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RBS H1 Profit Above Expectations

RBS H1 Profit Above ExpectationsRBS H1 Profit Above Expectations

Royal Bank of Scotland beat first-half profit forecasts on Friday in a sign its long-promised recovery is finally gathering pace, and said it may move up to around 150 jobs to Amsterdam after Brexit, Reuters reported. The state-controlled bank’s shares rose as much as 5% after it reported an unexpected 44% jump in income at NatWest Markets, the rebranded investment banking unit that brought it to the brink of collapse during the financial crisis. RBS, rescued in a record £45.5 billion ($59.8 billion) bailout at the height of that crisis, has not made an annual profit since 2007 and last made a first-half profit in 2014. “We are doing what we said we would, growing income, reducing costs and improving returns,” Chief Executive Ross McEwan told reporters on a conference call. RBS also said it was in talks with the Dutch central bank to use a license it has in the Netherlands to conduct some Natwest Markets business there if it becomes necessary following Britain’s exit from the EU.

 

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