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| Version 1 | Version 2 |
|---|---|
| RBS downbeat despite £15m profit | RBS downbeat despite £15m profit |
| (10 minutes later) | |
| Royal Bank of Scotland Group, which is 70%-owned by taxpayers, has reported a pre-tax profit of £15m for the first six months of the year. | Royal Bank of Scotland Group, which is 70%-owned by taxpayers, has reported a pre-tax profit of £15m for the first six months of the year. |
| The statement from RBS was downbeat, highlighting the £1bn net loss and saying "the results, as we had clearly warned, are poor". | The statement from RBS was downbeat, highlighting the £1bn net loss and saying "the results, as we had clearly warned, are poor". |
| They were boosted by a £3.8bn profit from buying back the bank's own debt when the banking crisis made it cheap. | They were boosted by a £3.8bn profit from buying back the bank's own debt when the banking crisis made it cheap. |
| RBS also said it had written off £7.5bn of bad debts. | RBS also said it had written off £7.5bn of bad debts. |
| "There will be no miracle cures. Our task is no less than one of the largest bank restructurings ever done, in the face of strong economic headwinds," said RBS chief executive Stephen Hester. | |
| "Overall results may not substantially improve until 2011 and full recovery will take time," he warned. |