LONDON (Reuters) - Royal Bank of Scotland swung to a better than expected first quarter profit of 259 million pounds ($334.24 million), it reported on Friday, after making a loss of nearly a billion pounds in the same period a year ago.
The result was more than the 50 million pounds forecast from the average of analysts' estimates compiled by the bank, and was the lender's first quarterly profit since September 2015.
The bank has not made a full-year profit in nine years, as it battles restructuring costs and conduct fines resulting from its years of over-expansion leading into the 2008 financial crisis.
RBS said its core capital ratio rose to 14.1 percent from 13.4 percent ayear ago.
($1 = 0.7749 pounds)
(Reporting By Lawrence White, editing by Huw Jones)
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app