RBS records 11% rise in profits to £3.6bn

The corporate banking and financial markets arm of Royal Bank of Scotland registered an 11% rise in profits last year to reach £3.6bn. In the group's published preliminary results, RBS reported that the combination of strong income growth, improved efficiency and a stable credit environment contributed to an increase in profits for the group of £700m, or 11%, to £7.2bn. According to the published results, the CBFM division continues to see good growth in traditional commercial banking and financial market products. In addition, the group states that it is now seeing the benefits of investment over recent years in its debt capital markets capability and the expansion of its franchise in Europe and the US. The results outlined that demand for large corporate borrowing remains subdued as a consequence of continued low levels of corporate investment spend and increased bond market issuance.

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