Royal Bank of Scotland has posted its first quarterly profit since 2011 as impairments on souring loans dwindled.
Bloomberg reports that the firm swung into a net income of $610m in the first quarter.
That compares with a loss of $2.33bn a year earlier. Impairments fell 21% to about $1.55bn the bank said in a statement Friday.
Chief Executive Officer Stephen Hester said in February that the bank, which received the biggest banking bailout in the world in 2008, would complete the “most important” parts of its restructuring this year.
Hester said Friday: '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'.