Royal Bank of Scotland profits in line with expectations

The Royal Bank of Scotland has said its profits for the first half of 2004 are to be in line with expectations.

In a trading statement the group, which owns Ulster Bank and First Active, said that every division had experienced good growth.

However, it said results from its Citizens Bank in the US had been affected by the strength of sterling.

But First Active's inclusion, the statement said, would result in a lower net interest margin.