RBS pre-tax profit rises to £1.27bn in Q3, up from £0.64bn loss the year before

Royal Bank of Scotland has reported a pre-tax profit of £1.27bn for the third quarter of 2014, up from £1.01bn in the second quarter and a loss of £0.63bn the year before.

"In February I placed trust at the heart of my new strategy for our bank. We have taken the first steps towards that goal, with early progress in making RBS simpler, clearer and fairer," said chief executive Ross McEwan.