Friday, 27 October 2017

Royal Bank of Scotland 'on track' with third-quarter profit

Royal Bank of Scotland has said it is "on track" after seeing a £392m profit for the July-to-September period, with profits for the year so far now £1.3bn.

RBS said it was only the second time since 2008 that the bank had turned a profit for three consecutive quarters.

However, the bank said it could not be sure of a full-year profit, since it was hoping to settle a dispute with the US Department of Justice.

The cost of that settlement is likely to push RBS into a loss.

It relates to claims that RBS mis-sold mortgage bonds leading up to the 2008 banking crisis.
On Thursday, the bank settled a separate US criminal investigation that accused its traders of lying to clients over investments between 2008 and 2013.

The Department of Justice (DoJ) said RBS would pay $44m (£33.4m) under the non-prosecution agreement.

RBS said it had self-reported that issue to the US authorities and was pleased the matter was now resolved.

BBC          News.

No comments:

Post a Comment