RBS says rebounds into £1.22-bln net profit in third quarter

4th November 2011, Comments 0 comments

State-rescued Royal Bank of Scotland announced Friday that it rebounded into a net profit of almost £1.22 billion in the third quarter of this year.

RBS said in a results statement that profits after tax stood at £1.226 billion ($1.96 billion, 1.42 billion euros) in the three months to September, compared with a net loss of £1.146 in the same part of last year.

Pre-tax profits meanwhile hit £2 billion in the reporting period, which compared with a loss of £1.6 billion last time around.

The British government owns 83 percent of the group following a huge state bail-out that was triggered by the 2008 global financial crisis.

© 2011 AFP

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