Investec FY earnings seen rising up to 7 pct higher

Reuters - UK Focus

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JOHANNESBURG, March 20 (Reuters) - South African investmentbank and asset manager Investec (LSE: INVP.L - news) said on Thursday itsfull-year earnings would rise as much as 7 percent after it cutits bad debt charges.

Investec, which is also listed in London, said itsstruggling Australia arm had dampened an improved performance inAfrica and Britain.

The bank's pound-denominated adjusted earnings per sharelikely grew by between 0-7 percent in the year to end-March.Rand earnings are seen 22-27 percent higher.

Impairments, or bad debt charges, are seen falling by 35percent, the bank said.

Lending in the first 11 months also declined 10 percent to16.6 billion pounds, while third party assets under managementdecreased by 3 percent.

Investec shares were up 1.2 percent at 79.66 rand inJohannesburg at 1100GMT, bringing gains so far this year tonearly 7 percent. (Reporting by Helen Nyambura-Mwaura; Editing by Ed Stoddard)

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