RBS Profits Rocket 98% from Same Quarter Last Year Reuters

The Royal Bank of Scotland has revealed a 98% leap in profits for the first quarter when compared to the same period last year.

According to the bank's latest set of results, pre-tax profit reached £1.64bn (€2bn, $2.8bn) in the first three months of 2014, up from £826m in 2013.

Operating profit for the quarter was £1.5bn, up from £747m last year.

"Just over two months ago, I set out our plan for making RBS the most trusted bank in the UK. Today's results show that in steady state, RBS will be a bank that does a great job for customers while delivering good returns for our shareholders," said Ross McEwan, CEO at RBS.

"But we still have a lot of work to do and plenty of issues from the past to reckon with. Everyone at RBS is focused squarely on doing everything we can to earn the trust of our customers and in the process change the banking sector for the benefit of the UK."