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Royal Bank of Scotland Share News (RBS)

Share News for Royal Bank of Scotland (RBS)

Share Price: 360.00Bid: 360.30Ask: 360.60Change: 0.00 (0.00%)No Movement on Royal Bank Scot
Spread: 0.30Spread as %: 0.08%Open: 349.80High: 362.00Low: 348.60Yesterday’s Close: 360.00

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-EU fines JPMorgan, UBS, Credit Suisse for taking part in cartels

(Adds details)By Foo Yun CheeBRUSSELS, Oct 21 (Reuters) - JPMorgan, UBS and Credit Suisse were fined a total of 94 million euros ($120 million) by th
[Yesterday 16:25]

EU fines JPMorgan, UBS, Credit Suisse total 94 mln euros

BRUSSELS, Oct 21 (Reuters) - The European Commission fined JPMorgan, UBS and Credit Suisse a total of 94 million euros on Tuesday for taking part in c
[Yesterday 13:34]

UPDATE 2-Britain closer to sale of RBS shares

* Says time frame for RBS privatisation has accelerated* Says more interest in RBS from investors this year* Says will consider sale of RBS shares to
[Yesterday 13:31]

UKFI says closer to selling RBS shares, institutions interested

LONDON, Oct 21 (Reuters) - The body that manages Britain's bank stakes said it is closer to selling shares in Royal Bank of Scotland and has seen grow
[Yesterday 11:19]

UKFI says RBS bonus plan over-ruled to avoid major controversy

LONDON, Oct 21 (Reuters) - Britain over-ruled plans by Royal Bank of Scotland to pay some staff bonuses worth twice their basic pay to avoid a major p
[Yesterday 10:29]

UPDATE 1-BoE's Cunliffe says banks may have to cut pay

(Adds more detail from speech)By Huw JonesLONDON, Oct 20 (Reuters) - Banks may have to cut pay because they are unlikely to see again the high rate of
[Mon 12:48]

BoE's Cunliffe says banks may have to cut pay

LONDON, Oct 20 (Reuters) - Banks may have to cut pay because they are unlikely to see again the high rate of returns they enjoyed before the financial
[Mon 12:10]

UK DMO appoints bookrunners for 2068 gilt syndication

LONDON, Oct 17 (Reuters) - The UK Debt Management Office named four banks as bookrunners for the sale next week via syndication of several billion pou
[Fri 07:59]

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