The Royal Bank Of Scotland Reports First Annual Profit Since 2007

The Royal Bank of Scotland (RBS) beat analysts by posting strong operating profits for its financial year, helped by cost-cutting measures and no additional conduct charges.

The Royal Bank of Scotland, which is still state-owned after having been bailed out during the 2008 financial crisis, putting them on track to record their first profit since 2007.

The Royal Bank of Scotland said that their common equity Tier 1 ratio, an important measure of a major bank’s financial resilience, had also risen by  15.5 per cent. At the end of June, the ratio had stood at 14.8 per cent, up from 13.4 per cent.

“Our core bank continues to generate strong profits and we remain on track to hit our financial targets,” Chief Executive Officer (CEO) Ross McEwan confirmed.

The Royal Bank of Scotland also said they had agreed to enter into a non-prosecution agreement with the United States Department of Justice to settle a probe of traders accused of defrauding customers on bond prices.

More on this story will follow.