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| Royal Bank of Scotland reports £2bn pre-tax profit | Royal Bank of Scotland reports £2bn pre-tax profit |
| (40 minutes later) | |
| Royal Bank of Scotland made pre-tax profits of £2bn in the three months to 30 September, against a £1.6bn loss in the same period last year. | |
| In a statement, RBS said that its retail operation was "holding up well", but that the investment bank side was "only modestly profitable". | In a statement, RBS said that its retail operation was "holding up well", but that the investment bank side was "only modestly profitable". |
| The UK government owns 84% of RBS after having to rescue the bank with a taxpayer-backed bailout in 2008. | The UK government owns 84% of RBS after having to rescue the bank with a taxpayer-backed bailout in 2008. |
| RBS said it had cut its exposure to nations such as Greece and Italy. | |
| "RBS's third quarter results show the improved strength and resilience we have built up since 2008," said chief executive Stephen Hester. | |
| "They also highlight the external pressures facing banks, and economies more broadly, which are making the road to recovery longer and bumpier than hoped for," he added. | |
| Retail banking revenues were steady at £4.1bn, but bad debt charges were cut to £1.5bn, down £728m on the previous quarter. | |
| Stock market turbulence saw income at its investment arm, Global Banking and Markets, fall 29% to £1.1bn during the quarter. | |
| The third-quarter profits compare with a £678m loss in the second quarter of 2011. For the first nine months of the year RBS made pre-tax profits of £1.2bn. | |
| The bank has taken more writedowns of £142m on its exposure to heavily-indebted Greece. | |
| RBS said it had cut its holdings of sovereign debt from Portugal, Italy, Ireland, Greece and Spain to £772m at the end of September, from £4bn at the start of the year. | |
| The bulk of these sales were made during the third quarter. | |
| RBS shares have fallen by nearly 50% over the past year. | RBS shares have fallen by nearly 50% over the past year. |