Friday, 27 April 2018

Royal Bank of Scotland reported profit of £792m for the first three months of the year

Royal Bank of Scotland has reported a profit of £792m for the first three months of the year, up from £259m for the same quarter last year.

The rise is partly thanks to a fall in restructuring costs, and a drop in conduct and litigation costs.

Running costs at the bank, which is 72% state-owned, are also falling as it continues its plan to shrink in size.

The quarterly profit follows on from RBS's first annual profit in 10 years, reported in February.
The profit figure was well above estimates.
RBS did not set aside any more money to cover costs for payment protection insurance (PPI) mis-selling claims.

The bank still has the threat of a major fine for mis-selling mortgages in the US in the run-up to the credit crisis hanging over it.

The fine could come any time this year, and estimates of its size vary wildly, between $1bn-$9bn.

The bank has already made provisions for the fine of £3bn.

Once this is out of the way RBS is expected to return to paying dividends.

BBC      News.

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