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04/11/2011
RBS Reports Return To Profit
The Royal Bank of Scotland (RBS) has reported a return to profit in the third quarter as it cut its bad debts and offset a plummet in income at its under-pressure investment arm.
Backed by taxpayers, the RBS reported pre-tax profits of £2 billion in the three months to 30 September, compared to a £678 million loss in the previous quarter.
Stock market turbulence saw the Global Banking Market's (GBM) income fall 29% to £1.1 bn in the same period.
RBS said it had now reached the halfway point of its five-year recovery plan adopted in 2009 and has met or exceeded all targets to date.
However, Stephen Hester, RBS Chief Executive, warned there would be job losses due to further cost cutting measures.
Despite the 'bumpy recovery' RBS is planning to boost lending to small businesses by at least 15% in three months as part of a drive to get behind the economic recovery.
(CD)
Backed by taxpayers, the RBS reported pre-tax profits of £2 billion in the three months to 30 September, compared to a £678 million loss in the previous quarter.
Stock market turbulence saw the Global Banking Market's (GBM) income fall 29% to £1.1 bn in the same period.
RBS said it had now reached the halfway point of its five-year recovery plan adopted in 2009 and has met or exceeded all targets to date.
However, Stephen Hester, RBS Chief Executive, warned there would be job losses due to further cost cutting measures.
Despite the 'bumpy recovery' RBS is planning to boost lending to small businesses by at least 15% in three months as part of a drive to get behind the economic recovery.
(CD)
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