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Name | Symbol | Market | Type |
---|---|---|---|
Royal Bank of Scotland Group PLC | NYSE:RBS | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.09 | 0 | 01:00:00 |
By Max Colchester
Royal Bank of Scotland Group PLC said it may miss its long-term financial goals after slumping to a net loss in the third quarter partly on a provision for U.S. legal settlements.
The bank, 73% owned by the British government, said on Friday it fell to a GBP469 million ($570.3 million) loss in the three months to end-September from a GBP960 million profit in the same period last year. Revenue was up slightly at GBP3.3 billion from GBP3.1 billion in the third quarter last year.
The British bank incurred several one-off items including a GBP425 million legal provision, mainly related to settlements with U.S. authorities over the sale of mortgage-backed securities.
The bank signaled that it was unlikely to meet long-term financial targets because of low interest rates.
"We now don't expect to achieve these by 2019 as previously indicated," the bank said in a statement.
The bank also confirmed that it won't meet a 2017 deadline to separate its Williams & Glyn unit. The bank must dispose of Williams & Glyn by the end of 2017 to meet European state aid rules following RBS's bailout in 2008. Earlier this week CYBG PLC said that it has made a preliminary nonbinding proposal for the branches. RBS is now in discussion with the U.K. Treasury on how to proceed with negotiations with the European Commission.
Problems at Williams & Glyn would push expected restructuring charges up by GBP500 million for the year, RBS said.
The bank spent GBP469 million on restructuring its business in the quarter. It also wrote down the value of its deferred tax assets.
"The timing of returning excess capital to shareholders through dividends or buybacks remains uncertain," the bank said in a statement.
Write to Max Colchester at max.colchester@wsj.com
(END) Dow Jones Newswires
October 28, 2016 02:52 ET (06:52 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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