RBS names insider as CEO; swings to H1 profit

|By:, SA News Editor

As expected, RBS (RBS) names Ross McEwan, the head of its retail bank, as CEO to replace the outgoing Stephen Hester.

The New Zealander, who will start on October 1, will receive a base salary of £1M ($1.5M), although he will forgo his bonus through 2014.

H1 net profit £535M vs a loss of £2.03B a year earlier.

Pretax profit £1.4B vs a loss of £1.7B.

Revenue drops to £10.61B from £11.69B, excluding the value of own credit and other one-offs.

Takes a provision of £185M for the wrongful selling of payment protection insurance, and of £385M for undisclosed legal and regulatory purposes. (PR)