Part-nationalized Royal Bank of Scotland reports Q2 profit of $409 million

Royal Bank of Scotland makes Q2 profit of $409M

LONDON — Part-nationalized Royal Bank of Scotland says it made a profit of 257 million pounds ($409 million) in the second quarter of the year although losses from bad loans increased.

The bank’s second-quarter profit more than reversed the first-quarter loss, and it reported a net profit of 9 million pounds overall for the first half.

Provisions for bad loans increased from 971 million pounds in the first quarter to 1.1 billion pounds in the second quarter. In the same period, revenue declined from 8 billion pounds to 7.9 billion pounds.

The government saved RBS from collapse during the credit crisis, and holds 68 percent of the ordinary shares.