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Royal Bank of Scotland reports profits rise

[LONDON] State-rescued Royal Bank of Scotland on Thursday announced a 27 per cent rise in net profits for the second quarter, with the sale of US operations offsetting higher exceptional costs.

Profit after tax climbed to £293 million (S$626.8 million) in the three months to the end of June compared with a net gain of £230 million in second quarter of 2014, the group said in a statement.

The latest update comes after the British government said it would begin selling its 80 per cent stake in RBS during the coming months.

RBS was rescued with public money at a cost of £45.5 billion following the 2008 global financial crisis.