The rate of profit growth at Barclays Capital more than doubled last year as surging trading powered pre-tax profits at the investment bank up to a record £2.2bn (€3.3bn) and left the unit on track to meet chief executive Bob Diamond's profit target three years early.

Pre-tax profits at Barclays Capital surged more than half last year from £1.4bn in 2005, which also marked a record year for the investment bank, as a trading boom fuelled soaring revenues that outstripped rising costs. The bank said today "very strong growth" in its credit, rates and private equity businesses helped fuel higher revenues.