Profit of Royal Bank of Scotland RBS

[pioneer]

Royal Bank of Scotland's pre-tax profit has risen to £1.14bn in the first half of the year from £15m a year earlier.

The bank reported an operating profit of £1.6bn compared with an operating loss of £3.4bn in 2009.

RBS, which is 84%-owned by the taxpayer, has announced 23,000 job losses worldwide since October 2008, including 17,100 in the UK.

It also announced it had sold an 80% stake in its payments business GMS, in a deal which valued the unit at £2bn.

RBS's results follow upbeat performances from Barclays, HSBC and Lloyds. - BBC news