RBS (LON:RBS) have reported a £153 million half-yearly loss this morning, but a surprising net profit rise for the three months to the end of June.
The £153 million loss for the six months to the end of June compares with a £1.43 billion profit a year ago.
Restructuring costs tripled, and the bank set aside £1.3bn for lawsuits and customer compensation. This comes after the bank were fined £390 million for failing to prevent market manipulation by traders involved in the Libor scandal. Another £459m was earmarked mainly for litigation costs in the second quarter.
Finance Minister George Osborne has said that the government planned to sell at least three-quarters of its 78 percent stake in the bank, and begin the process as soon as possible. The sale is likely to begin in September.
“The bank is in much better shape than it was even 12 months ago and it’s given the government the confidence to say this is a bank we can start selling off. The timing itself is up to the government,” Chief Executive Ross McEwan told reporters.
Shares in RBS hit their highest price in a month and were up 3.5 percent at 356.60 pence per share.
