Friday 19 October 2018

Royal Bank of Scotland posts third consecutive quarterly profit

The bank recorded a £392m profit for the three months to September 30
The bank recorded a £392m profit for the three months to September 30

Ravender Sembhy

Royal Bank of Scotland (RBS) has posted its third consecutive quarter in the black after swinging to a third quarter profit.

The bank, which is still 72pc owned by the UK taxpayer, recorded a £392m profit for the three months to September 30, which compares with a £469m loss in the same period last year.

Chief executive Ross McEwan again signalled that the lender is moving on from its troubled past.

He said: "Our strategy to deliver a simpler, safer, customer-focused bank, is working.

"We have grown income, reduced costs, made better use of our capital and continued to make progress on our legacy conduct issues.

"Our core bank continues to generate strong profits and we remain on track to hit our financial targets."

Third quarter adjusted operating profit came in at £1.2bn compared with £1.3bn last year.

Mr McEwan has stripped out £708m in costs so far this year, with the lender on track to hit a £750m target for 2017.

RBS also detailed £125m in third-quarter conduct and litigation costs and £244m in restructuring charges.

When added to costs booked in the first half, it takes the total for the year to date to £1.5bn.

Press Association

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