ROYAL Bank of Scotland has unveiled its first annual profit since being bailed out by the UK Government at the height of the financial crisis of 2008 and 2009.
The lender, which is 70 per cent owned by UK taxpayers, reported a £752 million profit for 2017. It is the first bottom line profit made by the bank, which received a £45 billion bailout during the financial crisis, in 10 years. The bank had made a near £7bn loss in 2016.
Chief executive Ross McEwan declared that the profit marked a “symbolic moment” for the Edinburgh-based lender.
He said: “I’m pleased to be announcing our first full year attributable profit in a decade.
“This is a symbolic moment for the bank and a clear indication of the progress we continue to make in putting the past behind us, while at the same time investing to build a bank which delivers for both customers and shareholders.
“Our progress over the last few years has given us a stronger platform to compete in a rapidly changing market.
“With many of our legacy issues behind us, the investment case for this bank is much clearer and the prospect of returning any excess capital to shareholders is getting closer.”
The profit ensured Royal Bank ended the week on a brighter note after several days of damaging headlines.
On Tuesday, MPs forced the publication of a report commissioned by the City regulatory, which highlighted further examples of mistreatment of business customers by the bank's Global Restructuring Group between 2008 and 2013. The investigation found staff at the lender mimicked a foreign national, threatened business owners with receivership, and urged colleagues to stake claims from a retail customer which had gone into administration.
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