RBS swings to first-half profit as recovery continues

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RBS swings to first-half profit as recovery continues

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LONDON (Reuters) – Royal Bank of Scotland <RBS.L> swung to a profit in the first half of the year, it said on Friday, as its recovery continued following a 2 billion pound ($2.65 billion)loss in the same period last year amid hefty restructuring and legal costs. RBS, which has not made an annual profit since 2007, reported a 939 million pound pretax profit in the six months to end-June. RBS said its core capital ratio, a key measure of financial strength, rose to 14.8 percent. The bank said it is in discussions with the Dutch central bank to use its license in the Netherlands to conduct its trading business there following Britain’s exit from the EU.

(Reporting By Lawrence White; Editing by Rachel Armstrong)
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