RBS to pay first dividend in 10 years" width="976" height="549">
Royal Bank of Scotland has seen first-half profits fall, but is on course to pay its first dividend in 10 years.The bank said it would be paying 2p a share as an interim dividend as soon as its $4.9bn (
The bank had already put aside money to cover the rest of the cost.It said it expected the deal with the Department of Justice to be finalised within months, paving the way for the dividend to be paid out.
'More to do'
RBS was bailed out by the government at the height of the financial crisis and is still 62.4% publicly owned.Last month, the government lost ?2.1bn after selling a tranche of RBS shares at 271p each, almost half the 502p a share it paid for them in 2008.Announcing the half-year results, RBS chief executive Ross McEwan said the bank was pleased with its progress, although the environment was uncertain and highly competitive.He added: "We still have a lot more to do to achieve our ambition of being the best bank for customers in the UK and Republic of Ireland."However, with our major legacy issues largely behind us, we are able to fully focus on closing this gap."RBS made no new provision to cover the cost of payment protection insurance (PPI) mis-selling claims. UK banks have set aside tens of billions of pounds to address what has become the biggest compensation exercise in UK financial history.The bank said it had no further comment to make on the activities of its controversial Global Restructuring Group (GRG), which has been widely criticised over its treatment of small and medium-sized business customers.Earlier this week, the Financial Conduct Authority said no action would be taken against RBS over the issue.
UK Banking
Royal Bank of Scotland
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