Royal Bank of Scotland Group swung to a first-quarter net profit Friday and said it will have largely completed its restructuring in 2014, potentially paving the way for the UK government to start selling down its stake in the bank.

The 81%-government-owned bank said it made a net profit of £393m in the first three months of the year compared to a loss of £1.55bn a year earlier. Revenue excluding various one-off gains came to £5.85bn compared with £7.13bn in the same period last year.