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RBS Q1 Operating Profit Up

Royal Bank of Scotland Group (RBS) has reported operating profit of GBP713m for the first quarter of 2010, compared to GBP179m for the same quarter of 2009.

RBS’ total income for the first quarter of 2010 declined to GBP8.02bn from GBP10.45bn in the corresponding quarter of 2009.

Operating profit before impairment losses was GBP3.24bn compared to GBP5.68bn in the first quarter of 2009. Impairment losses for the 2010 first quarter was GBP971m compared to GBP1.03bn in 2009.

The bank’s operating expenses in first quarter of 2010 declined to GBP3.77bn from GBP3.96bn in corresponding quarter of 2009.

Stephen Hester, CEO of RBS, said: “Last year we began implementing one of the most significant corporate restructurings ever undertaken. We said the plan would take five years to implement. We set out transparently where the milestones would be along the way. And we explained how, if implemented properly, the plan would turn RBS from a problem into an opportunity for all our constituencies.

“Today we show that we remain on track for the delivery of the plan – we are doing what we said we would do. We have made good progress but there is still significant work to be done. I welcome the market’s recognition of our progress to date, but the challenges we still face are real and should not be underestimated.”