RBS Warns on Profit Outlook After Trading Unit Boosts Revenue
- Bank’s adjusted pretax profit tops analyst estimates
- RBS says it won’t meet deadline for shedding Williams & Glyn
Quarterly Loss Adds Woeful Drag on Royal Bank of Scotland
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Royal Bank of Scotland Group Plc reported a surprise jump in pretax earnings on the highest revenue at its investment bank in two years, while pushing out profitability targets on a weaker outlook and looming charges for misconduct.
Pretax profit, excluding one-time costs, rose to 1.33 billion pounds ($1.6 billion), beating the 776 million-pound average estimate of seven analysts compiled by Bloomberg News. Including restructuring and litigation costs, the bank posted a loss for the quarter. RBS shares fell in London trading, after earlier climbing the most since July.