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OUT OF THE ORDINARY Investec Investec plc and Investec Limited Combined results Reviewed combined consolidated financial results for the six months ended 30 September 2021 Highlights for 30 September 2021 ( 1H2022 ) compared to 30 September 2020 ( 1H2021 ) • Revenue grew 30.5 % supported by the strength of our client franchises and improved market conditions . Adjusted earnings per share increased 134.8 % to 26.3p ( 1H2021 : 11.2p ) , ahead of comparable pre - COVID levels ( September 2019 ) . • Wealth & Investment funds under management ( FUM ) increased 8.6 % to £ 63.0 billion ( 31 March 2021 : £ 58.0 billion ) underpinned by net inflows of £ 1.5 billion , market recovery and good investment performance . • Loan books within Specialist Banking grew 7.2 % to £ 28.3 billion ( 31 March 2021 : £ 26.4 billion ) given increased activity levels and continued client acquisition in both geographies . • The cost to income ratio improved to 64.0 % ( 1H2021 : 72.0 % ) , with operating costs increasing 11.7 % . Fixed operating expenditure increased 3.3 % reflecting continued cost discipline . Pre - provision adjusted operating profit increased 61.2 % to £ 336.0 million ( 1H2021 : £ 208.5 million ) , 9.3 % ahead of September 2019 . Expected credit loss ( ECL ) impairment charges were 84.5 % lower , resulting in a credit loss ratio ( CLR ) of 7bps ( 31 March 2021 : 35bps ; 1H2021 : 47bps ) , reflecting strong asset quality and higher recoveries . • Return on equity ( ROE ) was 11.2 % for the period ( 1H2021 : 5.3 % ) and return on tangible equity ( ROTE ) was 12.1 % ( 1H2021 : 5.8 % ) . ● Tangible net asset value ( TNAV ) per share increased 10.2 % ( annualised ) to 445.2p ( 31 March 2021 : 423.6p ) . Net asset value ( NAV ) per share increased 9.3 % ( annualised ) to 479.2p ( 31 March 2021 : 458.0p ) . • Maintained strong capital , funding , and liquidity positions . • The Board has proposed an interim dividend of 11.0p ( 1H2021 : 5.5p ) resulting in a payout ratio of 41.8 % . The Board has further resolved to distribute a 15 % holding in Ninety One to shareholders . Updated guidance for 31 March 2022 ( FY2022 ) Updated FY2022 adjusted earnings per share guidance of between 48p and 53p ( Range guided in May 2021 : 36p - 41p ) . Fani Titi , Group Chief Executive commented : " The group delivered a strong first half result , underpinned by resilient client franchises , strong revenue momentum and sound asset quality - resulting in adjusted earnings per share of 26.3p , ahead of comparable pre - COVID levels . I am pleased to share that the Board has proposed an interim dividend of 11.0p relative to 5.5p in 1H2021 . Further , in line with our strategy to optimise the allocation of capital , the Board has resolved to distribute a 15 % holding in Ninety One to our shareholders . I am grateful for the hard work and commitment of my colleagues , which has enabled us to deliver this solid result . The strength of the relationships we have built with our clients is reflected in the trust they have continued to place in our people and our organisation . The changes made to simplify and focus the group are bearing fruit , positioning us well for the future . Our resilient business model and strong balance sheet will support our drive to achieve sustainable long - term value and growth for our colleagues , clients , shareholders , and societies in which we live . "