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Royal Bank of Scotland Posts Record Profits

Record profits announced for banking giant

19th February 2004

The Royal Bank of Scotland, the UK's second largest bank, has announced record pre-tax profits of £6.2bn, or nearly £12,000 a minute.

The figures prompted criticism from many industry observers, who claimed that the banking group was profiting from the current unprecedented levels of consumer debt, although the bank claims the majority of its profits came from other areas, including productivity increases resulting from the merger with Nat West, plus the successful insurance arm of the group, Direct Line.

Read More: BBC

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