RBS has posted an attributable profit of £939m for the first half of 2017, compared to a loss of £2.04bn in the year ago half.
The banking group posted an operating pre-tax profit of £1.95bn for the period ended 30 June 2017, compared to a loss of £274m in the same period last year. Adjusted operating profit stood at £3.06bn, versus £1.15bn a year earlier.
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Restructuring costs during the period increased to £790m from £630m, while litigation and conduct costs dropped to £396m from £1.31bn a year ago.
Operating expenses were £4.85bn, a fall of 18% from £5.93bn in the previous year.
The group’s private banking unit reported operating profit of £82m for the first half of 2017, a 61% surge from £51m a year earlier. Adjusted operating profit at the unit slumped 31% to £96m from £73m in the first half of 2016.
The division’s total income dipped 3% to £321m from £331m a year ago, while operating expenses dipped 16% year-on-year to £232m.
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By GlobalDataAssets under management at the private banking unit totalled £17.9bn as at 30 June 2017, a rise of 14% compared to the last year.
RBS CEO Ross McEwan said: “Our progress in the first half of the year means that today we can spend less time talking about the bank we were and more about the bank we are becoming. We have continued, at pace, to build a simpler, safer and even more customer-focused bank that has now delivered two consecutive quarters of bottom line profit – totalling £939 million.”
