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RBS shares surge after it reports a surprise rise in profit

Shares in Royal Bank of Scotland (RBS) have jumped after the bank said it expects pre-tax profits to double to £2.65bn for the first half of the year.

RBS said it set aside much less money for bad loans than it had expected to do - £269m down from £2.15bn.

A government bail out of the bank in 2008 left the taxpayer owning 80%.

Kamal Ahmed reports.

  • 25 Jul 2014