Royal Bank of Scotland has reported a pre-tax profit of £1.14bn in the first half of 2010, up from £15m in 2009.
The bank, which is 84 per cent 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 £1.6bn, compared to a loss of £3.4bn in 2009. Second quarter net attributable profit stood at £257m, compared to a loss of £248m in the first quarter.
RBS Group chief executive Stephen Hester 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.
“The rebuilding of RBS is a marathon and not a sprint. I am pleased with the steady momentum in our core customer-facing businesses.”