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Royal Bank of Scotland Share News (RBS)

Share News for Royal Bank of Scotland (RBS)

Share Price: 360.30Bid: 359.90Ask: 360.20Change: -2.50 (-0.69%)Faller - Royal Bank Scot
Spread: 0.30Spread as %: 0.08%Open: 361.70High: 363.00Low: 355.20Yesterday’s Close: 362.80

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-Scotland risk fails to derail shares as vote looms

* Exposed stocks performing broadly in line with wider index* Investors reluctant to make equity trades around outcome* Scotland accounts for 2 pct of
[Fri 16:39]

RBS complaints fall by a quarter in first half of 2014

LONDON, Aug 29 (Reuters) - Customer complaints at Royal Bank of Scotland fell by a quarter in the first half of 2014, the bank said on Friday, reflect
[Fri 14:56]

Scotland risk fails to derail shares as vote looms

* Exposed stocks performing broadly in line with wider index* Investors reluctant to make equity trades around outcome* Scotland accounts for 2 pct of
[Fri 14:45]

UPDATE 1-Coutts sets aside $182 mln for investment advice flaws

* Coutts reviewed advice after investigation by regulator* Coutts is contacting clients about compensation (Adds further details, background)By Matt
[Fri 14:06]

UPDATE 1-UK banks forced to re-open 2.5 million insurance mis-selling cases

* Banks to review complaints received in 2012 and 2013* Industry has so far paid out 16 billion pounds (Adds comments from FCA Chief Executive Wheat
[Fri 11:09]

FCA says banks have reopened 2.5 million PPI loan insurance cases

LONDON, Aug 29 (Reuters) - Britain's financial regulator said on Friday that banks and other financial services companies had reopened two and a half
[Fri 10:42]

MEDIA-Royal Bank of Scotland's Coutts unit bank probed over 'risky' investments - Daily Mail

-- Source link: ( Note: Reuters has not verified this story and does not vouch for its accuracy
[Thu 22:26]

Cameron warns of economic threat from Scottish breakaway

* Scots to vote on independence from UK on Sept. 18* Cameron says 'yes' vote would threaten trade, jobs* Unpopular in Scotland, PM has so far kept low
[Thu 20:00]

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