Investec has reported a “resilient” performance in an uncertain macro-economic environment, supported by an increase in core loans, growth across its diversified lending books and a rise in customer deposits,On Thursday, the JSE and UK-listed group reported a 4.2% rise in revenue to £2.28bn (R50.66bn). Revenue was 4% higher in rand terms. Adjusted operating profit was up 4.3% at £951m. Adjusted EPS were up 4.8% at 82.9 pence, and HEPS grew 0.7% to 73.1p.Net core loans increased 9.6% to £35.5bn and customer deposits increased 8.7% to £44.7bn.CEO Fani Titi said the group was making good progress with its strategy to enhance its platforms, leverage its franchises and deliver long-term value for stakeholders.Return on equity (ROE) was 13.6%, within the group’s medium-term 13%-17% target range. Return on tangible equity (ROTE) was 15.7%, within the medium-term 14%-18% target range.“We are on track to achieve returns at the upper end of our target range by financial year 2030,” he said.Titi said revenue growth was supported by ongoing client acquisition, client activity, growth in average lending portfolios and continued net inflows in discretionary and annuity funds under management (FUM). Net interest income benefited from growth in average lending books and lower cost of funds, reflecting optimisation of the funding mix in Southern Africa in recent years. This was offset by the endowment effect of lower interest rates. Noninterest revenue growth reflected a strong increase in fee income generated by Investec’s banking businesses, as well as higher annuity fees from the South African wealth and investment business.The credit loss ratio on core loans was 36 basis points (bps), which is within the group’s through-the-cycle range of 25-45 bps. Expected credit loss impairment charges amounted to £124.2m, while overall credit quality remained strong, he said.Funds under management in the Southern African wealth business increased 15.4% to £27bn. The group experienced strong net inflows in its discretionary and annuity funds of £987m, supplemented by £333m additional FUM from a strategic acquisition by its Swiss operations in September 2025. This was partly offset by net outflows of £365m in nondiscretionary funds.Associate Rathbones reported funds under management and administration of £113.6bn at end-March.The board has proposed a final dividend of 21p per share, bringing the total dividend for the year to 38.5p, translating to a 46.4% payout ratio, which is within the group’s current 35%-50% payout policy. Investec completed the R2.5bn/ £110m share buy-back announced in May last year, it said.“The execution of our growth agenda outlined in May 2025 is on track,” said Titi.Investec expects the 2027 financial year to be the peak investment year, with a positive inflection in both earnings growth delivery and sustainable improvement in shareholder returns to commence in financial year 2028. It remains on track to deliver ROE of about 16% by the financial year ending March 2030. “We are confident in the resilience of our client franchises across varying market cycles,” he said.For the 2027 financial year, Investec’s guidance is for revenue to be supported by book growth, ongoing client activity and continued success in its client acquisition and entrenchment strategies.The group currently expects ROE to be between 13% and 14%, which is within the 13%-17% target range.Southern Africa is expected to report ROE between 18% and 19%, while the UK and other division is expected to report ROTE between 12.5% and 13.5%, near the lower end of the target range of 13%-17%.For the 2028 financial year, Investec is expected to deliver an improved ROE of 13.8%-14.6% and ROTE of 15.8%-16.6%, as it continues to leverage its existing franchises, supplemented by a meaningful contribution from its investment in its South Africa corporate mid-market business.