British banking giant Royal Bank of Scotland (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.
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 bank’s personal & business banking (PBB) unit includes the reportable segments of UK Personal & Business Banking (UK PBB) and Ulster Bank.
The UK personal & business banking (PBB) unit of RBS reported an operating profit of £1.09bn for the first half of 2017, a huge surge compared to £533m a year earlier. The division’s net interest income rose 6% year-on-year to £2.23bn.
Ulster Bank’s operating profit increased to £11m from £8m a year ago. The unit’s net interest income increased 4% year-on-year to £206m.
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.”