Rising profits for RBS

The Royal Bank of Scotland has today reported that profits for its fiscal first half rose by 14 per cent.

12:31 04 August 2005

The Royal Bank of Scotland has today reported that profits for its fiscal first half rose by 14 per cent.

This growth takes earnings to 3.68 billion from 3.23 billion for the same period last year.

The increase in profits was helped in part by acquisitions and strong performances from the bank's corporate banking wing and its Citizens US unit.

Consumer banking slowed, although lending to businesses and individual customers rose by 17 per cent.

But RBS acknowledged only a "small increase" in personal arrears.

Due to rising profits the bank announced an increase in its interim dividend to shareholders of 15 per cent.

RBS shares have failed to perform well this year, with a 2.8 per cent fall in stock so far.

The bank is currently the third worst performer in its sector.