(27 February 2018 – UK) Royal Bank of Scotland has posted an annual profit for the first in time ten years but excitement was tempered as the bank awaits a fine from the US Departments of Justice (DoJ).
Following a £7bn loss in 2016, the bank, still 71 percent-owned by the government, reported a £752m profit for 2017 prompting chief executive Ross McEwan to declare it a symbolic moment and an indication RBS has moved on.
Dividend payouts have yet to resume and are not expected to do so until the bank has reached a settlement with the DoJ.
Sir Howard Davies, the bank’s chairman, said it was “not the moment to declare a final victory. We still have costly legacy issues to resolve.” Sir Davies added that uncertainty over Brexit remained a challenge to the bank’s European business however a swing back to profit was a signal the bank was returning to normality.