RBS makes 'steady progress'

RBS building

RBS has issued an update in respect of its financial results for the six months ended 30 June 2014.

The interim results processes are in progress and the financial results are subject to finalisation and approval by the Board. RBS will announce its 2014 Half Year Results on 1 August 2014.

Key points

  • RBS results for H1 2014 are expected to reflect better than anticipated operating performance, driven by more favourable credit conditions and good results from RBS Capital Resolution, with a consequential beneficial impact on capital ratios
  • Profit before tax is expected to be £2,652m for H1 2014, up from £1,374m in H1 2013, with operating profit(1) at £2,601m, up from £708m in H1 2013

Chief Executive Ross McEwan, said: 'The results we are posting today show the steady progress we are making as we take the steps to be a much simpler, smaller and fairer bank. These results show that underneath all the noise and huge restructuring of recent years, RBS is a fundamentally stronger bank that can deliver good results for customers and shareholders.

'There is progress on all of our key priorities - capital is stronger, costs are lower and customer activity is gradually improving - although we have only just started with our programme to make it easier for customers to do more business with us.

'But let me sound a note of caution. We are actively managing down a slate of significant legacy issues. This includes significant conduct and litigation issues that will likely hit our profits going forward. I am pleased we have had two good quarters, but no one should get ahead of themselves here - there are bumps in the road ahead of us.

'Today’s results are pleasing but no one at this bank is complacent about the challenges ahead'.

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