Royal Bank of Scotland said it was on track to beat expectations for the second consecutive quarter as the government-controlled bank’s recovery gathers pace thanks to an economic rebound in the UK and Ireland.
In a statement on Tuesday, RBS said improved economic activity and rising property prices – particularly in Ireland – were expected to produce a positive £800m net release of impairments in its results for the three months to September when they are published on October 31.
That would be only the second time in five years that RBS has enjoyed a positive contribution from writing back provisions for bad loans. The last time was the previous quarter, when it booked a gain of £93m due to write-backs on impairments.
Shares in the bank rose 4.3 per cent to 376.9p in early London trade.
RBS said it expected to “significantly outperform” its previous guidance of about £1bn total impairments for this year.
The 81 per cent government-owned lender is in the midst of a sweeping restructuring aimed at refocusing the group on its core UK retail and corporate lending franchise, as it seeks to turn itself around six years after being bailed out.
Thank you for taking the time to post these articles . I don't have the time to scan all the news in the morning & a quick look on here and i know if there is any relevant / important news that may effect my stocks . The stock market is inter connected , inter related & one thing effects another , has a knock on effect . There is news effecting Lloyds this morning ...but it hasn't been posted the irony .
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