RBS reports rise in profit - Banking - News - Moneyfacts

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

RBS reports rise in profit

RBS reports rise in profit

Category: Banking

Updated: 03/05/2013
First Published: 03/05/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The state-owned Royal Bank of Scotland has announced quarterly pre-tax profits of £826 million.

The results have pleased the bank which suffered a loss of £1.5 billion during the first quarter of last year and £2.2 billion during the final three months of 2012.

Losses as a result of 'bad' loans fell by 26% to £1 billion, whilst its non-core assets reduced by 79%.

RBS also strongly suggested that the Government would begin to consider the sale of RBS shares around the middle of this year, five years after it was rescued from the brink of collapse and bailed out by the UK taxpayer.

Stephen Hester, chief executive of RBS, said: "These results show pleasing progress in delivering a strong and valuable RBS for all our stakeholders. We expect to substantially complete the Bank's restructuring phase during 2014.

"We are seeing the start of a pick-up in loan demand and have a strong surplus of funds ready and available to fully support economic recovery. Across the Group we are working hard to improve what we do for customers and to better position the Bank for future growth," he declared.


What next?

Find out how to choose the best bank account by reading our guides to help you open and manage your bank account
Compare the best savings rates

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Current account switching to be made even easier

It was announced today that the Current Account Switch Service (CASS) will be undergoing improvements that are to be implemented in a year’s time. This should help give more customers and businesses the confidence to switch to a better bank account.

A quarter of all card payments now contactless

The rise of contactless payments shows no signs of stopping, with new milestones being hit on a seemingly monthly basis. Well, another one has arrived, with new data showing that a quarter of all card payments are now made via contactless means.

6 of the best high interest current accounts

At one time, savings accounts were the only sensible place to put your hard-earned cash if you wanted a meaningful return, but unfortunately, that's no longer the case.
 
Close