LONDON (AP) — Royal Bank of Scotland is reporting that third-quarter profit rose 6.3 percent as the British government begins to reduce its stake in the institution bailed out during the 2008 financial crisis.
The bank said Friday that net income rose to 952 million pounds ($1.5 billion), compared with 896 million pounds a year earlier.
The bank put restructuring costs at 847 million pounds, up from 167 million a year earlier, while the costs of litigation and past conduct issues, primarily related to mortgage-backed securities, fell to 129 million pounds from 780 million pounds.
RBS says the future costs “could be substantially greater” than those already reported.
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