Tags: APFN | EU | Britain | Earns | RBS

UK Taxpayer-owned RBS Reports First Profit in a Decade

Friday, 23 February 2018 04:38 AM

LONDON (AP) — Taxpayer-owned Royal Bank of Scotland has reported its first profit in a decade but warned that its 2018 results may be hit by a pending settlement with U.S. officials.

RBS, bailed out by the British government during the 2008 financial crisis, reported Friday a 752 million pound ($1.1 billion) profit for 2017. That's a major turnaround from the nearly 7 billion pound loss reported the year before.

The bank is still 72 percent owned by British taxpayers. Its financial results are expected to be substantially effected by a multibillion-dollar settlement with the U.S. Department of Justice over mortgage-backed securities that were mis-sold before the financial crisis.

RBS Chief Executive Ross McEwan said: "Our results in 2018 are somewhat dependent upon the settlement with the DOJ, which we hope will happen."

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Taxpayer-owned Royal Bank of Scotland has reported its first profit in a decade but warned that its 2018 results may be hit by a pending settlement with U.S. officials.RBS, bailed out by the British government during the 2008 financial crisis, reported Friday a 752 million...
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2018-38-23
Friday, 23 February 2018 04:38 AM
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