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06/08/2010
RBS First Half Profits Leap By £9m
Part-nationalised Royal Bank of Scotland has seen net profits jump by £9 million for the first half of 2010.
The group, which is 83% taxpayer owned, was helped by improving bad debt losses as it moved from a £1.04 billion loss in the first half year.
Chief Executive Stephen Hester said the bank was on the road to recovery, but far from the finish.
He said: "We are making good progress with disposals and overall business restructuring.
"Our customer base is solid and I believe that the future potential of RBS for all its constituencies becomes increasingly visible."
The bank also took a £931 million tax charge, compared with £412 million credit a year earlier. Its gross lending to business had risen to £12,7 billion in the second quarter, up 27% on last year.
Mr Hester said that RBS core operations are expected to keep the current levels of profitability for the rest of the year, however he said it is too early to predict if the bank will make a profit for the full year.
(CD/BMcC)
The group, which is 83% taxpayer owned, was helped by improving bad debt losses as it moved from a £1.04 billion loss in the first half year.
Chief Executive Stephen Hester said the bank was on the road to recovery, but far from the finish.
He said: "We are making good progress with disposals and overall business restructuring.
"Our customer base is solid and I believe that the future potential of RBS for all its constituencies becomes increasingly visible."
The bank also took a £931 million tax charge, compared with £412 million credit a year earlier. Its gross lending to business had risen to £12,7 billion in the second quarter, up 27% on last year.
Mr Hester said that RBS core operations are expected to keep the current levels of profitability for the rest of the year, however he said it is too early to predict if the bank will make a profit for the full year.
(CD/BMcC)
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