RBS announce £5.1bn half-year profits

NatWest owner Royal Bank of Scotland today reported half-year profits of £5.1bn (€7.6bn), an increase of 11% on a year earlier.

Royal Bank of Scotland, which owns NatWest and Churchill Insurance, unveiled sharply higher half-year profits of £5.1bn (€7.5bn) today.

The surplus from the UK’s second largest banking group, which compares with £4.6bn (€7bn) a year earlier, means the sector’s big five firms racked up profits of more than £20 billion in the first six months of the year.

The RBS haul was affected by the impact of June’s flood claims, which is estimated to have cost the Direct Line insurer around £125m (€186m).