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Royal Bank of Scotland Share News (RBS)

Share News for Royal Bank of Scotland (RBS)

Share Price: 362.40Bid: 363.00Ask: 363.20Change: -6.80 (-1.84%)Faller - Royal Bank Scot
Spread: 0.20Spread as %: 0.06%Open: 371.10High: 372.70Low: 362.00Yesterday’s Close: 369.20

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 -

UPDATE 1-UK may set deadline for insurance compensation claims

* Lenders have paid out 17 billion pounds compensation* Banks have set aside 24 billion pounds for payouts* FCA to assess if current approach is worki
[6 Hours Ago]

Poland's PKN says paid RBS Polish unit $259 mln for oil reserves

WARSAW, Jan 30 (Reuters) - Poland's largest oil refiner PKN Orlen has paid 959 million zlotys ($259 million) to Neon Poland, a special purpose vehicle
[8 Hours Ago]

UK watchdog to review loan insurance compensation from banks

By Huw JonesLONDON, Jan 30 (Reuters) - Britain's markets watchdog will collect evidence on whether consumers mis-sold loan insurance are being compens
[9 Hours Ago]

UPDATE 2-U.S. prosecutor to drop insider trading charges over IBM deal

(Updates with details from court hearing)By Nate RaymondNEW YORK, Jan 29 (Reuters) - U.S. prosecutors said on Thursday they will drop charges against
[Yesterday 20:53]

British banks may seek outside checks on published capital ratios

By Huw JonesLONDON, Jan 29 (Reuters) - Banks in Britain may end up hiring auditors to endorse the capital ratios they publish to increase investor con
[Yesterday 16:55]

UPDATE 1-RBS to exit corporate debt, DCM business in Mideast, Africa

* To exit corporate debt, DCM in Mideast, Africa - statement* Bank's asset sales likely to be piecemeal - sources* RBS reviewing global footprint as f
[Yesterday 15:37]

UPDATE 1-U.S. prepared to drop insider trading charges in IBM deal-filing

(Updates with comments from defense lawyers)By Nate RaymondNEW YORK, Jan 29 (Reuters) - U.S. prosecutors said they are prepared to drop charges agains
[Yesterday 15:35]

UPDATE 2-UK's banks pay out less than half of swaps mis-selling pot

* 1.8 billion pounds so far paid out by banks* Banks had set aside 4.4 billion pounds for compensation* Lawyer says banks' provisions could be reduced
[Yesterday 14:22]

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