid by Investec Limited to Investec plc shareholders on the SA DAS share are subject to South African Dividend
Tax (Dividend Tax) of 20% (subject to any available exemptions as legislated)
• Shareholders registered on the South African branch register who are exempt from paying the Dividend Tax will receive a net
dividend of 484.00000 cents per share, paid by Investec Limited on the SA DAS share
• Shareholders registered on the South African branch register who are not exempt from paying the Dividend Tax will receive a
net dividend of 387.20000 cents per share (gross dividend of 484.00000 cents per share less Dividend Tax of 96.80000 cents
per share), paid by Investec Limited on the SA DAS share.
By order of the Board
David Miller
Company Secretary
21 May 2025
Sponsor: Investec Bank Limited
Investec Limited
Incorporated in the Republic of South Africa
Registration number: 1925/002833/06
JSE share code: INL
JSE hybrid code: INPR
JSE debt code: INLV
NSX ordinary share code: IVD
BSE ordinary share code: INVESTEC
ISIN: ZAE000081949
LEI: 213800CU7SM6O4UWOZ70
Ordinary share dividend announcement
Declaration of dividend number 138
Notice is hereby given that final dividend number 138, being a gross dividend of 484.00000 cents (2024: 444.00000 cents) per
ordinary share has been declared by the Board from income reserves in respect of the year ended 31 March 2025 payable to
shareholders recorded in the shareholders’ register of the Company at the close of business on Friday 15 August 2025.
The relevant dates relating to the payment of dividend number 138 are as follows:
Last day to trade cum-dividend Tuesday 12 August 2025
Shares commence trading ex-dividend Wednesday 13 August 2025
Record date Friday 15 August 2025
Payment date Friday 29 August 2025
The final gross dividend of 483.98400 cents per share (rounded to 484.00000 cents per ordinary share) has been determined
by converting the Investec plc distribution of 20.00000 pence per ordinary share into Rands using the Rand/Pound Sterling
average buy/sell forward rate of 24.19920 at 11h00 (SA time) on Wednesday 21 May 2025.
Share certificates may not be dematerialised or rematerialised between Wednesday 13 August 2025 and Friday 15 August
2025, both dates inclusive, nor may transfers between the South African share register and the United Kingdom, Botswana and/
or Namibia branch register/s take place between Wednesday 13 August 2025 and Friday 15 August 2025, both dates inclusive.
Additional information to take note of
• Investec Limited South African tax reference number: 9800/181/71/2
• The issued ordinary share capital of Investec Limited is 295 125 806 ordinary shares
• The dividend paid by Investec Limited is subject to South African Dividend Tax (Dividend Tax) of 20% (subject to any available
exemptions as legislated)
• Shareholders who are exempt from paying the Dividend Tax will receive a net dividend of 484.00000 cents per ordinary share
• Shareholders who are not exempt from paying the Dividend Tax will receive a net dividend of 387.20000 cents per ordinary
share (gross dividend of 484.00000 cents per ordinary share less Dividend Tax of 96.80000 cents per ordinary share).
By order of the Board
Niki van Wyk
Company Secretary
21 May 2025
Sponsor: Investec Bank Limited
Investec plc
Incorporated in England and Wales
Registration number: 3633621
Share code: INPP
ISIN: GB00B19RX541
LEI: 2138007Z3U5GWDN3MY22
Preference share dividend announcement
Non-redeemable non-cumulative non-participating preference shares ("preference shares")
Declaration of dividend number 38
Notice is hereby given that preference dividend number 38 has been declared by the Board from income reserves in respect of
the year ended 31 March 2025 amounting to a gross preference dividend of 28.55478 pence per preference share payable to
holders of the non-redeemable non-cumulative non-participating preference shares as recorded in the books of the Company at
the close of business on Friday 13 June 2025.
FFor shares trading on the Johannesburg Stock Exchange (JSE), the dividend of 28.55478 pence per preference share is
equivalent to a gross dividend of 687.65050 cents per share, which has been determined using the Rand/Pound Sterling average
buy/sell forward rate of 24.08180 as at 11h00 (SA time) on Wednesday 21 May 2025.
The relevant dates relating to the payment of dividend number 38 are as follows:
Last day to trade cum-dividend
On the Johannesburg Stock Exchange (JSE) Tuesday 10 June 2025
On the International Stock Exchange (TISE) Wednesday 11 June 2025
Shares commence trading ex-dividend
On the Johannesburg Stock Exchange (JSE) Wednesday 11 June 2025
On the International Stock Exchange (TISE) Thursday 12 June 2025
Record date (on the JSE and TISE) Friday 13 June 2025
Payment date (on the JSE and TISE) Friday 27 June 2025
Share certificates may not be dematerialised or rematerialised between Wednesday 11 June 2025 and Friday 13 June 2025,
both dates inclusive, nor may transfers between the United Kingdom share register and the South African branch register take
place between Wednesday 11 June 2025 and Friday 13 June 2025, both dates inclusive.
