RBS Profit
Published / Last Updated on 05/08/2010
by Ashley Clark, Director
Royal Bank of Scotland Group, the UK bank that posted the biggest losses in UK corporate history of over £25bn in a year, resulting in a huge Government takover with over 80% of shares being state owned, has finally got into profit with a half year result of £9 million.
The groups operating profit was £1.1 billion (£1,100 million) but a huge slice of this is wiped out to cover the costs of “toxic” mortgage debt.
RBS is currently going through a huge restructure with 300 branches sold to Santander for £30 billion and many more changes in its business model to make it operations leaner, meaner and viable, profitable operational high street bank.
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