ROYAL Bank of Scotland chief Ross McEwan had justification when he hailed the institution’s return to profit as a “symbolic moment” yesterday. Indeed, with eye-watering losses, job cuts and branch closures punctuating the decade since the bank’s £45 billion Government bailout, it may at times have felt like this day would never come.

But, while investors will welcome Royal’s return to the black, the bank still has part of its past to confront.

Mr McEwan had hoped the bank would have settled with the US Department of Justice last year over its role in the sale of toxic mortgages in the years before the financial crash. There was no further update on the matter yesterday. But, with analysts noting the settlement could cost Royal anything between £5bn and £12bn, the issue could arguably result in a loss this year.

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There are other matters to deal with. With the bank’s reputation damaged again this week with the publication of the report into its Global Restructuring Group, there is much to do to restore its image. Around 1,200 customers are already engaged in the GRG complaints process, meaning the fall-out from the investigation will be felt for some time. Moreover, the bank still has some way to go before its share price rebounds to the point at which the UK Government can break even on its investment.