RBS report £826m return to profit in first quarter
The Royal Bank of Scotland has reported a first quarterly pre-tax profit of £826 million.
• RBS reports first return to profit of £826 million
• Bank remains 82 per cent owned by tax payer
The 82 per cent tax payer-owned bank suffered a £2.2 billion loss in the previous quarter, and £1.5 billion loss this time last year.
The bank said that losses relating to bad loans were down by 26 per cent to £1 billion.
Britain’s financial regulator said in March UK banks must raise 25 billion pounds of extra capital by the end of the year to absorb any future losses on loans. Although the regulator has not yet given specific guidance to individual banks, analysts expect the biggest shortfall to be at RBS.