RBS results ‘poor’ despite profits

Royal Bank of Scotland, the bank 70% owned by taxpayers, has announced pre-tax profits of £15m for the first half of this year.


Despite profits, the group describes the results as “poor” with attributable losses of £1bn after tax and paying Government dividends.

The bank reported a £44 million loss in the first quarter

Group chief executive, Stephen Hester, said: “This was a momentous half year for RBS. We gave a full and clear account of our vulnerabilities to the ‘credit crunch’. We set out comprehensive restructuring plans, now with clear performance targets. And implementation is well under way, though uncertainties remain.

The bank is undergoing major restructuring to “cure past vulnerabilities” and meet the challenges of the changed market. Hester remains positive about the bank’s future but predicts poor results for the coming two years.

The government put up a £20bn stake in the bank last year to save it from collapse. Hester said that the size of the bank has cut back by 26% this year in terms of staff head count and selling off some business.

Latest from Marketing Week

Marketoonist on whack-an-idea


Tom Fishburne is founder of Marketoon Studios. Follow his work at marketoonist.com or on Twitter @tomfishburne See more of the Marketoonist here


Access Marketing Week’s wealth of insight, analysis and opinion that will help you do your job better.

Register and receive the best content from the only UK title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work. The more we know about our visitors, the better and more relevant content we can provide for them. And, yes, knowing our audience better helps us find commercial partners too. Don't worry, we won't share your information with other parties, unless you give us permission to do so.

Register now


Our award winning editorial team (PPA Digital Brand of the Year) ask the big questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.


From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we are your guide.


Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Having problems?

Contact us on +44 (0)20 7292 3711 or email subscriptions@marketingweek.com

If you are looking for our Jobs site, please click here