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RBS reports £1.1bn half year profit

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.”

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There is one comment at the moment, we would love to hear your opinion too.

  1. If someone gave my business £50billion I think I would be able to make a profit next year.

    Total joke – these banks should have been left to go to the wall ! What use are they to anyone as they are trading at the moment ?!?

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