Record £7 billion profits for RBS

Thursday 19th February 2004, 12:00AM GMT.

ROYAL Bank of Scotland today posted record annual profits as cost savings from its acquisition of NatWest exceeded hopes.

The rise of 11% to £7.

5 billion during the year to 31 December was in line with market expectations – the tenth consecutive year of double-digit growth.

he high street giant – which employs over 1,000 staff in Jersey, under its Royal Bank of Scotland International, NatWest, and Coutts brandings – said it benefited from strong income growth, improved efficiency and a stable credit environment.

But the size of the profits – believed to be the biggest ever announced by a UK bank – is set to spark fresh controversy over cashing in on higher consumer debt.

hief executive Fred Goodwin said: ‘I am particularly pleased that in 2003 we have maintained the momentum that has been evident in our results over the last three years.

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