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RBS records $1.9bn Q1 profit

Royal Bank of Scotland (RBS) experienced a strong start to the year as it continues on the road to recovery following the financial crisis.

The financier - which is 82 per cent state-owned - unveiled its Interim Management Statement for the first quarter of 2012 this morning (4 May), which revealed its operating profit climbed to £1.18 billion ($1.9 billion) during this period.

Within the report released alongside these figures, the lender attributed its healthy performance across this three-month to factors such as its corporate, markets and retail divisions all doing well.

As such, its core operating profit was revealed to be £1.66 billion and its return of tangible equity stood at 11 per cent.

Meanwhile, RBS also showed it is making progress towards meeting the requirements of the Basel III regulations by maintaining a core tier 1 ration of 10.8 per cent.

Chief executive Stephen Hester commented: "We are happy with progress in the first quarter though the economic and regulatory backdrop remains tough. RBS continues, markedly, to regain strength and resilience."

By Gary Cooper