Some say Royal Bank of Scotland is skating on thin ice. Others insist it is dancing on the edge of a volcano. A bank capable of such feats also seems capable of producing 50% profit margin in its investment banking division.

While confirming reduced group losses, RBS said in its results for the past year that its global banking and markets division made profits of £5.7bn (€6.5bn) on revenues of £11bn, including staff costs of £2.9bn.