RBS First Quarter Profit Hits £1.6bn

The tax-payer backed bank, Royal Bank of Scotland almost doubled its profit for the first three months, sending its share price up by more than 12%.

RBS said its pre-tax profit reached £1.64bn in the first three months of 2014, up 98% from £826m in 2013.

The company did however say that certain problems still need rectification.

Ross McEwan said: "Just over two months ago, I set out our plan for making RBS the most trusted bank in the UK.

"Today's results show that in steady state, RBS will be a bank that does a great job for customers while delivering good returns for our shareholders.

"But we still have a lot of work to do and plenty of issues from the past to reckon with."

The trading update is RBS' first since the group announced that it had suffered an £8.2bn loss in 2013, amid plans to cut costs by £5bn within three years.

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