royal bank of scotland profits triple in first quarter
Last Updated : GMT 23:12:08
Arab Today, arab today
Arab Today, arab today

Revenues declined 2% to £5.05 billion

Royal Bank of Scotland profits triple in first quarter

Arab Today, arab today

Arab Today, arab today Royal Bank of Scotland profits triple in first quarter

Britain's state-rescued Royal Bank of Scotland
London - Arab Today

Britain's state-rescued Royal Bank of Scotland Britain's state-rescued Royal Bank of Scotland said on Friday that net profits tripled to £1.2 billion ($2.0 billion, 1.5 billion euros) in the first quarter, buoyed by lower costs and falling impairments. RBS, based in Edinburgh, Scotland, remains 81-percent state-owned after it was rescued with £45.5 billion of taxpayers' cash during the 2008 global financial crisis, making it the world's biggest-ever banking bailout.
Earnings after taxation surged in the three months to the end of March 2014, compared with £393 million in the same part of 2013, RBS said in a results statement.
Market expectations had been for a net loss of £200 million and revenues of £4.7 billion, according to analysts polled by Dow Jones Newswires.
Revenues declined two percent to £5.05 billion, as the bank's markets division continued to shrink.
Pre-tax profits meanwhile doubled to £1.64 billion from £826 million a year earlier, but the troubled bank warned that it still faced "plenty" of issues to deal with.
"Just over two months ago, I set out our plan for making RBS the most trusted bank in the UK," said chief executive Ross McEwan, who was appointed last year to help strengthen the lender's turnaround strategy and help guide it back to private ownership.
"Today's results show that in steady state, RBS will be a bank that does a great job for customers while delivering good returns for our shareholders.
"But we still have a lot of work to do and plenty of issues from the past to reckon with. Everyone at RBS is focused squarely on doing everything we can to earn the trust of our customers and in the process change the banking sector for the benefit of the UK."
The first-quarter results were lifted by the absence of any provision for misconduct issues that have haunted the bank since the global financial crisis.
And in another major boost, RBS revealed that impairments across its loan book tumbled by 65 percent in the reporting period.
Operating expenses meanwhile fell six percent to £191 million, as the group shed about 6,300 jobs mostly at its retail and markets division.
The RBS results were published one day after state-rescued rival Lloyds Banking Group revealed that its underlying profits improved in the first quarter, boosted by falling impairments, cost-cutting and the broader economic recovery.
However, LBG -- which is 25-percent state-owned -- added that its net profit sank by almost a quarter to £1.15 billion.
Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

royal bank of scotland profits triple in first quarter royal bank of scotland profits triple in first quarter

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

royal bank of scotland profits triple in first quarter royal bank of scotland profits triple in first quarter

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today PNG police start removing refugees

GMT 03:00 2017 Friday ,24 November

PNG police start removing refugees
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria congress to go ahead

GMT 02:24 2017 Friday ,24 November

Syria congress to go ahead
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
Arab Today, arab today 'Trash islands' off Central America indicate

GMT 20:19 2017 Friday ,24 November

'Trash islands' off Central America indicate
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Solaf happy for participating in “Hotline”

GMT 07:56 2017 Wednesday ,22 November

Solaf happy for participating in “Hotline”
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 09:12 2017 Thursday ,23 November

4 in 10 cancers due to modifiable risk

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday