Nationalised lender Royal Bank of Scotland (RBS) is to repay the final tranche of notes issued under the government's Credit Guarantee Scheme (CGS) next week, after posting a profit of more than a billion pounds in the first quarter of 2012.
Excluding own credit adjustments, pre-tax profit totalled £1,052m. Own credit adjustments, which reflect the increasing price of debt issued by RBS and therefore the assumed cost of buying it back, warranted a pre-tax charge of £2,456m, leaving a statutory pre-tax loss of £1,404m and an attributable loss of £1,524m.
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