RBS Turns To Profit In Q2 - Qucik Facts

(RTTNews) - Royal Bank of Scotland Group plc (RBS, RBS.L) reported that its profit attributable to ordinary shareholders for the second-quarter of 2017 was 680 million pounds compared to a loss of 1.077 billion pounds in the second-quarter of 2016. The prior year result included litigation and conduct costs of 1.284 billion pounds. Earnings per share were 5.7 pence compared to a loss of 9.3 pence in the prior year.

Operating profit before tax was 1.238 billion pounds compared to loss of 695 million pounds in the previous year.

An adjusted operating profit of 1.690 billion pounds was 974 million pounds higher than the second-quarter 2016 a principally reflecting an IFRS volatility gain of 172 million pounds.

Total income grew to 3.707 billion pounds from 3.000 billion pounds in the prior year.

The company retained the 2017 full year financial guidance and medium term financial outlook we provided in the 2016 Annual Results document. In addition, and subject to providing substantially for remaining significant legacy issues in 2017, its expectation remains that it will be profitable in 2018.

Excluding RBS's stake in Alawwal Bank, the company now expects that Capital Resolution RWAs will be at the lower end of our previous 15 billion pounds-20 billion pounds guidance for end 2017. It anticipate that Capital Resolution disposal losses will be substantially higher in H2 2017, at around 0.7 billion pounds.