Royal Bank of Scotland (RBS) has added to the positive tone in the European banking sector posting 10% year-on-year increase in pre-tax profits to £1.74bn (€2.5bn) from its corporate banking and financial markets division for the first half of 2003.

The corporate banking division's profits before goodwill amortisation and integration costs in the first six months of 2003 increased by £158m to £1.74bn from £1.58bn in the first half of 2002. The division offers corporate and commercial banking, treasury and capital markets, structured and leveraged finance, and trade finance services to companies and institutions.