RBS lifts operating profit by 175% to £1.68B in Q2

Friday, 02. August 2019 08:19

The Royal Bank of Scotland (RBS) said on Friday its operating profit before tax amounted to £1.68 billion, marking an improvement of 174.25% year-over-year. Half-year figure was £2.69 billion, improving from £1.83 billion in the first six months of 2018, the report showed.

Meanwhile, earnings per fully diluted basic share (EPS) reached 11 pence in the three months through June, surging from 0.8 pence in the corresponding quarter last year. The lender also noted that quarterly profit attributable to ordinary shareholders surged from 96 million to 707 million annually. A dividend of 2 pence and a special dividend of 12 pence was announced, representing £1.7 billion in return to shareholders.

"Given current market conditions, continued economic and political uncertainty and the contraction of the yield curve, it is very unlikely that we will achieve our target return on tangible equity of more than 12% and cost-income ratio of less than 50% in 2020," the financial release from the company noted.

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