RBS profit trebles as costs fall" width="976" height="549">
Royal Bank of Scotland has reported a profit of
The bank still has the threat of a major fine for mis-selling mortgages in the US in the run-up to the credit crisis hanging over it. The fine could come any time this year, and estimates of its size vary wildly, between $1bn-$9bn. However, once this is out of the way RBS is expected to return to paying dividends.
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The bank's chief executive, Ross McEwan, said: "This is a good set of results, showing the progress we are making, despite a more competitive market. Our income is up, costs are down and our capital has strengthened again."RBS's "buffer" of capital - a key measure of any bank's strength - is 16.4%, well above its target of 13% and a level which should mean it can withstand any fine from the US Department of Justice for mortgage mis-selling.RBS has been under the spotlight in recent months over the conduct of its specialist recovery division, the Global Restructuring Group (GRG), which operated between 2005 and 2013. The GRG was marketed as an expert service that could save a business, but according to an official report, it mistreated thousands of small firms.
UK Banking
Royal Bank of Scotland
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