Taxpayer-owned Royal Bank of Scotland reported Friday its first profit in a decade but warned that its 2018 results may be hit by a pending settlement with U.S. officials. RBS, which was bailed out by the British government during the 2008 financial crisis, posted a 752 million pound ($1.1 billion) profit for 2017, a major turnaround from the nearly 7 billion pound loss reported the year before. "Our results in 2018 are somewhat dependent upon the settlement with the DOJ, which we hope will happen," RBS Chief Executive Ross McEwan said. The bank says it is continuing its cost-cutting and restructuring plan as it increasingly moves to digital banking. McEwan declined to offer details on what the digital move would mean to the number of physical bank branches and the number of jobs.

Source: ABC News February 23, 2018 09:12 UTC