Strong international growth has driven operating profits at Royal Bank of Scotland's corporate markets division up a fifth to £5.6bn (€8.3bn). The results come one year after RBS investment banking was restructured into two units: one to serve UK corporate clients and a second for its global customers.

Profits at the division, which until the reorganisation had been called corporate banking and financial markets, surged from £4.6bn on a like-for-like basis in 2005, despite costs rising faster than revenues.