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Royal Bank of Scotland Share News (RBS)

Share News for Royal Bank of Scotland (RBS)

Share Price: 364.20Bid: 364.30Ask: 364.60Change: 0.00 (0.00%)No Movement on Royal Bank Scot
Spread: 0.30Spread as %: 0.08%Open: 366.30High: 368.50Low: 361.70Yesterday’s Close: 364.20

UPDATE 1-RBS returns to profit, to finish restructuring in 2014

Fri, 3rd May 2013 07:29

LONDON, May 3 (Reuters) - State-backed Royal Bank of Scotland reported its first quarterly profit in 18 months on Friday and said it expected to complete its restructuring during 2014, potentially enabling the government to start selling shares.

RBS, which is 82 percent-owned by the taxpayer, made a pretax profit of 826 million pounds ($1.3 billion), compared with a loss of 1.5 billion pounds in the same period last year. Analysts had forecast a profit of 800 million pounds.

Chief Executive Stephen Hester has overseen the shedding of around 900 billion pounds in assets and is focusing on lending to British households and small businesses.

"We expect to substantially complete the bank's restructuring phase during 2014. We are seeing the start of a pick-up in loan demand and have a strong surplus of funds ready and available to support economic recovery," he said.

However, Hester still has major hurdles to overcome. Britain's financial regulator said in March that UK banks must raise 25 billion pounds of extra capital by the end of the year to absorb any future losses on loans.

Although the regulator has not yet given specific guidance to individual banks, analysts expect the biggest shortfall to be at RBS.

RBS said its capital position had improved during the period and its core tier one ratio - a bank's main benchmark of health - had risen by 50 basis points to 10.8 percent. It expects to have a core capital ratio of 9 percent at the end of 2013 on the basis of full implementation of tougher Basel III capital rules.

Britain's regulator wants major lenders to achieve a core tier one ratio of at least 7 percent.

(c) Copyright Thomson Reuters 2013. Click For Restrictions -

REFILE-UK bank stress test capital measure changed late in process-sources

(In eigth paragraph, corrects to show de la Mora is head of consultancy Alvarez & Marsal in Spain and Portugal)By Steve Slater and Huw JonesLONDON, Oc
[Fri 16:24]

MOVES-Leeming wins top FIG hybrid/LM job at RBS

By Aimee DonnellanLONDON, Oct 23 (IFR) - David Leeming has been appointed head of hybrid capital debt capital markets and liability management for the
[Thu 17:09]

Big bang, not big bucks, the key for euro zone bank lending

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[Thu 14:40]

UPDATE 1-Bank of England sets out tough regime for failed banks

* Top executives of failed banks to be fired on the spot* Creditors to be told of losses within 48 hours* New regime would have avoided taxpayer bailo
[Thu 14:16]

Bank of England sets outs blueprint for dealing with failed banks

LONDON, Oct 23 (Reuters) - Managers of a failed bank would be replaced immediately and creditors told they will suffer losses, the Bank of England sai
[Thu 10:37]

Tesco Bank lifts profit in first half as lending grows

LONDON, Oct 23 (Reuters) - Tesco Bank said its trading profit increased by 15.9 percent to 102 million pounds ($164 million) in the six months to the
[Thu 07:40]

UPDATE 1-BoE's Bailey: too late to revise allowances for 2014 bank bonuses

(Adds more detail, comments)By Huw JonesLONDON, Oct 22 (Reuters) - It is too late to change the allowances paid to top banking staff that have been de
[Wed 17:33]

BoE's Bailey: too late to revise allowances for 2014 bank bonuses

LONDON, Oct 22 (Reuters) - It is too late to change the allowances paid to top banking staff that have been deemed to breach European Union law, a sen
[Wed 15:43]

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