Royal Bank of Scotland reports record profits of £8.1bn

02/24/05 - newratings.com

LONDON, February 24 (newratings.com) – Royal Bank of Scotland Group Plc (RBS-M) announced Thursday a 15% y/y increase in its profits to a record £8.1 billion, excluding exceptional items.

RBS, the second-largest bank in the UK in terms of assets, said that it had witnessed a sharp upturn in loans, customer deposits and interest income, while having benefited significantly from its recent acquisitions. Royal Bank of Scotland’s eleventh consecutive year of double-digit growth was driven by a robust performance across the company’s businesses. The company’s total income increased 18% on a y/y basis to £22.8 billion in the 12 months ended December 31, 2004.