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Topics: RBS| Royal Bank of Scotland| net mortgage lending
The Royal Bank of Scotland Group reported a small £9m net profit over the first half of the year, after recording a £1.14bn pre-tax profit in the six-month period.
RBS, which is 84% owned by the UK taxpayer, posted a £257m net profit in the second quarter, after seeing a £248m net loss in the previous three-month period.
The group's operating profit in the first half totalled £1.58bn, compared to a £3.35bn loss in the corresponding period in 2009.
RBS says it remains on course to meet its UK mortgage and business lending targets, as customer numbers at its core businesses increase or holding steady.
Group Chief Executive Stephen Hester says the group is on track to meet "the far-reaching goals" of its five-year restructuring plan.
"We are making good progress with disposals and overall business restructuring. Our customer base is solid and I believe that the future potential of RBS for all its constituencies becomes increasingly visible," he says.
"The rebuilding of RBS is a marathon and not a sprint. I am pleased with the steady momentum in our core customer-facing businesses.
"However, our path to the sustainable profitability and other improvements we target will not be linear, given the scale of management action in our core businesses, continuing risk reduction in non-core and the impact on both of a changeable economic and regulatory environment."
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Ignorant of the facts
I take issue with the above comment as I know people who work for RBS they leave home in the morning probably when you are still in bed and arrive home when you are watching TV soaps, they contributed to the profits which RBS made which will ultimately pay back the taxpayers money with I might add a substantial profit to us the taxpayer we will not see any of that either, perhaps you should ask for a share,I think you should understand that the majority of the bonuses paid are well deserved and a minority possibly not, but at sometimes 12 hour days they deserve it, or would you prefer RBS to sink then we would have no return and the taxpayer would have to pay benefits to the unemployed.......perhaps you should direct your comments to things like the government MPs fiddling and the unneccesary cosmetic operations on the NHS which we pay for with no return to us the taxpayer....I could go on but the list is endless
Posted by: G Bishop
Ignorant of the facts
For your information G Bishop I have worked more than my fair share of 12 hour days. I have worked an average of 60 hours per week since I came into this industry nearly 20 years ago. I have never had a complaint, have high persistency and low NTU,s. I do not believe the UK taxpayer should pick up the tab for RBS or any other bank. The taxpayer has never had to bail me out or any company I have ever worked for and why should they. How much money do you think the taxpayer should pump into a bank ? I agree with those who say let them go to the wall. Instead of pumping BILLIONS into the RBS final salary pension scheme the money could have been used to compensate their deposit holders. Once you give a blank cheque you have no way of knowing how much it will end up costing you. By the way Space Ranger I do not watch soaps although you seem to know something about them which possibly explains why you are so emotional.
Posted by: Captain IFA
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RBS scrapes into £9m net profit
I suppose RBS staff will be clammering for bonuses now. Could I have one please after all as a taxpayer I am a shareholder in this financial success story.
Posted by: Captain IFA