RBS earnings: £707 million for Q1 net profit, vs £792 million last year

The Royal Bank of Scotland reported a net profit of £707 million for its first quarter on Friday, down 11% from £792 million over the same period last year.The bank has long warned of the possible impact of the U.K.'s departure from the European Union, along with a highly competitive mortgage market. In the third quarter of 2018, RBS set aside £100 million to deal with economic uncertainties, including the fallout from Brexit.

The figures come amid what is proving to be a difficult earnings season for the European banks, with fellow British giant Barclays reporting a 10% drop in profits Thursday. Shareholders at the bank's annual general meeting yesterday voted to back the bank's remuneration report, despite challenges from shareholder advocacy group ShareSoc over outgoing CEO Ross McEwan's 35% annual pension allowance, compared to 10% for the average employee.

RBS is still 62% owned by the taxpayer as a result of its £45.5 billion government bailout following the 2008 financial crisis. The bank said on Friday that it hopes the U.K. government will sell its entire stake by 2030. The British Treasury took a £2.1 billion hit in selling 7.7% of its stake in June 2018. In August 2018, the bank announced it would pay its first dividend to shareholders since the crash.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

RBS tops up small business support fund, downplays Brexit effectBritish state-controlled lender the Royal Bank of Scotland has doubled its fundi...
Source: Reuters - 🏆 2. / 97 Read more »

Deutsche Bank earnings: 201 million euros for Q1 net profit, up 67% year-on-year
Source: CNBC - 🏆 12. / 72 Read more »

Credit Suisse earnings: 749 million Swiss francs for Q1 net profit, vs 692 million Swiss francs expectedCredit Suisse produced another rise in net profit for the first quarter of 2019, its first period following the completion of its three-year restructuring plan.
Source: CNBC - 🏆 12. / 72 Read more »

Exxon, Chevron first-quarter earnings expected to dip from last yearExxon Mobil and Chevron are expected to report lower quarterly earnings per shar... That just makes me soooooo sad. 🙄 May they dip into oblivion ⤵
Source: Reuters - 🏆 2. / 97 Read more »

LIVE: Chipotle is about to release Q1 earnings (CMG) | Markets Insider
Source: BusinessInsider - 🏆 729. / 51 Read more »

LIVE: Here comes Facebook's Q1 earningsFacebook has been beset by scandals for years — but that hasn't halted its explosive profits. techinsider and here it is folks. latest earnings. Consumerism makes the world go round.
Source: BusinessInsider - 🏆 729. / 51 Read more »