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Royal Bank of Scotland to return to profit despite new writedowns
ROYAL Bank of Scotland (RBS) is expected to return to profit today, as it reveals first half profit figures.
The bank, which recorded a UK record loss of more than £24bn for 2008, is predicted to reveal first-half pre-tax earnings of £1.2bn, despite impairment charges expected to total £7.9bn.
Chief executive Stephen Hester is also expected to unveil his five-year plan for reducing the bank’s risk appetite and delivering sustained profitability.
The bank raised £325m earlier this week via the sale of parts of its Asian operations to Australia and New Zealand banking group.
The remainder of RBS Asia is likely to be sold to Asia-focused bank Standard Chartered, as Hester presses on with his streamlining efforts.