Royal Bank of Scotland reports recovery, shares leap

Britain's state-rescued Royal Bank of Scotland posted a surge in profits on Friday, boosting its share price, but warned over future earnings. Net profit almost tripled to £1.425 billion ($2.42 billion, 1.8 billion euros) in the six months to the end of June, compared with the outcome equivalent period in 2013, the bank said. Pre-tax profits jumped 93 per cent to £2.65 billion, it added. In reaction, RBS shares rocketed 14.34 per cent to 376 pence, topping London's benchmark FTSE 100 index, which was flat at 6,816.25 points in early trading. The Edinburgh-based bank is 81-per cent state-owned after it was rescued with £45.5 billion of British taxpayers' cash during the 2008 global financial crisis, making it the world's biggest-ever banking bailout, according to AFP.