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RBS 'ready to privatise in a year' | |
(35 minutes later) | |
Royal Bank of Scotland's (RBS) chairman, Sir Philip Hampton, says the bank will be ready to return to the private sector next year. | |
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. | |
His comments came as RBS reported a return to profit for the first three months of the year. | |
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. |