The Royal Bank of Scotland is expected to commit itself to its Irish business this week after a surprise turnaround in the taxpayer-backed bank’s operations in the country.
The bank, which on Friday will outline some of its best results since it was rescued in 2008, has been reviewing the future of Ulster Bank since the start of this year and had been tipped to seek a sale or outside investment.
However, after a surprise recovery in the Irish property market, the value of Ulster’s loan book has increased substantially. Ross McEwan, the bank’s chief executive, has indicated his desire to stay in the Irish market, and is expected to give further indications that RBS will retain the division this week.
Ulster Bank has lost more than £2.5bn in the past two years, but managed small profits in the first two quarters of this year, and will receive a boost worth around £300m from reversing loan impairments in the three months to September, RBS said last month.
Normally after the results are announced the SP goes down
As they say sell on the news or just before the announcement..
34p up at the moment and the job is practically done ... Now. ready to sell.. We are in greed mode now so be careful ... very careful.. Proceed next week with daily caution.. Uncertainty can catch you out...
I am trying not to be tied to any particular sector, just gradually reducing and eliminating those shares that aren't delivering while gradually increasing those that are. I am finding that, like mailman, I am becoming more and more aware of the figures rather than the words. There always seems to be one that drops more than others, eg: DLAR recently dropped to 474p last week from over 1000p a year or more ago and now around 515p, ie: 40p in a week. As a long term hold I see this getting to 600p inside a year and maybe 800p in two years. As you noted earlier BATS did me well in February. ATB
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