>> Under reconstruction since the financial crisis, the Royal Bank of Scotland is now poised to make its first first-half profit in three years. But its CEO says a full year profit is still unlikely.>> It has underlying businesses that are very, very good but we got involved for the financial crisis in so many activities, and have paid the price of, I think, growth at all cost.
And unfortunately, that's been born over a ten-year period.>> The state controlled lender was rescued in a 45.5 billion pound bail out in 2008. Since then, it's failed to make an annual profit. Its 939 million pounds in pre-tax profit for the six months to June was higher than analysts had estimated.
Shares in RBS rose 5% on expectation that the recovery could be longer term. But they still remain well below what the government paid for them when it bought a 73% stake. And even when the bank returns to private hands, McEwen admits tax payers aren't likely to reap the benefits.
>> If we sold it they wouldn't get the money back but it is what we're trying to do is create a good base so they get as much of their money back as possible.>> While RBS is moving forward, it's also moving on. It's chosen Amsterdam to set up a post-Brexit office, to maintain its EU passporting rights.