Search

RBS back in the black for first time in a decade

PUBLISHED: 08:48 23 February 2018 | UPDATED: 08:48 23 February 2018

RBS denied the allegations made by Mr Keats. Photo: PA

RBS denied the allegations made by Mr Keats. Photo: PA

Archant

Royal Bank of Scotland (RBS) has reported its first profit in a decade.

Its £752m annual profit compares to the £6.95bn loss reported by the lender a year ago – one of the biggest since its government bailout in 2008 as it dealt with conduct charges, legacy and restructuring costs.

The results beat analysts’ expectations, who had pencilled in a full-year attributable loss of £592m for 2017 and consensus figures also pointing to £2.7bn worth of conduct and litigation costs.

Friday’s figures take into account conduct and litigation costs of £1.29bn, part of which was to help cover costs to deal with claims that it mis-sold mortgage-backed securities in the run-up to the financial crisis.

However, the lender – which is still 72% owned by the taxpayer – has yet to reach what is expected to be a multi-billion dollar settlement with the US Department of Justice over those mortgage-backed securities sales.

Those conduct costs also included £175m in provisions to cover costs surrounding mis-selling of payment protection insurance (PPI).

RBS also pushed ahead with its cost-cutting drive and restructuring plan, having cut expenses by £810m last year, exceeding its £750m target.

Search hundreds of local jobs at Jobs24

Management Jobs

Show Job Lists

Newsletter Sign Up

Sign up to the following newsletters:

Sign up to receive our regular email newsletter

Our Privacy Policy

Insight

Holden is a name associated with the motor trade in Norfolk for 90 years. Motoring editor Andy Russell chats to current CEO Tim Holden, third generation in the family motor group, about how it has become a nationally-recognised driving force.

As diesel car registrations drop, more and more motorists are becoming aware of the benefits of hybrid cars and how easy they are to drive. Toyota’s pioneering role in hybrid technology means nearly half its total sales now combine petrol and electric power, says motoring editor Andy Russell.

Women in Business

cover

Enjoy the
Women in Business
digital edition

Read

Business East

cover

Enjoy the
Business East
digital edition

Read

Celebrating Success

cover

Enjoy the
Celebrating Success
digital edition

Read

B2B Exhibition

cover

Enjoy the
B2B Exhibition
digital edition

Read

Green 100

cover

Enjoy the Green 100
digital edition

Read

Meet the Team

Mark Shields

Business Editor

|

Chris Hill

Agricultural and Farming Editor

|

Business Most Read

Awards

Norfolk Future 50 EDP Business Awards Green 100