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RBS reports modest rise in Q2 profit after restructuring charge

Reuters - UK Focus

LONDON, July 30 (Reuters) - Royal Bank of Scotland (LSE: RBS.L - news) reported a modest increase in second quarter profit after booking a 1.05 billion pounds charge for the costs of restructuring its business and setting aside 459 million to deal with conduct and litigation issues.

The bank made an attributable profit of 293 million pounds ($457 million), up 27 percent on the same period last year. Analysts had expected a loss of 260 million pounds, according a range of forecasts provided by the bank.

RBS said it planned to return capital to shareholders but would not be in a position to do so until the first quarter of 2017 at the earliest. ($1 = 0.6412 pounds) (Reporting by Matt Scuffham, editing by Sinead Cruise)