Additional information for South African resident shareholders of Investec plc
• Investec plc United Kingdom tax reference number: 2683967322360
• The issued preference share capital of Investec plc is 2 754 587 preference shares
• The dividend paid by Investec plc to shareholders recorded on the South African branch register should be regarded as a
‘foreign dividend’ for South African Income Tax purposes and is subject to South African Dividend Tax (Dividend Tax) of 20%
(subject to any available exemptions as legislated) as it is paid from the United Kingdom
• The net dividend amounts to 550.12040 cents per preference share for preference shareholders liable to pay the Dividend Tax
and 687.65050 cents per preference share for preference shareholders exempt from paying the Dividend Tax.
By order of the Board
David Miller
Company Secretary
21 May 2025
Sponsor: Investec Bank Limited
Investec plc
Incorporated in England and Wales
Registration number: 3633621
JSE share code: INPPR
ISIN: GB00B4B0Q974
LEI: 2138007Z3U5GWDN3MY22
Rand-denominated preference share dividend announcement
Rand-denominated non-redeemable non-cumulative non-participating perpetual preference shares
("preference shares")
Declaration of dividend number 28
Notice is hereby given that preference dividend number 28 has been declared by the Board from income reserves in respect of
the year ended 31 March 2025 amounting to a gross preference dividend of 532.26027 cents per preference share payable to
holders of the Rand-denominated non-redeemable non-cumulative non-participating perpetual preference shares as recorded in
the books of the Company at the close of business on Friday, 13 June 2025
The relevant dates relating to the payment of dividend number 28 are as follows:
Last day to trade cum-dividend Tuesday 10 June 2025
Shares commence trading ex-dividend Wednesday 11 June 2025
Record date Friday 13 June 2025
Payment date Friday 20 June 2025
Share certificates may not be dematerialised or rematerialised between Wednesday 11 June 2025 and Friday 13 June 2025, both dates
inclusive.
Additional information for South African resident shareholders of Investec plc
• Investec plc United Kingdom tax reference number: 2683967322360
• The issued Rand-denominated preference share capital of Investec plc is 131 447 preference shares
• The dividend paid by Investec plc to shareholders recorded on the South African branch register should be regarded as a
‘foreign dividend’ for South African Income Tax purposes and is subject to South African Dividend Tax (Dividend Tax) of 20%
(subject to any available exemptions as legislated) as it is paid from the United Kingdom
• The net dividend amounts to 425.80822 cents per preference share for preference shareholders liable to pay the Dividend
Tax and 532.26027 cents per preference share for preference shareholders exempt from paying the Dividend Tax.
By order of the Board
David Miller
Company Secretary
21 May 2025
Sponsor: Investec Bank Limited
Investec Limited
Incorporated in the Republic of South Africa
Registration number: 1925/002833/06
JSE share code: INL
JSE hybrid code: INPR
JSE debt code: INLV
NSX ordinary share code: IVD
BSE ordinary share code: INVESTEC
ISIN: ZAE000063814
LEI: 213800CU7SM6O4UWOZ70
Preference share dividend announcement
Non-redeemable non-cumulative non-participating preference shares ("preference shares")
Declaration of dividend number 41
Notice is hereby given that preference dividend number 41 has been declared by the Board from income reserves in respect of
the year ended 31 March 2025 amounting to a gross preference dividend of 435.83160 cents per preference share payable to
holders of the non-redeemable non-cumulative non-participating preference shares as recorded in the books of the Company at
the close of business on Friday 13 June 2025.
The relevant dates for the payment of dividend number 41 are as follows:
Last day to trade cum-dividend Tuesday 10 June 2025
Shares commence trading ex-dividend Wednesday 11 June 2025
Record date Friday 13 June 2025
Payment date Friday 20 June 2025
Share certificates may not be dematerialised or rematerialised between Wednesday 11 June 2025 and Friday 13 June 2025,
both dates inclusive.
Additional information to take note of:
• Investec Limited South African tax reference number: 9800/181/71/2
• The issued preference share capital of Investec Limited is 24 835 843 preference shares
• The dividend paid by Investec Limited is subject to South African Dividend Tax (Dividend Tax) of 20% (subject to any available
exemptions as legislated)
• The net dividend amounts to 348.66528 cents per preference share for shareholders liable to pay the Dividend Tax and
435.83160 cents per preference share for preference shareholders exempt from paying the Dividend Tax.
By order of the Board
Niki van Wyk
Company Secretary
21 May 2025
Sponsor: Investec Bank Limited
