Royal Bank of Scotland has posted a pre-tax profit of £826m in the first quarter of 2013 compared to a £1.5bn loss in the first quarter of 2012.
The bank’s Q1 results show group operating profit fell to £829m from £1.15bn in Q1 2012.
RBS’s UK retail arm profit fell to £557m from £632 in the same period in 2012.
Chairman Philip Hampton said today in a video statement the bank would look to return to privatisation within a year.
Hampton says: “It could be earlier, that is a matter for the Government, but certainly we think the recovery process could be substantially complete in about a year or so.”
RBS required a £45.5bn public funded bailout in October 2008.
RBS group chief executive Stephen Hester says: “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.”