Friday preview: RBS unveils first-quarter results

Royal Bank of Scotland (RBS) is expected on Friday to report a "very weak performance" for the first quarter of 2013 and slow recovery thereafter, according to analysts at Investec.

Royal Bank of Scotland (RBS) is expected on Friday to report a "very weak performance" for the first quarter of 2013 and slow recovery thereafter, according to analysts at Investec.

The state-backed lender's attributable profit for the first three month of the year is estimated to come in at £0.1bn while earnings per share is pegged at 1.3p.

Core pre-tax profit is forecast at £1.8bn, up slightly from the £1.7bn the prior year.

The bank has been trying to recover since its £45bn taxpayer bailout in 2008.

However, shareholders last month launched a civil case against the bank, claiming they were misled by directors over a £12m rights issue in April 2008 which kicked off the bailout.

It came after a damning report by the Financial Services Authority (FSA) which found the RBS collapsed due to multiple poor decisions and a £50bn risk on buying ABN Amro.

Business Secretary Vince Cable was accused of interfering in the legal proceedings after it surfaced that he had written a letter to prosecutors calling for a decision as soon as possible. The letter was referred to Scottish prosecuting authority the Crown Office and Procurator Fiscal Service in January 2012.

However, Cable on Wednesday dismissed claims he tried to influence the lawsuit, saying he was merely asking for an update to reassure the public the matter was being pursued.

"I am very keen for a decision to be reached as quickly as possible in order to maintain public confidence in the efficiency of the decision-making process," he told Sky News.

"I am fully aware that the decision whether or not to prosecute rests with the Crown Office and Procurator Fiscal Service as the relevant independent prosecuting authority."

In another hit to the bank's reputation, RBS was fined £390m fine in February for rigging the Libor rate until November 2010.

Friday May 3rd

INTERIM DIVIDEND PAYMENT DATE

Alpha Real Trust Ltd., Animalcare Group, Catalyst Media Group, St Ives

QUARTERLY PAYMENT DATE

Investors Capital Trust 'A' Shares, Investors Capital Trust 'B' Shares

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Goods Orders (15:00)

ISM Non-Manufacturing (US) (15:00)

ISM Services (US) (15:00)

Non-Farm Payrolls (US) (13:30)

Unemployment Rate (US) (13:30)

IMSS

Capital & Counties Properties , Direct Line Insurance Group, Kentz Corporation Ltd., Phoenix Group Holdings (DI), Royal Bank of Scotland Group

SPECIAL DIVIDEND PAYMENT DATE

Hiscox Ltd.

AGMS

Abbey Protection, Alliance Trust, Capital & Counties Properties , Laird, Man Group, Mondi, RPS Group

TRADING ANNOUNCEMENTS

Rentokil Initial

UK ECONOMIC ANNOUNCEMENTS

Official Reserves (09:30)

PMI Services (09:30)

FINAL DIVIDEND PAYMENT DATE

32Red, 4Imprint Group, Acencia Debt Strategies Ltd., AZ Electronic Materials SA (DI), Berendsen, Devro, Dragon Oil, EMIS Group, Herald Inv Trust, Hiscox Ltd., International Personal Finance, Nichols, Pearson, Phoenix Group Holdings (DI), Spirent Communications, Ultra Electronics Holdings

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