A spokesperson for Investec declined to comment on the results yesterday. However it is understood the figures present a fragmented picture of the group's performance in Ireland and despite the stark profit falls captured in the statutory accounts, the underlying Irish business is performing well. At its interim results released in November, Investec chalked up a 10.5pc increase in its operating profit to £347.5m. However the group stated the "combined South African businesses reported operating profit 7.9pc ahead of the prior period (in Rands), whilst the combined UK and other businesses posted a 5pc decrease in operating profit in pounds sterling". Investec does not break out the performance of its Irish arm in its group results and it is understood only a fraction of its overall activities here are reflected in the statutory accounts. But the falling profits come as other banks stage a recovery amid strong economic growth.