RBS announces $1.4bn operating profits in second quarter

6 August 2010

Royal Bank of Scotland (RBS) has announced substantial profits in the second quarter of the year.

Between April and June 2010, the financial institution generated operating profits of £869 million ($1.4 billion), an increase on the £713 million it earned in the first three months of the year.

Despite this, RBS's overall profit for the first half of the year stands at a much lower £9 million, with group chief executive Stephen Hester stressing that it is making slow but steady progress towards rebuilding the bank.

He said the figures are a sign that the company is on track to meet the "far-reaching goals" laid out in its five-year plan for restructuring.

"We remain focused on what we can control: serving our customers better across our businesses and building mutually rewarding long-term relationships with each of them," Mr Hester added.

This announcement comes after RBS revealed that its deal with Aviva - which provides investment, pension and protection products - has been renewed.

By Asim Shah

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