RBS Reports Rise in 3Q Pretax Profit, Expects to Be Profitable in 2018
October 27 2017 - 3:02AM
Dow Jones News
By Oliver Griffin
Royal Bank of Scotland Group PLC (RBS.LN) on Friday reported a
significant increase in pretax profit for the third quarter and
said that it still expected to be profitable in 2018.
The bank said that profit for the three months ended Sept. 30
rose to 871 million pounds ($1.15 billion) from GBP255 million in
the year-earlier period, while net interest income rose to GBP2.30
billion from GBP2.17 billion in 2016.
The majority state-owned bank said that its common-equity
tier-one ratio--a measure of bank solvency--was 15.5%, up 0.7
percentage points from the bank's CET1 ratio in the second quarter
of this year.
RBS said it retained its 2017 full-year financial guidance and
the medium-term financial outlook it provided in its 2016 annual
results document.
The bank said it still expects to be profitable in 2018, subject
to any further provisions for the U.S. Department of Justice's
investigation into historic activities related to residential
mortgage-backed securities.
Write to Oliver Griffin at oliver.griffin@dowjones.com
(END) Dow Jones Newswires
October 27, 2017 02:47 ET (06:47 GMT)
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