The Royal Bank of Scotland have announced that profits increased by 9 per cent in 2007. The bank recorded operating profits of £10.28 billion, up from £9.41 billion in 2006. It should be noted, however, that the figures exclude the bank’s acquisition of ABN Amro .
The impressive figures were above market predictions, which were £500 million lower on average. The UK’s second biggest bank is attributing its successful year to strong performances in certain sectors, with 10 per cent increases in profits in both the UK corporate banking sector and the retail business sector. However, it was in their wealth management unit that the greatest success was enjoyed, with a record 30 per cent increase in profits.
The results are all the more impressive given the bank’s write-downs in the wake of the sub-prime crisis. A total of £1.6 billion has been written off to date, excluding the extra £900 million of bad debt taken on following the acquisition of ABN Amro.
Profits Up at Royal Bank of Scotland
Profits Up at Royal Bank of Scotland
Thu, 06 Mar 2008
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