Skip to main content
The Markets by Proactive
Go to Proactive UK
Proactive UK has moved. Proactive’s coverage of London’s small caps continues on proactiveinvestors.com Go there →
Advertisement
The Markets
by Proactive
Proactive UK has moved.
Coverage of London’s small caps continues on proactiveinvestors.com
Go to Proactive UK
The Markets
by Proactive
Proactive UK has moved.
Small-cap coverage continues on .com
Go to Proactive UK
Advertisement
The Markets
by Proactive
Proactive UK has moved.
Small-cap coverage continues on .com
Go to Proactive UK

Tech

Royal Bank of Scotland to unveil eighth year of losses

State-owned bank to take £2.5bn hit from PPI and other scandals

A week of banking results culminates on Friday with full-year numbers from majority state-owned Royal Bank of Scotland (LON:RBS) .

RBS, 73% owned by the government, is tipped to report its eighth year of annual losses when it announces its full-year results, following figures from Lloyds Banking Group (LON:LLOY) on Thursday and HSBC (LON:HSBA) on Monday.

The lender has already said it expects to stay in the red after taking a £2.5bn hit including more big charges for scandals such as insurance mis-selling.

In addition, management have also pledged to put aside an extra £4.2bn into its pension fund.

It unveiled a loss of £3.5bn last year, although that was below £9bn in the year before.

Investors will be interested to hear any update on the bank's continuing recovery drive under chief executive Ross McEwan, who has tried to draw a line under years of corporate mismanagement, regulatory fines and IT failures.

Analysts acknowledge progress but say legacy issues continue to hold the bank back, with the share price down over 30% since the same period last year and now back at 2012 levels. The shares rose 13.5p to 245.6p.

There has also been unconfirmed speculation that RBS may announce more cost-cuts including branch closures.

Other companies due to report on Friday include:

Finals: FBD Holdings (LON:FBH), IMI (LON:IMI), International Consolidated Airlines Group (LON:IAG), Intu Properties (LON:INTU), Kennedy Wilson Europe Real Estate (LON:KWE), Pearson (LON:PSON), Rightmove (LON:RMV), Royal Bank of Scotland Group (The) (LON:RBS), Telefonica SA (LON:TDE ), William Hill (LON:WMH)

Interims: Ricardo (LON:RCDO), Tristel (LON:TSTL)

Trading statement: Volex Group (LON:VLX).

Advertisement
The Markets
by Proactive
Proactive UK has moved.
Small-cap coverage continues on .com
Go to Proactive UK