RBS reports £9m profit

Royal Bank of Scotland has seen profits of £9m for the first half of 2010.

The bank, which is 83 per cent taxpayer-owned, was helped by improving bad debt losses as it moved from a £248m loss in the first quarter to a £257m profit between April and June.

it lent £12.7bn to business in the second quarter – up 27 per cent.

Chief executive Stephen Hester said the turnaround of the business is on track but added: "The rebuilding of RBS is a marathon not a sprint. There is of course plenty left to do."

"The bank remains on track to meet the far-reaching goals of our five-year restructing plan."

RBS, which sold 318 branches to Spanish lender Santander, said retail banking had performed well.

The bank has announced 23,000 job losses worldwide since October 2008, including 17,100 in the UK.