Twitter icon Email alerts icon Latest News RSS icon Magazine icon Stay connected:

View the article online at

RBS pockets £1.2bn Q1 profit

by Danielle Levy on May 02, 2014 at 08:15

RBS pockets £1.2bn Q1 profit

(Update) Royal Bank of Scotland (RBS) saw its first quarter-profit rise to £1.2 billion, boosted by falling operating costs and PPI claims.

Net profit rose to £1.2 billion pounds, up from £393 million in March 2013 and an £8.7 billion loss at the end of 2013. The bank's pre-tax operating profit stood at £1.6 billion, up from a £9 billion loss at the end of December.

At 8:39 the state-backed bank benefited from the news, with its shares up 10.7% to 339.4 pence on the day.

RBS Wealth, which includes Coutts and Adam & Co, saw operating profit rise by £29 million over the quarter to £78 million, with a £1 million impairment loss versus a £21 million recovery in December of last year. Income for the division stood at £3 million, while RBS Wealth reduced staff numbers by 1,000 over the three-month period to 4,500.

'We still have a lot of work to do and plenty of issues from the past to reckon with,' said chief executive. 'Restructuring costs are likely to be considerably higher for the remainder of the year than the rate implied by the first quarter.'

McEwan is planning to make the business more efficient by bringing divisions together, scaling back the investment bank and cutting jobs to boost profit after the lender reported its biggest annual loss since the financial crisis hit in 2013.

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Sponsored Video: Bringing it all back home

As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.

Today's top headlines

Sponsored Video: Barings on investing in Frontier Markets

From Nigeria to Pakistan and from Kenya to Kuwait, frontier markets are catching investors' attention as never before.

More about this:

Look up the shares

  • Royal Bank of Scotland Group PLC (RBS.L)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them


On the road

Click here to find out more from the Audience Development team.

Sorry, this link is not
quite ready yet