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Royal Bank of Scotland to post second year of profits

Royal Bank of Scotland is set to book its second consecutive year of annual profits next week, providing further impetus for the Government to continue selling down its stake in the lender. A consensus of City analysts is forecasting the bank will see bottom line profits nearly double from £752 million last year to £1.4 billion when it reports on Friday. It will mark the bank’s second year in the black following a decade-long run of stinging losses, during a period marred by crisis-era legacy and conduct charges. However, under chief executive Ross McEwan’s stewardship, the bank drew a line under the last of the major misconduct settlements in August, reaching a 4.9 billion US dollar (£3.7 billion) agreement with US authorities over alleged mis-selling of residential mortgage-backed securities. Moreover, the 62.4%-taxpayer owned lender has recently gained shareholder approval that allows it to buy back up to £1.5 billion worth of shares from the Treasury.

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