Royal Bank Of Scotland Posts Q2 Profit

Royal Bank of Scotland (NYSE: RBS), partially owned by the British government, posted a second-quarter profit of $409 million, but that was due mainly to one-time gains. The bank said it set aside more money for bad loans in the quarter.

RBS had a loss in the second quarter of 2009. The British government owns 68% of the common stock in the bank. Earlier this week, RBS agreed to sell 318 branches to Spain's Banco Santander (NYSE: STD).

Revenues for Global Banking & Markets, the investment banking unit, were down 31% compared to the first quarter as the sovereign debt crisis unsettled the market, according to the Associated Press.