RBS reports £713m Q1 profit

Royal Bank of Scotland (RBS) has reported operating profits of £713m in the first three months of the year, rebounding from a loss of £1.35bn for the same period last year.

However, profits from its global banking and markets arm more than halved to £1.47 bn from £3.47bn last year. The bank, which is 83% owned by the taxpayer, also made a pre-tax loss of £21m after one-off costs, which included £500m paid into the Government's insurance scheme for bad debts. Bad debts fell 14% from the last quarter to £2.7bn. The nationalised bank also said the sale of 318 branches - forced on it by the European Commission - is progressing well. Chief executive Stephen Hester, who is implementing a five-year restructuring plan, said the economic recovery is benefiting...