State-owned RBS has reported Q1 pre-tax profit of £826m and said its "substantially fixed" balance sheet means it should be ready to return to private hands next year.
The bank's results for the first three months of 2013 saw pre-tax profit return to black following a £2.2bn loss in Q4 2012, with group operating profit up 50% on the quarter to £829m. Excluding adjustments in the value of its own credit, the group's pre-tax profits stood at £577m. Non-core operating losses stood at £505m, down 46% on Q4 2012 due to a further reduction in impairments, the bank said. Commenting on the results, RBS chairman Philip Hampton said the government should begin selling shares by the middle of next year at the latest. "The balance sheet is now substantially fixed....
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