RBS surprises on profit, but traders see a squeeze
New Delhi, Apr 27 (ANI): Royal Bank of Scotland showed signs of competition squeezing returns and business customers being unhappy with its services on Friday, which combined with a looming Department of Justice fine to overshadow a forecast-beating first quarter profit. Two per cent down within hours of the bank's Q1 release - which posts a 792 million pounds pre-tax profit figure. "This is a good set of results - showing the progress we're making," Chief Executive Ross McEwan said. But ahead of the government selling its 71 percent stake and any resumption of dividend payments, RBS still needs to conclude an expected multibillion dollar settlement with the US Department of Justice, related to selling toxic securities. Investors also see signs of an increasingly competitive British banking market squeezing returns.
