Royal Bank of Scotland profits up

25 February 2005
Royal Bank of Scotland (RBS) has seen its annual net profits increase by almost 90 per cent, the bank announced yesterday.

RBS, the second largest bank in the UK by assets, said its net annual profit rose to £4.26 billion in 2004, up from £2.25 billion in 2003.

Annual revenue was also up, showing an 18 per cent increase at £22.75 billion.

The bank also saw a ten per cent rise in customer deposits and increased its loans and advances to customers by almost 20 per cent.

Fred Goodwin, the chief executive of RBS, was positive about the possibility of further growth for the bank this year, and told the Associated Press that the figures demonstrated the bank's "creation of additional growth options, both at home and internationally and our ability to deliver integration benefits from acquisitions."

RBS has spent almost US $61 billion in acquisitions over the past five years.

BBC News reported that the increase in profits makes RBS, the owner of NatWest and Direct Line, the fifth richest company in Britain.

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