Royal Bank of Scotland (RBS) posted its first annual profit in a decade 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. Just a year earlier, the bank had suffered an annual loss of £6.95 billion.
Operating profit came in at £2.239 billion, a notable increase of £6.321 billion compared to 2016. Fourth-quarter operating losses before tax were £583 million, with a net loss of £579 million. Shares sank 4 percent as European markets opened Friday.
“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.”