Economy

UK bank RBS reports an annual profit for the first time in a decade

Royal Bank of Scotland posted its first annual profit in a decade on Friday, continuing its recovery following the financial crash of 2008.
The bank recorded a net profit of £752 million ($1.05 billion) for 2017, surpassing analyst forecasts for a figure of £592 million.
"Our financial strength is much clearer," RBS CEO Ross McEwan said in a press release Friday, adding that "we still have more to do in cost reduction, however this reflects progress we have made in making the bank more efficient."
The state-owned lender was rescued in a record 45.5 billion pound ($59.8 billion) bailout at the height of the 2008 financial crisis as has since failed to post a profit since 2007.