Higher revenues from Europe and the US propelled Royal Bank of Scotland's profits from its corporate markets division 21% higher in the first six months of the year to £2.7bn (€4bn).

Operating profits at the UK bank's corporate markets unit, which was created under Johnny Cameron at the start of the year, climbed from £2.3bn in the first six months of 2005. Revenues rose from £4.3bn a year ago to £5bn, while costs also grew faster, from £1.6bn to £1.9bn.