INVESTEC IRELAND has reported pretax profit growth of 38 per cent to €33 million for the year to the end of March 2008, despite a difficult year.

Average deposits for the year remained at over €1 billion, up 17 per cent on the previous year, while Investec's cost-income ratio was contained at 50 per cent, while return on equity exceeded 60 per cent.

The loan book grew by 37 per cent, revenues from private banking grew by 22 per cent and employee numbers increased by 33 people from 83 to 116.

"In a difficult year, the diversified businesses of Investec Ireland yielded a very positive out-turn," said chief executive Michael Cullen. "The capital markets business again performed ahead of budget with revenues increasing by 51 per cent," he said, attributing the growth to Investec's treasury and international structured equity businesses.

Investec's subsidiary in the specialist residential mortgage market, Nua, which lends to people with non-standard incomes, "performed in line with expectations", Investec said.