RBS reports modest rise in Q2 profit

Royal Bank of Scotland reported a modest increase in second quarter profit after booking a £1.05 billion ($1.63 billion) charge for the costs of restructuring its business and setting aside 459 million to deal with conduct and litigation issues.

The bank made an attributable profit of 293 million pounds ($457 million), up 27 percent on the same period last year. Analysts had expected a loss of 260 million pounds, according a range of forecasts provided by the bank.

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RBS said it planned to return capital to shareholders but would not be in a position to do so until the first quarter of 2017 at the earliest.

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