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RBS Share News (RBS)

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Share News for RBS (RBS)

Share Price: 260.50Bid: 260.40Ask: 260.50Change: 0.00 (0.00%)No Movement on Royal Bank Scot
Spread: 0.10Spread as %: 0.04%Open: 257.00High: 262.60Low: 257.00Yesterday’s Close: 260.50

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-Britain's FTSE edges lower on UK consumer worries as banks gain

* FTSE 100 down 0.1 percent* Financials rise after Fed signals Dec rate hike* Strong dollar hits precious metals miners* Capita slumps after weak H1 r
[21 Sep '17 17:26]

Financials give Britain's FTSE a fillip

(ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon, see cpurl://apps.cp./cms/?pageId=livemarkets)*
[21 Sep '17 10:13]

Florence declined and London may too, banks warn ahead of May's speech

By Anjuli Davies and Andrew MacAskillLONDON, Sept 21 (Reuters) - Britain is in danger of losing its place in the financial world much in the same way
[21 Sep '17 00:00]

MOVES-BAML promotes O'Neil in Europe leadership reshuffle

LONDON, Sept 20 (IFR) - Bank of America Merrill Lynch has promoted Jim O'Neil, who previously ran the UK government body that managed the taxpayers' h
[20 Sep '17 10:00]

Central banks must watch for risks as rates rise - BoE's Kohn

LONDON, Sept 19 (Reuters) - Central banks around the world need to watch for the risk that financial firms are caught out by higher interest rates and
[19 Sep '17 12:45]

EU gives nod to RBS competition plan, lifting state aid curbs

(Adds RBS response)BRUSSELS, Sept 18 (Reuters) - European Union regulators approved a British plan allowing bailed-out Royal Bank of Scotland to suppo
[18 Sep '17 17:50]

EU regulators approve RBS plan to help challenger banks

BRUSSELS, Sept 18 (Reuters) - EU state aid regulators formally approved on Monday a British plan allowing bailed-out lender Royal Bank of Scotland to
[18 Sep '17 16:47]

UPDATE 1-UK watchdog rejects call to publish RBS report in full

* Watchdog faces showdown with lawmakers next month* Small businesses call for FCA chief to step aside* Refusal to publish "smacks of cover up" -lawma
[15 Sep '17 09:01]

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