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RBS reports first profit in a decade

RBS reports first profit in a decade

Royal Bank of Scotland has reported its first year of profit since being bailed out by the United Kingdom government during the financial crisis - but a huge settlement with USA regulators over past misconduct continues to hang over the bank.

The bank ends the previous year with 752 million GBP (1.05 billion USD) profit, which is above the average forecast of 592 million GBP.

For the fourth quarter of 2017, the lender reported an operating loss of GBP583 million, narrowed from GBP4.06 billion in the same period a year ago.

The biggest institutional shareholders in Royal Bank Scotland plc (The) include Dimensional Fund Advisors, Inc. which owns 4 million shares in the company valued at $28.18 million.

"The bank did set aside another $1bn in respect of litigation provision in Q4, with $650m of that going towards the DoJ case, taking the overall provision so far to $4.4bn, but that still leaves it well short of what the total bill might be".

The bank had looked on course to post yet another annual loss for 2017, had the case reached a likely multibillion-pound settlement in time for the latest results. 'We will await the resolution of the US RMBS settlement before deciding whether it is appropriate to take a more active stance, ' he says.

Does it mean the government can start planning more confidently about selling the 71% stake it holds on behalf of the taxpayer?

The bank was at the centre of some negative headlines this week as the Financial Conduct Authority published an unredacted report at the behest of the Treasury Select Committee, confirming inappropriate treatment of its customers in its now defunct global restructuring group (GRG) was more widespread than the bank let on.

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It also included a £442m provision to add to the bank's war chest over mortgage-backed securities in the United States - the issue which has been pursued by the DoJ as well as other American authorities.

"With eye-watering profits and bonuses being paid to RBS Senior Executives there is no excuse for branch closures". Accern also gave media stories about the financial services provider an impact score of 45.6938216146066 out of 100, meaning that recent media coverage is somewhat unlikely to have an impact on the company's share price in the next few days.

The Royal Bank of Scotland Group plc (RBS) is a banking and financial services company.

The decline in his 2017 payout was due to a fall in long-term incentive awards calculated on the executive's performance, with his fixed pay and other benefits unchanged.

Alistair Darling, the chancellor in 2008, has told how RBS warned him it only had "two or three hours" before its cash machines ran out, which would have sparked economic and social "collapse".


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