RBS announces £826m profit

UK bank RBS has announced a quarter one pre-tax profit of £826 million.

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RBS 'ready to return to the private sector in 2014'

RBS chairman Sir Philip Hampton has said he expects the bank to return to the private sector in just over a year.

RBS chairman Sir Philip Hampton. Credit: Press Assocation

In a video statement on the RBS Group website, Sir Hampton said he expected the government to be in a position to start selling shares by the middle of 2014.

His remarks come as RBS announces a first quarter profit of £826 million, up from a loss of £1.5m in quarter one last year.

RBS announces first quarter profit of £826 million

UK bank RBS has announced a quarter one pre-tax profit of £826 million.

These results show pleasing progress in delivering a strong and valuable RBS for all our stakeholders. We expect to substantially complete the Bank’s restructuring phase during 2014. We are seeing the start of a pick-up in loan demand and have a strong surplus of funds ready and available to fully support economic recovery. Across the Group we are working hard to improve what we do for customers and to better position the Bank for future growth.

– Stephen Hester, Group Chief Executive

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