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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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