RBS reports first profit annual in 10 years

Michael Lloyd

February 23, 2018

The Royal Bank of Scotland reported its first annual profit in 10 years in 2017.

The bank made an annual profit of £752m, up from a £7bn loss in 2016.

Ross McEwan, RBS chief executive, said: “This is a symbolic moment for this bank and a clear indication of the progress we continue to make in putting the past behind us, while at the same time investing to build a bank which delivers for both customers and shareholders.

“Our progress over the last few years has given us a stronger platform to compete in a rapidly changing market.

“And with many of our legacy issues behind us, the investment case for this bank is much clearer and the prospect of returning any excess capital to shareholders is getting closer.”

The bank saw gross mortgage lending of £31bn in 2017, up from £29.8bn in 2016.

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