And then there were three. RBS became the third of the big five banks to publish its results this morning trouncing Barclays and Lloyds TSB with a 21% rise in pre tax profits. Barclays only managed a 15% increase, and Lloyds TSB was only able to muster a 10% rise.

In total RBS profits came in at £7.9bn, or $13.8bn

The last couple of years was a period for takeovers, with the bank forking out £1bn for a stake in the Bank of China last year, and 5.8bn for Charter One Financial in the US.

But despite this, there was enough money in the coffers for the bank to announce a £1bn share buy back yesterday.

© Investment & Business News 2013