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Royal Bank of Scotland Share News (RBS)

Share News for Royal Bank of Scotland (RBS)

Share Price: 377.70Bid: 377.10Ask: 377.30Change: 0.00 (0.00%)No Movement on Royal Bank Scot
Spread: 0.20Spread as %: 0.05%Open: 379.20High: 384.50Low: 369.40Yesterday’s Close: 377.70

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-RBS admits to data error in European stress test

* RBS had core capital of 5.7 pct in EBA test* Result only narrowly above 5.5 pass mark* RBS previously said its core capital was 6.7 pct* RBS is exam
[Fri 17:28]

RPT-RBS says it barely passed EU stress test, admits error

(Repeats to reformat text)LONDON, Nov 21 (Reuters) - Royal Bank of Scotland said on Friday that it wrongly calculated its core capital for a test of
[Fri 16:11]

UPDATE 1-BoE policymaker says banks' boards must take more responsibility

* Taylor says committees must be servants of the board* Boards must fully grasp what's going on (Adds more detail)By Huw JonesLONDON, Nov 20 (Reuter
[Thu 13:14]

UPDATE 3-RBS vows no repeat of system meltdown after $88 million fine

* RBS fined 42 mln stg by FCA; PRA hands out 14 mln stg fine* PRA's Bailey says RBS must "fix the underlying problems"* Bank invests extra 750 mln stg
[Thu 11:58]

RBS executive says repeat of 2012 IT failure is highly unlikely

LONDON, Nov 20 (Reuters) - Royal Bank of Scotland is "highly unlikely" to experience a repeat of an incident that resulted in millions of its customer
[Thu 11:07]

BoE policymaker says boards of banks must take more responsibility

LONDON, Nov 20 (Reuters) - Bank boards must have a collective understanding of how much capital the bank needs and the way staff are paid rather than
[Thu 09:10]

RBS fined $88 million by UK regulators for 2012 system crash

LONDON, Nov 20 (Reuters) - Royal Bank of Scotland was fined 56 million pounds ($88 million) by Britain's financial regulators for a system crash in 2
[Thu 07:10]

RBS set to be fined by UK regulator for 2012 system crash

LONDON, Nov 19 (Reuters) - Royal Bank of Scotland is expected to be fined by Britain's financial regulator on Thursday for a system crash in 2012 that
[Wed 17:24]

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