RBS announces £2bn pre-tax profits for Q3

4 November 2011 8:17 am | By Chris Salih

Royal Bank of Scotland has reported pre-tax profits of £2bn in the three months to September 30.

The result compares to a £1.6bn loss in the third quarter of 2010 and include a £142m writedown due to its exposure to Greek sovereign bonds.

The bank has also reported an operating profit of £267 in Q3, this compares with £726m for the same period in 2010.

RBS Group chief executive Stephen Hester says: “RBS’s third quarter results show the improved strength and resilience we have built up since 2008. They also highlight the external pressures facing banks, and economies more broadly, which are making the road to recovery longer and bumpier than hoped for.

“In the face of eurozone turmoil and economic slowdown RBS has sustained its restructuring momentum. Our Core Tier 1 capital ratio is strong. Our loan:deposit ratio improved again, as did our liquidity position. Non-Core run-down is on-track for year end targets. Impairment charges fell, especially in Ireland.”

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