BreakingNews.ie: RBS banks �4.5bn half-year report

BreakingNews.ie: RBS banks �4.5bn half-year report: "RBS banks �4.5bn half-year report
04/08/2006 - 08:40:41


NatWest owner Royal Bank of Scotland took the first-half profits haul from the UK�s five major banking groups to more than �19bn (�28.1bn) today.

The Edinburgh-based company, which owns the insurance brands Churchill and Direct Line, said it made profits of �4.51bn (�6.66bn) in the first six months of the year, an increase of 23% on a year earlier.

It added that the amount of money set aside to write off bad debts increased 5% to �847m (�1,250m), with the figure on the retail side up 19% to �680m (�1,004m), mainly as a result of losses on unsecured borrowing such as personal loans.

The group generates around 60% of its profits in the UK, with overseas operations including Charter One banking group in the United States."