Royal Bank of Scotland corporate banking and financial markets division profits rose 11% last year to £3.6bn (€5.4bn) and again accounted for just over half the bank's group results which hit a record £7.2bn.

The division includes corporate and commercial banking, treasury and capital markets, structured and leveraged finance and trade finance services to companies and institutions. RBS has been strengthening its franchise outside the UK and the headcount in some areas of investment banking, including the debt capital markets, grew by 25% last year and in 2002.