RBS profits more than double to £1.63bn

RBS profits rise to £1.62 billion
Royal Bank of Scotland report profis of £1.62 billion for 2018, more than doubling 2017's profits

Royal Bank of Scotland (RBS) profits have more than doubled in 2018 to £1.62 billion, an increase of £870 million from last year, with a pre-tax profit of £3.36 billion.

It represents a massive turnaround for RBS since the £45.5bn Government bailout in 2008. A special dividend of 7.5p per share and a final dividend of 3.5p per share will now be paid.

RBS Chief Executive, Ross McEwan said:“2018 was a year of strong progress on our strategy – we settled our remaining major legacy issues, paid our first dividend in ten years and delivered another full year bottom line profit. However, while our financial performance is more assured, we know that a significant gap remains to achieving our ambition to be the best bank for customers. We are fully focused on closing this gap.

RBS continues to transition from physical to digital services, with 6.4 million customers now regularly using their mobile app; 16% higher than 2017.

The bank did, however, warn that it expects 2019 to be full of significant risks and uncertainties due to the economic, political and regulatory environment.