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Cautious Royal Bank of Scotland reports sharp recovery

25 july 2014, 14:48
©Reuters/Paul Hackett
©Reuters/Paul Hackett

Britain's state-rescued Royal Bank of Scotland warned over future earnings despite posting a surge in profits, AFP reports.

Net profit almost tripled to £1.425 billion ($2.42 billion, 1.8 billion euros) in the six months to the end of June, compared with the outcome equivalent period in 2013, the bank said.

Pre-tax profits jumped 93 percent to £2.65 billion, it added.

"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," said chief executive Ross McEwan.

"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."

The Edinburgh-based bank is 81-percent state-owned after it was rescued with £45.5 billion of British taxpayers' cash during the 2008 global financial crisis, making it the world's biggest-ever banking bailout.

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