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| Royal Bank of Scotland posts first annual profit in a decade | Royal Bank of Scotland posts first annual profit in a decade |
| (35 minutes later) | |
| Royal Bank of Scotland (RBS), majority-owned by British taxpayers, has posted a bottom line profit of £752m for 2017, its first annual gain in a decade. | Royal Bank of Scotland (RBS), majority-owned by British taxpayers, has posted a bottom line profit of £752m for 2017, its first annual gain in a decade. |
| This compares to a £6.95bn loss a year earlier. | This compares to a £6.95bn loss a year earlier. |
| RBS CEO Ross McEwan hailed the announcement as "a symbolic moment" as the bank continues its ongoing recovery from the 2008 crash. | |
| “Our financial strength is much clearer... We still have more to do in cost reduction, however this reflects progress we have made in making the bank more efficient,” he said. | |
| The bank remains 71 per cent-owned by the UK Government after it received a £45.5bn bail-out at the height of the financial crisis. | |
| One cloud still casting a shadow over its prospects is an outstanding dispute with the US Department of Justice over the sale of financial products tied to risky mortgages, which could see it facing a heavy fine. | |
| RBS put aside £764m in the fourth quarter of last year with a view to settling any litigation arising from the issue. | |
| More follows... | More follows... |