LONDON (AP) — Royal Bank of Scotland says first-quarter profit more than tripled as it moved past the havoc wreaked by the global financial crisis.
The bank, which was bailed out by British taxpayers in 2008, said Friday that net income rose to 792 million pounds ($1.1 billion pounds) from 259 million pounds in the same quarter a year earlier.
RBS has simplified its operations to focus on the U.K. market after briefly becoming the world's largest bank through a series of acquisitions. Restructuring costs fell 64 percent from a year earlier to 209 million pounds. Costs for previous bad conduct dropped 65 percent to 19 million pounds.
CEO Ross McEwan says the results show progress "despite a more competitive market. Our income is up, costs are down and our capital has strengthened again."