RBS says profits up despite £1.5bn sub prime hit - papers 6 Dec

The Times reported shares in the bank soared on the news surged 7.46% higher, up 34.75p at 500.5p in early trading. Royal Bank of Scotland (RBS) has promised to deliver pre-tax profits of more than £10bn this year, despite taking a £1.5bn writedown against its exposure to American sub-prime mortgages and leveraged loans. RBS chief executive Sir Fred Goodwin says: "It hasn't been beer and skittles this year, but we are anticipating a strong set of results. "While we have seen some credit market deterioration, there have been a number of planned gains during the period [this year]. If y...