RBS returns to profit in first quarter

Suzie Neuwirth

STATE-backed Royal Bank of Scotland today posted pre-tax profits of £826m, back in the black for the first time in 18 months.

The bank’s earnings have risen from a loss of £2.23m in the last quarter of 2012.

RBS also said that it expects to complete its restructuring during 2014.

“We are seeing the start of a pick-up in loan demand and have a strong surplus of funds ready and available to fully support economic recovery,” said group chief executive Stephen Hester.

“Across the group we are working hard to improve what we do for customers and to better position the bank for future growth.”

Click here for a video of chairman Philip Hampton outlining today's results.