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Royal Bank of Scotland Share News (RBS)

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Share News for Royal Bank of Scotland (RBS)

Share Price: 257.10Bid: 257.00Ask: 257.10Change: 0.20 (+0.08%)Riser - Royal Bank Scot
Spread: 0.10Spread as %: 0.04%Open: 260.00High: 261.40Low: 256.70Yesterday’s Close: 256.90

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 2-Labour could order biggest Bank of England shake-up in decades

* Opposition Labour Party could expand BoE's remit* Bank may be asked to target 3 pct productivity growth* Labour calls for financial system reform ba
[20 Jun '18 00:07]

Businessman publishes confidential report on fraud at Lloyds unit

LONDON, June 19 (Reuters) - A Scottish businessman and frequent critic of Britain's big banks on Tuesday published a confidential report by a former L
[19 Jun '18 08:56]

UPDATE 3-CYBG and Virgin Money join forces to take on Britain's biggest banks

* CYBG and Virgin Money agree 1.7 bln stg takeover* Deal would create Britain's sixth-largest bank* Combined group plans to cut 1,500 jobs* Shareholde
[18 Jun '18 07:59]

CYBG on track to clinch Virgin Money deal before deadline - source

By Ben MartinLONDON, June 15 (Reuters) - CYBG is closing in an agreement to buy rival Virgin Money to create a larger bank to take on Britain's bigges
[15 Jun '18 18:30]

RBS' Ulster Bank says to refund 18,000 overcharged business customers

DUBLIN, June 14 (Reuters) - Royal Bank of Scotland's Irish subsidiary Ulster Bank is to issue tens of millions of euros in refunds after overcharging
[14 Jun '18 16:38]

UK watchdog to complete enforcement probe into RBS business unit in July

LONDON, June 13 (Reuters) - Britain's markets watchdog said it expected to complete its enforcement investigation into alleged mistreatment by Royal B
[13 Jun '18 17:36]

UPDATE 1-Britain's FTSE moves in tight range before Fed; Just Eat drops

* FTSE 100 end flat* Just Eat leads fallers on competition worries* Glencore gains after Congo settlement (Adds closing prices)By Danilo MasoniMILAN,
[13 Jun '18 17:19]

UPDATE 1-BoE to ensure banks recover quickly from IT troubles

(Adds more detail)By Huw JonesLONDON, June 13 (Reuters) - Britain's major banks will have to meet targets for recovering from cyber attacks and other
[13 Jun '18 10:53]

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