The Royal Bank of Scotland, which is 84% owned by the UK taxpayers has announced that its per-tax profits for the first six months of 2010 leap to £1.14 billion, compared to just £15 million for the first six months of 2009. It also reported an operating profit of nearly £1.6 billion compared to an operating loss of over £3.4 billion in 2009.
Since 2008 RBS has cut 23,000 jobs worldwide with 17,100 jobs cuts in the UK and earlier this week announced that it would be selling 318 of its branches to Santander.
RBS chief executive Stephen Hester said that the banks restructuring was on track by saying, “We are making good progress with disposals and overall business restructuring,†adding that the plan was “a marathon not a sprintâ€.
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