RBS doubles its profits to £2.65 billion

RBS headquarters at Gogarburn. Picture: Phil Wilkinson

RBS headquarters at Gogarburn. Picture: Phil Wilkinson

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Royal Bank of Scotland nearly doubled its pre-tax profits to £2.65 billion in the first half of the year, despite taking an extra £250 million hit for mis-selling financial products.

The state-backed lender published interim results a week early, saying it was because they were “significantly stronger” than market expectations.

Pre-tax profits for the first six months of 2014 were up from £1.37bn the year before. But for the second quarter they were 38 per cent lower at £1.01bn as the group took a hit from restructuring costs and compensation for the mis-selling of payment protection insurance and interest rate swaps.

Chief executive Ross McEwan said the results showed the underlying strength of the business, but warned that there remained “bumps in the road ahead” for the bank as it continued to deal with scandals of the past.