Royal Bank of Scotland (RBS) announced profits will be well ahead of forecasts of £9.9bn despite a £1.5bn sub-prime hit.
The Times reported shares in the bank soared on the news surged 7.46% higher, up 34.75p at 500.5p in early trading. Royal Bank of Scotland (RBS) has promised to deliver pre-tax profits of more than £10bn this year, despite taking a £1.5bn writedown against its exposure to American sub-prime mortgages and leveraged loans. RBS chief executive Sir Fred Goodwin says: "It hasn't been beer and skittles this year, but we are anticipating a strong set of results. "While we have seen some credit market deterioration, there have been a number of planned gains during the period [this year]. If y...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes