UK Money News
28th February 2008
RBS posts profits but buffeted by storms
The Royal Bank of Scotland (RBS) has announced profits across the group of £10.2 billion but warned that last year's storms had had an adverse impact on its insurance arm.
The lender, one of UK's Big Four banks, unveiled the annual results today with details of a nine per cent increase in profits compared to 2007.
With RBS pleased with its performance at corporate level and in its investments, there were positive signs even though the results were below analysts' expectations.
Nevertheless the bank sent a clear signal that the adverse weather conditions in 2007, as well as the uncertain economic outlook, were both likely to be significant factors in future performance.
RBS said the "exceptionally severe flooding that affected many of our UK customers in June and July" had reduced operating profit by £274 million, while the bank also had to write off £456 million as a result of the sub-prime crisis.
Chief executive Sir Fred Goodwin said the future seemed "as difficult as ever to predict", but said the acquisition of ABN AMRO and the strong performance in its core products meant the group could approach 2008 with "real momentum behind our organic growth, and with our product range, distribution capabilities and customer franchises materially enhanced".
back to February's Money News
This article and more Latest Money News can be found on MoneyCrocodile.co.uk
Personal Loans from UKPersonalLoans.com
Personal Secured Loans for Homeowners and Personal Tenant Loans for Non-Homeowners. You can apply online for an Any Purpose Loan or Personal Debt Consolidation Loans or use one of our Loan Calculators.
Debt Advice from ReduceDebt.com
Debt problems? Refused a loan? Got CCJ's or Arrears? Get the best advice and help by enquiring online. Our Debt Professionals will help you whatever debt problems you have. Some of the options available to you are Debt Management, Debt Consolidation, Debt Couselling and IVAs,
UK Personal Finance from MoneyCrocodile.co.uk
UK Online Personal Finance site covering: Loans, Mortgages, Credit Cards, Insurance, Debt Advice, Bankings and Savings, Finance Tools and Money Jargon. We also cover Any Purpose Loans, Secured Loans, Personal Loans, Tenant Loans, Car Loans and Debt Consolidation Loans. If you are looking for Personal Finance let Money Crocodile put a smile on your face.
Car Loans from GBCarLoans.com
Don't just accept the dealers finance - get a quote from us before you buy!. UK Car Loans for New Cars or Used Cars: Supermini, Small, Hatchback, Saloon, Estate, MPV, 4x4, Sports, Luxury, Executive, Cabriolet or Classic Car.
Tenant Loans from TenantLoan.com
If you're looking for a low cost tenant loan, then look no further. We aim to find you a highly competitive interest rate and you can borrow anything from £5,000 and £250,000 with up to 25 years to pay.
