RBS profits rise to £1.64bn

The Royal Bank of Scotland has reported a pre tax profit of £1.64 billion for the first quarter for 2014, up from £826 million from last year.

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Shares climb but RBS chief says 'past issues' remain

Shares climbed an extra £2.5 billion adding to the value of Royal Bank of Scotland today after it said quarterly profits had doubled.

RBS, which is 80% owned by the taxpayer, said profits before tax had risen to £1.64 billion from £826 million in the same period last year, prompting shares to rise by 13% after news broke this morning.

BS chief executive Ross McEwan said there were still "plenty of issues from the past to reckon with." Credit: Andrew Milligan/PA Wire

Shares settled at 9% - despite a warning from RBS chief executive Ross McEwan that there were still "plenty of issues from the past to reckon with".

Mr McEwan said the latest figures showed the "great job" it could achieve while in a "steady state.

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