Royal Bank of Scotland reports rise in 2nd quarter profits

Staff Writer
Columbus CEO

LONDON (AP) — Taxpayer-owned Royal Bank of Scotland says second-quarter net income rose 27 percent to 293 million pounds ($458 million) as the British government prepares to sell its stake.

Bailed out by the British government at the height of the financial crisis in 2008, RBS is struggling to put the excesses of the past behind it, including an ill-fated global expansion drive that briefly made it the world's largest bank.

Chairman Philip Hampton said Thursday that the RBS of today is very different from the bank of 2009.

"It has a greater focus on the quality of earnings and the control of risks," he said.

The results come as the government moves to put its 78 percent share in the bank on the market — even if it sells at a loss.