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RBS swings to first-half profit, says no more than 150 jobs will move due to Brexit

RBS reported a large earnings beat on Friday morning with the U.K. lender highlighting that it had swung back to a first-half profit for the first time in three years.

RBS’ recovery continued in the first six months of 2017, with the bank posting a £939 million ($1.23 billion) pre-tax profit through to the end of June. The lender said its core capital ratio, a key measure of financial strength, increased by 14.8 percent over the same period.

“We’re encouraged by the results today, it’s our second best six-month result since the crisis and our best set of six-month results since the first half of 2014,” Ewen Stevenson, RBS chief financial officer, told CNBC on Friday.

The U.K.-based bank, which required a state bailout during the financial crash, has been unable to report an annual profit since 2007. It has waded through several legal scandals, job cuts and asset sales over the past decade.

Despite the earnings beat on Friday, RBS’ Stevenson told CNBC that the bank may be set to record its tenth consecutive year without an annual profit in 2017.

“We know that we have still got at least one large issue ahead of us … the Department of Justice. So, if we get that settled this year I think we do expect that may push us in to a bottom line loss,” he added.

Last month, RBS was ordered to pay $5.5 billion to U.S. regulators for mis-selling mortgage-backed bonds. The bank said it had agreed to settle the lawsuit with the U.S. Federal Housing Finance Agency (FHFA) after being accused of mis-selling $32 billion of mortgage-backed securities before the global financial crisis.

RBS must settle its long-running disputes over the sale of mortgages packed into bonds before the U.K. government can sell its shares in the bailed out-bank.

The bank revealed on Friday that it was in talks with the Dutch authorities to explore the possibility of centering its EU-focused business in Amsterdam post-Brexit.

“Obviously we’ve got a bank there with the appropriate licenses, we’ve had a long history in Amsterdam (and) for us at least it is a very logical choice,” Stevenson explained.

When asked how many jobs the bank would likely relocate from Britain to the Netherlands, Stevenson replied, “I think probably no more than about 150 people.”

Source: cnbc europe
RBS swings to first-half profit, says no more than 150 jobs will move due to Brexit

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