Royal Bank of Scotland (RBS) Group has said it plans to change its name later this year, as it reported a near doubling of annual profits.

The Edinburgh-based bank, which owns RBS, NatWest and Ulster Bank, said it would rename itself as NatWest Group.

The bank reported profits of £3.1bn for 2019, nearly double the £1.6bn seen the year before.

New RBS chief executive Alison Rose called the results the “start of a new era” for the bank.

It is thought that Ms Rose is hoping a rebrand will help shift the lender’s image away from its association with the financial crisis.

The bank was rescued by the government in 2008 in the aftermath of the financial crisis at a cost of £45bn and it is still 62% state-owned.

Ms Rose