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RBS reports £826m return to profit RBS 'ready to privatise in a year'
(35 minutes later)
Royal Bank of Scotland (RBS) has reported a pre-tax profit of £826m for the first three months of the year. Royal Bank of Scotland's (RBS) chairman, Sir Philip Hampton, says the bank will be ready to return to the private sector next year.
The results mark a return to profit for the part-state-owned bank, which lost £1.5bn in the same period a year ago, and £2.2bn in the last quarter of 2012. In a video statement posted on the bank's website, Sir Philip said he expected the government to start selling shares from the middle of 2014.
The bank said losses relating to bad loans were down 26% to £1bn. His comments came as RBS reported a return to profit for the first three months of the year.
It also reported a 79% fall in non-core assets since it began its restructuring programme in the wake of its 2008 government bailout. It made a pre-tax profit of £826m after racking up losses last year.
RBS lost £1.5bn in the first quarter of 2012, and lost £2.2bn in final three months of the year.
It said losses relating to bad loans were down 26% to £1bn, and it had now seen a 79% reduction in non-core assets since it began restructuring in the wake of the financial crisis.