RBS announces record €11.7bn profit

Royal Bank of Scotland today announced a 15% rise in annual profits to a record £8.1bn (€11.7bn) after a strong performance across its businesses.

The figure, which is before the inclusion of exceptional items, was at the top end of analysts’ expectations and marked the NatWest owner’s 11th consecutive year of double-digit growth.

It adds to the bumper £30bn (€43.3bn) the UK’s big banks are expected to rake in this year, far outstripping the £4.6bn (€6.6bn) announced by Barclays earlier this month.

The performance is better than the record £7.7bn (€11.1bn) reported by HSBC last year, although RBS’ UK rival should reclaim the crown next week.