Nationalised lender Royal Bank of Scotland (RBS) is to repay the final tranche of notes issued under the government's Credit Guarantee Scheme (CGS) next week, after posting a profit of more than a billion pounds in the first quarter of 2012.
Excluding own credit adjustments, pre-tax profit totalled £1,052m. Own credit adjustments, which reflect the increasing price of debt issued by RBS and therefore the assumed cost of buying it back, warranted a pre-tax charge of £2,456m, leaving a statutory pre-tax loss of £1,404m and an attributable loss of £1,524m.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
'We face a £6m inheritance tax bill under Reeves's changes – it's sheer terror'Thousands of families fear they’ll have no option but to look at selling their firms in a fire sale to pay inheritance tax bills, due to Rachel Reeves’s changes to business property relief
-
Millions of over 50s fear pension investment risk – how should you position your portfolio?To de-risk or not to de-risk, that is the question. Act too late and you could face irreversible losses. Move too early and miss out on significant gains that could transform your retirement.
