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South Africa’s Investec has said that it anticipates an up to 23% hit on its annual profits due to Covid-19 pandemic.

The wealth management group, which is already affected due to dull growth in South Africa, said that the outbreak will significantly impact the fourth quarter performance.

According to a Reuters report, the group estimates that its adjusted earnings per share will slip between 16% and 23% lower in the financial year that ends on 31 March.

However, Investec CEO Fani Titi said Investec delivered a resilient performance despite such impediments.

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Titi told the news agency: “What we see, out in communities, is what you would see normally in wartime.”

He also expects the situation to improve in the following few months.

Recently, Investec suspended plans to divest a 10% stake in its asset management business NinetyOne due to market volatility.

However, the listing of NinetyOne went ahead earlier this month. The business is now trading at London as well as Johannesburg stock exchanges.

Currently, Investec holds 25% stake in NinetyOne.

Meanwhile, the global death toll due to Covid-19 crossed 14,000, while the number of confirmed cases is now nearing 350,000.