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  HOME | Business & Economy (Click here for more)

RBS Snaps Losing Streak, but US Settlement Looms

EDINBURGH – The Royal Bank of Scotland Group PLC released its fourth-quarter and 2017 results on Friday, according to a report from Dow Jones.

PROFIT

RBS posted a fourth-quarter operating loss of 583 million pounds ($811.5 million) compared with a 4.06 billion pound loss in the same period in 2016.

This left RBS with a 2017 operating profit of 2.24 billion pounds, swinging from a 4.08 billion pound loss the prior year.

On a net basis, RBS made a 752 million pound profit compared with a 6.96 billion pound loss in 2016.

REVENUE

RBS’s total income for the fourth-quarter was 3.06 billion pound, and 13.13 billon pound for 2017 as a whole.

Analysts expected fourth-quarter income of 2.92 billion pound, according to a FactSet consensus of four estimates.

Total income for 2017 was projected at 12.96 billion pound by a FactSet poll of 17 analysts.

US SETTLEMENT AHEAD

RBS posted its first profit in 10 years, largely because it reduced the money paid for conduct and litigation charges.

However, RBS didn’t set aside any more money for a settlement with the United States Department of Justice over alleged historic mis-selling of mortgage-backed securities, Dow Jones added.

The looming final settlement continues to block RBS from making distributions to shareholders.

RESTRUCTURING COSTS

RBS said accelerated restructuring means it intends to increase investment and innovation spending.

The bank said it expects to incur cumulative restructuring charges of about 2.5 billion pounds across 2018 and 2019, up from previous guidance of about 1.0 billion pounds.

RBS also said the pace at which it is cutting operating costs will be “materially lower” in 2018, after adjusted operating expenses fell by 810 million pounds in 2017, Dow Jones added.

CAPITAL STRENGTH

RBS’s Common Equity Tier 1 ratio – a key measure of financial resilience – climbed to 15.9 percent at the end of 2017, from 13.4 percent at the end of 2016, as the bank continued to cut risk-weighted assets.

RBS said it will look to keep its CET1 ratio ahead of its 13 percent target, with an eye to absorbing costs such as the US settlement, future pension contributions and regulatory requirements.

 

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