Royal Bank of Scotland reports profits rise

State-rescued Royal Bank of Scotland on Thursday announced a 27-percent rise in net profits for the second quarter, with the sale of US operations offsetting higher exceptional costs.

Profit after tax climbed to £293 million ($457 million, 418 million euros) in the three months to the end of June compared with a net gain of £230 million in second quarter of 2014, the group said in a statement.

The latest update comes after the British government said it would begin selling its 80-percent stake in RBS during the coming months.

RBS was rescued with public money at a cost of £45.5 billion following the 2008 global financial crisis.