Net profits at Crédit Agricole's corporate and investment banking unit rose faster than any other division last year, surging almost a third to €1.7bn ($2.2bn) as revenue growth outpaced higher recruitment costs.

Profits at Calyon, the investment banking unit of the French banking group, increased by 32% last year as net revenues rose more than a fifth from €4.5bn in 2005 to €5.5bn. The group today hailed "a sharp improvement in operational efficiency and profitability" at the unit.