RBS reports £1.1 billon half year profit

The Royal Bank of Scotland (RBS) has reported a pre-tax profit of £1.14 billon in the first half of 2010, up from £15m in 2009.

Stephen Hester
Stephen Hester

The bank, which is 84% owned by the taxpayer, has an attributable profit of £9m for the first half of this year.

Group operating profit for the first half of 2010 was £1.6 billion, compared with a loss of £3.4 billon in 2009. Second quarter net attributable profit stood at £257m, compared with a loss of £248m in the first quarter.

Stephen Hester, the chief executive of RBS Group, says: “RBS second quarter results show that the bank remains on track to meet the far-reaching goals of our five year restructuring plan which commenced last year. 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. (article continues below)

“The rebuilding of RBS is a marathon and not a sprint. I am pleased with the steady momentum in our core customer-facing businesses.”