Royal Bank of Scotland profits to meet forecasts

Royal Bank of Scotland says its full-year profits will meet analysts' expectations.

Royal Bank of Scotland says its full-year profits will meet analysts' expectations.

The company says it successfully completed the IT integrations of both NatWest and the acquired Mellon retail franchise.

RBOS added that all its divisions are seen reporting "strong growth in income" this year, except for the wealth management business, which has been hurt by slumping stock markets.

Second-half provisions for loan losses will be consistent with the first half and the increase in lending, the company said.

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Chief executive Mr Fred Goodwin said: "We remain committed to our goal of building superior sustainable value for our shareholders, customers and staff.

"Whilst the economic outlook continues to be uncertain, we are confident that our bias towards less volatile activities in less volatile geographies will enable us to continue to achieve this goal."

PA