Mortgage News
RBS scrapes into £9m net profit
The Royal Bank of Scotland Group reported a small £9m net profit over the first half of the year, after recording a £1.14bn pre-tax profit in the six-month period.
RBS, which is 84% owned by the UK taxpayer, posted a £257m net profit in the second quarter, after seeing a £248m net loss in the previous three-month period.
The group’s operating profit in the first half totalled £1.58bn, compared to a £3.35bn loss in the corresponding period in 2009.
RBS says it remains on course to meet its UK mortgage and business lending targets, as customer numbers at its core businesses increase or holding steady.
Group chief executive Stephen Hester says the group is on track to meet “the far-reaching goals” of its five-year restructuring plan.
“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,” he said.
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“The rebuilding of RBS is a marathon and not a sprint. I am pleased with the steady momentum in our core customer-facing businesses.
“However, our path to the sustainable profitability and other improvements we target will not be linear, given the scale of management action in our core businesses, continuing risk reduction in non-core and the impact on both of a changeable economic and regulatory environment.”