Menu
03/05/2013
RBS 'Could Be Privatised' By Next Year
The chairman of the Royal Bank of Scotland (RBS) has said the bank will be set to return to the private sector next year.
Sir Philip Hampton made the comment in a video statement on the bank's website after the institution reported a return to profit for the first three months of the year.
It stated it made a pre-tax profit of £826m after suffering significant losses last year. In the first quarter of 2012, RBS lost £1.5bn while it lost £2.2bn in the final quarter.
He also said he expected the British Government to start selling shares from the middle of 2014.
Mr Hampton said the results as "our best quarterly performance for some time now".
He added: "Our balance sheet is substantially fixed... our operating profitability has come through quite strongly.
"What we want to do is have a business that is performing well... enabling the government to start selling shares from, let's say, the middle of 2014 on - it could be earlier, that's a matter for the government - but certainly we think the recovery process will be substantially complete in about a year or so's time."
The latest figures could mean a return for shareholders after the government invested tens of billions of pounds in the bank to rescue it from collapse in 2008.
Despite the return to profit, investors reacted negatively to the results, with RBS shares falling more than 4.5% in the first ten minutes of trading on the London Stock Exchange.
(JP/CD)
Sir Philip Hampton made the comment in a video statement on the bank's website after the institution reported a return to profit for the first three months of the year.
It stated it made a pre-tax profit of £826m after suffering significant losses last year. In the first quarter of 2012, RBS lost £1.5bn while it lost £2.2bn in the final quarter.
He also said he expected the British Government to start selling shares from the middle of 2014.
Mr Hampton said the results as "our best quarterly performance for some time now".
He added: "Our balance sheet is substantially fixed... our operating profitability has come through quite strongly.
"What we want to do is have a business that is performing well... enabling the government to start selling shares from, let's say, the middle of 2014 on - it could be earlier, that's a matter for the government - but certainly we think the recovery process will be substantially complete in about a year or so's time."
The latest figures could mean a return for shareholders after the government invested tens of billions of pounds in the bank to rescue it from collapse in 2008.
Despite the return to profit, investors reacted negatively to the results, with RBS shares falling more than 4.5% in the first ten minutes of trading on the London Stock Exchange.
(JP/CD)
Related UK National News Stories
Click here for the latest headlines.
17 January 2014
Miliband Speech Promises Reform Of UK Banking Market
Labour leader Ed Miliband has criticised the UK's five largest banks, saying that they should be made to surrender a "significant" number of branches.
Miliband Speech Promises Reform Of UK Banking Market
Labour leader Ed Miliband has criticised the UK's five largest banks, saying that they should be made to surrender a "significant" number of branches.
26 September 2008
Funding Boost Of £455m For Equal Pay Claims
Funding of £455m will be awarded to councils in England to allow back payments relating to thousands of equal pay claims from women workers. In a move to speed up long-term commitments to achieving equal pay for all council workers, local government minister John Healey gave the go-ahead to 34 councils to raise the money through capitlisation.
Funding Boost Of £455m For Equal Pay Claims
Funding of £455m will be awarded to councils in England to allow back payments relating to thousands of equal pay claims from women workers. In a move to speed up long-term commitments to achieving equal pay for all council workers, local government minister John Healey gave the go-ahead to 34 councils to raise the money through capitlisation.
29 June 2012
RBS Boss Turns Down Bonus Again
The Chief Executive of the Royal Bank of Scotland has waived his bonus for this year following the RBS computer failure that left many customers unable to access their accounts.
RBS Boss Turns Down Bonus Again
The Chief Executive of the Royal Bank of Scotland has waived his bonus for this year following the RBS computer failure that left many customers unable to access their accounts.
06 August 2010
RBS First Half Profits Leap By £9m
Part-nationalised Royal Bank of Scotland has seen net profits jump by £9 million for the first half of 2010. The group, which is 83% taxpayer owned, was helped by improving bad debt losses as it moved from a £1.04 billion loss in the first half year. Chief Executive Stephen Hester said the bank was on the road to recovery, but far from the finish.
RBS First Half Profits Leap By £9m
Part-nationalised Royal Bank of Scotland has seen net profits jump by £9 million for the first half of 2010. The group, which is 83% taxpayer owned, was helped by improving bad debt losses as it moved from a £1.04 billion loss in the first half year. Chief Executive Stephen Hester said the bank was on the road to recovery, but far from the finish.
25 February 2010
RBS Posts Losses
The Royal Bank of Scotland (RBS) made losses of £3.6bn last year, results published today have revealed. According to the bank, it had experienced billions of pounds worth of bad loans. However, over £1.3bn of staff bonuses are still expected to be paid out.
RBS Posts Losses
The Royal Bank of Scotland (RBS) made losses of £3.6bn last year, results published today have revealed. According to the bank, it had experienced billions of pounds worth of bad loans. However, over £1.3bn of staff bonuses are still expected to be paid out.
-
Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
