RBS has reserved £400m for a currency probe as it reported a third successive quarterly profit thanks to reduced costs and strengthening economic conditions.
The bank reported profit before tax of £1.27bn, 26% higher than the £1.01bn reported in the second quarter, which it attributed to strengthening UK and Irish economies. The latest figures spell a return to profitability compared to the same quarter last year, when the bank made a loss of £828m. Operating profits jumped 66% in personal business banking and 23% in commercial and private banking, boosting profitability. However, the bank confirmed it has set aside £400m as potential conduct costs, following investigations in the foreign exchange market. The announcement comes a day...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
