06 August 2010, 11:04       

http://www.uknetguide.co.uk/Latest-News/RBS-posts-favourable-results-19921118.html

The Royal Bank of Scotland Group (RBS) has posted strong results for the second quarter of 2010.

The news comes just days after the group was hit with a £5.6 million fine for failing to screen its customers and transactions as stated in the Money Laundering Regulations 2007.

A second quarter (Q2) operating profit of £869 million saw a marked rise of 21.8 per cent from £713 million in Q1.

It means an attributable profit for Q2 of £257 million and ensures that RBS will break even for the first half of the year.

The group explained that the result leaves it on track to achieve its strategic plan targets.

"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," explained chief executive Stephen Hester.

The figures show a marked improvement in the first half of 2010 compared to the same period last year.

RBS posted an operating loss of £3,354 million in the first half of 2009, but made a total operating profit of £1,582 million in the first six months of 2010.