Royal Bank of Scotland (RBS) has posted its third consecutive quarter in the black after swinging to a third quarter profit.
The bank, which is still 72% owned by the taxpayer, recorded a £392 million profit for the three months to September 30, which compares with a £469 million loss in the same period last year.
Chief executive Ross McEwan again signalled that the lender is moving on from its troubled past.
He said: “Our strategy to deliver a simpler, safer, customer-focused bank, is working.
“We have grown income, reduced costs, made better use of our capital and continued to make progress on our legacy conduct issues.
“Our core bank continues to generate strong profits and we remain on track to hit our financial targets.”
Third quarter adjusted operating profit came in at £1.2 billion compared with £1.3 billion last year.
Mr McEwan has stripped out £708 million in costs so far this year, with the lender on track to hit a £750 million target for 2017.
RBS also detailed £125 million in third-quarter conduct and litigation costs and £244 million in restructuring charges.
When added to costs booked in the first half, it takes the total for the year to date to £1.5 billion.
Ross McEwan, chief executive of RBS (PA)
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