Net income rose to £420.5m in the 12 months ended 31 March, from £346.1m a year ago.
By division, asset management and wealth management had the strongest results for the year, with asset management operating profit rising 53% to £127.3m from £83.4m, and private wealth up 56% to £40.4m from £25.9m.
Private banking fell into losses though due to low activity levels, increased impairments and write-offs.
Investec chief executive Stephen Koseff said the private bank unit was expected to return to profit next year and that most of losses had already been taken.
"These were bull market trades and there was obviously business written that with hindsight we would rather not have done and clients that we would have been better off not to have dealt with," Koseff added.
Koseff in an interview to Finanacial Times also said that the bank might also consider shifting parts of its business out of the UK, in response to the regulatory changes expected to emerge from the Vickers review into the structure of the British banking system.
The bank wants to expand into India and Hong Kong to capture more of the transaction flows between Chinese and Indian companies buying resources in Africa and Australia.
