rbs posts wider net loss as it shrinks balance sheet
Last Updated : GMT 09:03:51
Almaghrib Today, almaghrib today
Almaghrib Today, almaghrib today
Last Updated : GMT 09:03:51
Almaghrib Today, almaghrib today

RBS posts wider net loss as it shrinks balance sheet

Almaghrib Today, almaghrib today

Almaghrib Today, almaghrib today RBS posts wider net loss as it shrinks balance sheet

London - Arabstoday

Royal Bank of Scotland Group RBS.LN +3.01% PLC said Friday that it posted a wider net loss of £1.52 billion ($2.46 billion) in the first quarter, as the bank was hit by an accounting charge and continued to wrestle with losses in Ireland. The part-government-owned bank posted revenue of £7.13 billion, down from £8.11 billion in the same quarter a year earlier. In the first quarter of 2011, RBS posted a net loss of £528 million. The recent quarter's loss was largely due to an accounting charge, as the bank's bottom line was hit by an increase on the value of its outstanding debt to £2.46 billion. This reflects the rising value of the bank's debt in the market, which theoretically would make it more expensive for RBS to buy back. Excluding this, pretax profit totaled £1.05 billion. RBS was also hit by an operating loss of £310 million at its Ulster bank. Despite the loss, the company hailed the progress it had made in a difficult operating environment as it strives to become a privately owned bank. "With growth prospects muted in the major economies in which the group operates, and with fragilities persisting in European financial markets, the focus has remained on improving balance sheet strength and a strong liquidity position," RBS said. RBS said that the economic challenges would persist but that retail and commercial performance should remain "resilient." During its full-year results in February, CEO Stephen Hester said the bank was targeting return on equity ratio of around 12%, up from the current 11.3%. In recent quarters, RBS has been taking heavy losses as it writes down bad loans and shrinks its way back to health. To this end, it has put several hundred billion pounds of assets into a "noncore" division that it wants to run down. On Friday, the bank said it had shrank its noncore business by an additional £11 billion in the quarter and said that the group was on target to wind the business down. RBS became the latest British bank to increase the amount of money it was setting aside to compensate customers who had be missold payment-protection insurance. The bank said it had put aside an extra £125 million to pay claimants, bringing the total amount it provisioned for PPI to £1.2 billion. In an effort to boost profitability, RBS recently unveiled a broad-ranging restructuring plan. The bank said it would shed a further 3,500 jobs over a three-year period as it prunes back large parts of its investment bank. The move was in part a response to pressure from the U.K. government on large banks to separate risky investment banking businesses from retail ones. On Friday, the group said it continued to target the second half of 2012 for the sale of the first tranche in its insurance business Direct Line Group through a public flotation, subject to market conditions. As part of this effort to become a privately owned bank, RBS confirmed Friday that it would start paying dividends on some preference shares and finish reimbursing £163 billion in taxpayer-backed emergency loans that it accessed during the height of the crisis. To pay for the dividend payment, RBS will issue £350 million in shares.

almaghribtoday
almaghribtoday

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*

rbs posts wider net loss as it shrinks balance sheet rbs posts wider net loss as it shrinks balance sheet

 



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*

rbs posts wider net loss as it shrinks balance sheet rbs posts wider net loss as it shrinks balance sheet

 



Almaghrib Today, almaghrib today Skincare PR Performance Full Year 2017

GMT 09:22 2018 Monday ,22 January

Skincare PR Performance Full Year 2017
Almaghrib Today, almaghrib today New hunt for flight MH370 gets under way

GMT 11:03 2018 Wednesday ,24 January

New hunt for flight MH370 gets under way
Almaghrib Today, almaghrib today Modern colorful bedroom renovation

GMT 10:57 2017 Thursday ,21 December

Modern colorful bedroom renovation
Almaghrib Today, almaghrib today Puigdemont candidate for Catalan president

GMT 13:56 2018 Tuesday ,23 January

Puigdemont candidate for Catalan president
Almaghrib Today, almaghrib today Turkey detains dozens more

GMT 10:47 2018 Wednesday ,24 January

Turkey detains dozens more

GMT 09:47 2018 Tuesday ,23 January

To 'eternal style' of late Alaia

GMT 18:00 2018 Wednesday ,29 August

U.N. schools open in West Bank, Gaza

GMT 11:27 2014 Monday ,04 August

Ooredoo goes live in Myanmar

GMT 13:22 2017 Friday ,17 November

Jihan Qamari participates in “Endless Feelings”

GMT 08:01 2017 Tuesday ,25 April

Weather forecast: Cloudy, rise in temperature

GMT 12:40 2012 Monday ,07 May

Salafists go to hell too

GMT 13:10 2018 Thursday ,11 January

Award-winning Pakistani journalist

GMT 13:29 2013 Monday ,07 October

Senior Keeper receives new \'Kiswa\' of Kaaba

GMT 20:38 2017 Saturday ,12 August

US set to unveil strategy for Afghanistan war

GMT 15:27 2014 Saturday ,04 October

Lewis Hamilton bullish about his chances at Japan GP

GMT 07:38 2014 Thursday ,03 July

Shakira to headline at World Cup final

GMT 13:54 2015 Tuesday ,28 April

IHG hotels pamper their Chinese clientele

GMT 10:32 2016 Wednesday ,14 December

Planning for 'healthier, wealthier' Africa

GMT 10:10 2016 Thursday ,26 May

Hongkongers pooh-pooh waste treatment plant
Almaghrib Today, almaghrib today
 
 Almaghrib Today Facebook,almaghrib today facebook  Almaghrib Today Twitter,almaghrib today twitter Almaghrib Today Rss,almaghrib today rss  Almaghrib Today Youtube,almaghrib today youtube  Almaghrib Today Youtube,almaghrib today youtube
.almaghribtoday .almaghribtoday .almaghribtoday .almaghribtoday
almaghribtoday almaghribtoday almaghribtoday
almaghribtoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
almaghribtoday, Almaghribtoday, Almaghribtoday