Royal Bank of Scotland (RBS.L) the majority UK tax payer owned bank today jumped, trading nearly 12% up early on this morning after the bank announced a rise in profits with pre-tax profit rising to £1.64bn in the first three months of 2013, up from £826m the year before.
Highlights of the announcement include:
Operating profit in the retail and commercial banking businesses was up 36% to £1,373 million, driven by good cost control and improving impairment trends, particularly in UK Corporate and Ulster Bank.
● Markets operating profit was up 14% to £318 million, with costs down 15%.
● RBS Capital Resolution (RCR) reduced RWA equivalents(3) by £14 billion during Q1 2014 to £51 billion, with lower than expected operating losses of £114 million.
Ross McEwan, Chief Executive commenting said “Just over two months ago, I set out our plan for making RBS the most trusted bank in the UK. 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.”
Royal Bank of Scotland (RBS.L) the majority UK tax payer owned bank today jumped, trading nearly 12% up early on this morning after the bank announced a rise in profits with pre-tax profit rising to £1.64bn in the first three months of 2013, up from £826m the year before.
Highlights of the announcement include:
● Markets operating profit was up 14% to £318 million, with costs down 15%.
● RBS Capital Resolution (RCR) reduced RWA equivalents(3) by £14 billion during Q1 2014 to £51 billion, with lower than expected operating losses of £114 million.
Ross McEwan, Chief Executive commenting said “Just over two months ago, I set out our plan for making RBS the most trusted bank in the UK. 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.”
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