RBS Group 1Q Net Profit Rises More Than Three Times
April 27 2018 - 03:06AM
Dow Jones News
By Oliver Griffin
Royal Bank of Scotland Group PLC (RBS.LN) on Friday reported a
more than three-fold increase in first-quarter net profit and
maintained its 2018 guidance and medium-term outlook as provided
during its annual results.
The bank, which is majority owned by the U.K. government, said
that profit for the quarter ended March 31 rose to 792 million
pounds ($1.10 billion) from GBP259 million in the year-earlier
period.
Pretax operating profit rose 70% to GBP1.21 billion, while net
interest income fell 4% to GBP2.15 billion, the bank said.
RBS reported a common equity tier 1 ratio--an important measure
of a bank's financial health--of 16.4%.
The banking group said that as part of the ring-fencing transfer
scheme--which was introduced in the U.K. to protect consumers and
day-to-day banking from unrelated risks elsewhere--it's retail bank
Royal Bank of Scotland PLC will be renamed NatWest Markets PLC.
The group's U.K. retail and commercial banking business, Adam
& Company PLC, will be renamed The Royal Bank of Scotland PLC
and will assume banknote-issuing responsibility.
RBS said that, with the exception of Frank Dangeard, all
directors of RBS Group will stay on as directors of the ring-fenced
bank entities. Mr. Dangeard will assume the role of chairman of
NatWest Markets PLC, the group said.
Write to Oliver Griffin at oliver.griffin@dowjones.com
(END) Dow Jones Newswires
April 27, 2018 02:51 ET (06:51 GMT)
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