Royal Bank Of Scotland Share Discussion Threads

[raffles the gentleman thug] 23/2/2018 07:27

Agree but you still being more than compensated for that in the current share price, meanwhile whilst this drags on TNAV and CET1 only head in one direction

[polar fox] 23/2/2018 07:25

With this solution in place and currently being implemented, the number of legacy issues the bank faces has reduced. However, we have one major legacy issue that we have yet to resolve which is with the US Department of Justice. The timing of the resolution of this issue is not in our control.

[raffles the gentleman thug] 23/2/2018 07:25

Well if you argue it deserves to trade at a 10% premium to book given its CET1, total capital and good underlying returns and capital generation then today's share price implies a TNAV of 256p, meaning 42p a share of incremental DoJ provisioning or $7bn which I would argue is rather on the high side as this would be $11bn in total. So in my opinion only upside for these shares

[tfergi] 23/2/2018 07:21

This DOJ fine is really dragging out.Hopefully they will settle for half of what the initial number is and arrange for it to be paid over a few years as per Deutsch bank.This DOJ number is so key

[raffles the gentleman thug] 23/2/2018 07:20

And leedskier makes the important point that they are fully expecting CET1 to remain over 13% despite incremental DoJ provisioning to come which is why all earnings beyond that point should be distributed to shareholders like LLOY with a 100% payout ratio meaning one is on track for a near 10% forward yield and with better book value support than LLOY

[polar fox] 23/2/2018 07:20

As at 31 December 2017, the total aggregate of provisions in relation to certain of the RMBS investigations and RMBS litigation matters (set out under "Litigation, investigations and reviews" in Note 31) was £3.2 billion (US$4.4 billion).



RBS continues to cooperate with the DOJ and with certain state attorneys general in their investigations of RMBS matters. The duration, timing for resolution and outcome of these investigations and RMBS litigation matters remain uncertain, including in respect of whether settlements for all or any of such matters may be reached. Further substantial provisions and costs may be recognised and, depending on the final outcome, other adverse consequences may occur as described above and in the Risk Factor relating to legal, regulatory and governmental actions and investigations set out on page 372 of the Annual Report and Accounts.

[raffles the gentleman thug] 23/2/2018 07:15

Numbers to me look solid, with beat to consensus which was £707m - they delivered £752m.Outlook is good. CET1 now at 15.9% and TNAV at 294p meaning market implying at least another $2bn of DoJ provisions just to take shares to book value over and above what has already been provisioned.Important thing is dividend paying capacity should be just as good as LLOY once DoJ out of way given adjusted fully diluted earnings of 25.2p a share achieved on 2017

[leedskier] 23/2/2018 07:11

So not settled yet!

[leedskier] 23/2/2018 07:11

In the near to medium term, we would expect the Bank to maintain a CET1 ratio in excess of our 13% target given a range of variables that are likely to impact us over the coming years. These include:

-- potential final costs of a resolution with the US Department of Justice;

[leedskier] 23/2/2018 07:07

-- 2017 operating profit of GBP2,239 million, an increase of GBP6,321
million compared with 2016.
-- Adjusted operating profit(1)(2) increased by 31.1% to GBP4,818
million.
-- 2017 attributable profit of GBP752 million.
-- Q4 2017 operating loss before tax of GBP583 million and an
attributable loss of GBP579 million.
-- 4.0% increase in adjusted income(1) and an 8.1% reduction in
adjusted operating expenses(2) driving a 12.1% improvement
in operating leverage.
-- Net interest margin (NIM) reduced by 5 basis points to 2.13%
compared with 2016.
-- Supported the UK economy through a GBP6.0 billion, or 2.2%,(3)
increase in net lending across PBB, CPB and RBSI. Whilst behind
our 3% target, this represents strong growth in a competitive
environment.

[leedskier] 23/2/2018 06:26

Carillion’s former finance director considered putting cash into the firm’s pension deficit a “waste of money”, according to the minutes of a meeting written by the pension scheme trustees.

KPMG also came under fire for signing off the 2016 accounts just a few months before Carillion announced £845m of writedowns and issued a profit warning.

The Labour MP Peter Kyle said: “I wouldn’t trust you to audit what’s in my fridge.”

[leedskier] 23/2/2018 06:22

Final Result

Afarak Group [AFRK]

International Consolidated Airlines Group [IAG]

Pearson PLC [PSON]

Royal Bank of Scotland Group (The) PLC [RBS]

Rightmove PLC [RMV]

Standard Life Aberdeen [SLA]

William Hill PLC [WMH]

[maxk] 22/2/2018 23:20

Scottish 16-year-olds sitting their exams 'have reading age of only 13'



By Auslan Cramb, Scotland correspondent and
Simon Johnson
22 February 2018 • 6:00am




Many 16-year-old pupils sitting their National exams have the reading ability of a 13-year-old or lower, according to a damning literacy study that prompted intensified criticism of the SNP’s decade-long education record.

The literacy and assessment provider Renaissance UK said secondary school pupils in Scotland were not reading challenging enough books and potentially harming their ability to properly understand exam papers.

It is calling for more dedicated time for reading in secondary school after looking at the reading performance of 29,524 pupils across Scotland for the What Kids are Reading Report.

The study found an emphasis on literacy development in primary schools which sees pupils...



More if you sign up:

[ramco] 22/2/2018 20:31

More relevant state of public sector pensions in the states...

hxxp://thesoundingline.com/accounting-for-reality-pension-funds-are-in-big-trouble/

[leedskier] 22/2/2018 17:48

Stocks rebound in broad rally as strong labor data overshadows Fed jitters

[ramco] 22/2/2018 16:26

my pleasure...Smurfy break a leg...lol

graph undecided...is that a double top.don't like the 50 just crossing the 100...and is that a bear flag? but we have algos now...so not relevant...lol

however your at the bottom of the channel and the added insurance of the support line...should be lgood for your trade if sentiment gets a bump...;)

PS. 7p to the good and defo right direction.. rooting for you...lol..;

[leedskier] 22/2/2018 16:07

Thanks Ramco I will take a peep,

[ramco] 22/2/2018 15:57

and how much have they received? that is the more salient question because we are all in deep @#$t as a result...let me give you a clue...it dwarfs the chicken @#$t amounts your touting...

Leeds the WSJ have come out with a very informative article on pensions...have just checked its now available on zerohedge...;

[smurfy2001] 22/2/2018 15:55

My chart thoughts.

Assuming we go up that is :)



I'll be checking the results 7:50am sharp.

[smurfy2001] 22/2/2018 15:03

BARC IMHO just hitting a trend line chart on said thread.

Kinda hoping to make 10p+ on my RBS trade Friday morning otherwise i'll be holding onto what was suppose to be a short term punt.

[leedskier] 22/2/2018 14:55

7,192.06 -89.51 (-1.23%)

[leedskier] 22/2/2018 14:54

So if NY has clawed back all it lost night and some more, why is the FTSE100 still down more than 1%., which is, incidentally, rather more than the US indices surrendered last night?

Will the spin still be a fear of US rate hikes, or is the real reason one which dare not speak its name for fear of those who whisper it being branded enemies of the people and undemocractic by the Telegraph?

[polar fox] 22/2/2018 14:02

To keep us all up to date, on the eve of the Results, Rachel Brand left the DoJ on Tuesday. Tomorrow's RNS awaited with much interest on the matter of the fine.