April 26, 2019 / 6:06 AM / 7 months ago

RBS posts better than expected Q1 profits as CEO search gets underway

LONDON/EDINBURGH, April 26 (Reuters) - Britain’s Royal Bank of Scotland has posted better than expected first quarter profits, a day after its chief executive Ross McEwan announced plans to leave within a year, kickstarting a new phase for the state-controlled lender.

RBS reported a net profit of 707 million pounds ($912.03 million) for the period, above expectations of 546 million pounds according to a company-provided average of analyst forecasts, but down from 792 million pounds the previous year.

RBS launched a global hunt for a successor to McEwan on Thursday, with top RBS executive Alison Rose tipped as the leading candidate. ($1 = 0.7752 pounds) (Reporting by Lawrence White and Iain Withers Editing by Rachel Armstrong)

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