Scotsman Cartoon: RBS shows stunning bounce back

Illustration: Brian Adcock
Illustration: Brian Adcock
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THE Royal Bank of Scotland (RBS) and Ross McEwan in particular were flying high yesterday, stunning the market when it announced a doubling in pre-tax profits of £2.65 billion for the first half of the year on the back of the resurgent economy.

Yesterday Sir Philip Hampton, chairman of the state-owned lender, told reporters: “We decided this week that they [the results] were price-sensitive because the divergence [with expectations] was so significant. We did not think it was appropriate to sit on these results for another week.”