RBS Scrapes a Profit as Boss Warns of 'Marathon' Ahead

The Evening Standard (London, England), August 6, 2010 | Go to article overview

RBS Scrapes a Profit as Boss Warns of 'Marathon' Ahead


Byline: Nick Goodway

TAXPAYER-controlled Royal Bank of Scotland scraped into profit during the first half of the year, making just [pounds sterling]9 million.

The bank, which unlike its rivals reports every three months, said it swung from losses of [pounds sterling]248 million during the first three months to profits of [pounds sterling]257 million in the second quarter.

"We are on track and on schedule to deliver our far-reaching, five-year restructuring plan," said chief executive Stephen Hester.

"But the rebuilding of RBS is a marathon not a sprint."

The bank reported a pre-tax profit of [pounds sterling]1.14 billion, up from just [pounds sterling]15 million for the half, but Hester said the more realistic figure was the [pounds sterling]9 million attributable profit. "We basically broke even," he said.

RBS, which is 83% owned by the taxpayer, also announced the [pounds sterling]2 billion sale of its card-processing business to US private equity firms.

Coming on top of this week's [pounds sterling]1.65 billion sale of 318 branches to Santander and February's sale of its share of the Sempra commodities business to JP Morgan, RBS has now completed the vast bulk of the disposals ordered by the European Union in return for receiving state aid.

Hester warned investors that the improvement from here on would not necessarily come in a straight line.

He said: "There are all sorts of weird and wonderful accounting changes that whistle around banks when they are undressing in the way which we are.

"Our path to the sustainable profitability and other improvements we target will not be linear."

That is partly reflected by the fall in bad debts charges from [pounds sterling]2. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited article

RBS Scrapes a Profit as Boss Warns of 'Marathon' Ahead
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this article
  • Highlights & Notes
  • Citations
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.