RBS reports first profit in 10 years

Royal Bank of Scotland (RBS) has returned to profit for the first time in a decade as it continues its recovery, reports BBC.

Chief executive Ross McEwan told the BBC it was "a really symbolic moment."

The bank, which is majority-owned by the taxpayer, made an annual profit of £752m compared with a £6.95 billion loss the year before.

RBS still faces a potentially massive fine from the US Department of Justice over the sale of financial products linked to risky mortgages.

RBS expanded rapidly in the boom years of the 2000s, and in October 2007 led a consortium to buy Dutch bank ABN Amro for a massive £49bn, one of the largest deals in financial services history.

However, the timing of this deal turned out to be unfortunate.

A crisis swept through the financial sector, property prices plunged, economies fell into recession and banks lost billions.

At the height of the crisis, in October 2008, the Treasury had to step in to bail RBS out for £45bn.

Since the bank has been trying to get itself back into financial health.