Royal Bank of Scotland's pre-tax profit has risen to £1.14bn in the first half of the year from £15m a year earlier. The bank reported an operating profit of £1.6bn compared with an operating loss of £3.4bn in 2009. RBS, which is 84%-owned by the taxpayer, has announced 23,000 job losses worldwide since October 2008, including 17,100 in the UK. It also announced it had sold an 80% stake in its payments business GMS, in a deal which valued the unit at £2bn. RBS's results follow upbeat performances from Barclays, HSBC and Lloyds. Chief executive Stephen Hester said the bank's five-year restructuring plan was "on track". RBS said that it had provided £14.4bn of gross new loans to small businesses, but that net lending to such firms fell - as companies paid back more debt than they took on. Banks have been criticized for not doing enough to support firms during the economic downturn. Like its rivals, RBS insists that in the current climate it cannot lend faster than its customers want to repay their existing debts.The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).
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