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RBS Buy at 54p - Target 100p (RBS)     

peeyam - 26 Aug 2009 13:00

ROYAL BANK OF SCOTLAND GROUP PLC is within a rising trend. Continued positive development within the trend channel is indicated. The stock has broken up through the resistance at pence 50.00. A further rise to 100p (1) is predicted in the medium term. The stock is assessed as technically positive for the medium long term.

Good luck -

skinny - 01 Nov 2013 07:04 - 708 of 847

Interim Management Statement - Part 1 of 2

Interim Management Statement - Part 2 of 2

Highlights

RBS announces actions to accelerate capital strengthening and enhance strategic focus
Full review of bank to improve customer service reporting February 2014
Q3 2013 pre-tax loss £634 million, after £496 million accounting charge for improved own credit
Core Tier 1 ratio up to 11.6%, or 9.1% on a fully loaded Basel III basis



Highlights

Restoring financial strength

● RBS announces management actions to accelerate the building of its capital strength and to enhance its strategic focus on its core UK businesses and its international corporate capabilities.

● The measures will include the creation of an internal "bad bank" to manage the run-down of high risk assets projected to be £38 billion by the end of 2013. The goal is to remove 55-70% of these assets over the next two years. While there is inevitable uncertainty associated with running down such assets, there is a clear aspiration to remove all these assets from the balance sheet in three years.

● Faster run-down of high risk assets is expected to entail accelerated and increased impairments in Q4 2013 of £4.0 billion to £4.5 billion but the capital impact of this will be neutralised by a commensurate reduction in expected loss capital deductions. The net impact on the current Core Tier 1 ratio is expected to be a reduction of c.10 basis points. However, the new strategy will result in a strengthening of the Group's capital ratios in the medium term.

● In light of a changing regulatory landscape and other capital headwinds RBS will target a Core Tier 1 ratio of c.11% on a fully loaded Basel III basis by the end of 2015, 200 basis points higher than the current position, rising to 12% or beyond by the end of 2016.

● The Group will accelerate the divestment of Citizens, the Group's US banking subsidiary. A partial initial public offering is now planned for 2014 and the Group intends to fully divest the business by the end of 2016.

● RBS's capital strength improved in Q3 2013 as the Group delivered a Core Tier 1 ratio of 11.6%. On a fully loaded Basel III basis Core Tier 1 ratio was 9.1%, up from 8.7% at 30 June 2013.

Sharpening our customer focus
● To capture the full potential of its customer businesses RBS is undertaking a comprehensive business review of its:

○ Customer-facing businesses

○ IT and operations

○ Organisational and decision-making structures


● The review will aim to improve the bank's performance and effectiveness in serving its customers, shareholders and wider stakeholders. The results of the review will be announced in February 2014 alongside the 2013 annual results. This will include detailed plans to realign the Group's cost base, with a cost:income percentage target in the mid 50s, down from 65% currently.

Highlights

Q3 2013 operating results
● Q3 2013 Core operating profit of £1,283 million was 6% higher than the prior quarter, driven by continuing reductions in impairment losses in Retail & Commercial and an improvement in Markets operating profits. Core operating profit was down 14% from Q3 2012, driven by ongoing strategic contraction of the Markets business, with income down 9% and costs down 4%. Core return on equity was 7.7%.

● Non-Core operating losses of £845 million compared with losses of £281 million in the prior quarter and £586 million in Q3 2012, reflecting exit and restructuring costs as the division saw accelerated disposals and asset run-off, and higher impairment losses.

● Group operating profit(1) was £438 million in Q3 2013, compared with £931 million in Q2 2013 and £909 million in Q3 2012. After one-off items totalling £576 million, including £99 million of regulatory provisions and an additional charge of £250 million for Payment Protection Insurance redress, a pre-tax loss of £138 million was recorded, excluding own credit adjustments.

● Own credit adjustments represented a charge of £496 million, reflecting the strengthening of Group's credit profile during the quarter. After these and a tax charge of £81 million (including a £197 million charge relating to the UK corporation tax change) and preference and other dividends of £102 million, the Group reported a loss attributable to ordinary and B shareholders of £828 million.

● Tangible net asset value at 30 September 2013 was 431 pence per share, with foreign exchange movements accounting for 12 pence of the 14 pence fall since 30 June 2013.

● RBS maintained its strong track record of running off legacy assets, with Non-Core's funded balance sheet down £8 billion to £37 billion, hitting its year-end target three months ahead of schedule. The reshaping of the Markets business also made strong progress, with funded assets down £20 billion to £248 billion and RWAs down £14 billion to £73 billion.

Serving our customers
● UK Retail made good progress in the UK mortgage market, with applications up 14% in Q3 2013 from the prior quarter to £6.4 billion and net new lending of £607 million representing the strongest quarterly performance since 2010. Mortgage balances remained strong at £99 billion.

· RBS and NatWest were first to make mortgages available to customers with smaller deposits under the second phase of the UK Government's Help To Buy mortgage guarantee scheme, with strong demand evident in the early days of the scheme's operation.

· During Q3 2013 UK Retail has simplified pricing on its savings accounts and launched Cashback Plus, which rewards current account holders for using their debit cards in selected retailers.

· The detailed recommendations of Sir Andrew Large's independent review of RBS's lending to SMEs will be addressed in the Group's comprehensive business review, due in February 2014.

· UK Business & Commercial has received a positive response to 10,000 letters sent to advise customers of its appetite to lend to them if they should wish to increase their borrowing or take out new credit. Over £3.8 billion of funding had been offered through these statements of appetite by the end of Q3 2013.

· In Q3 2013 RBS offered more than £15.0 billion of loans and facilities to UK businesses, of which £7.7 billion was to SMEs. In addition, the Group renewed £7.3 billion of UK business overdrafts, including £1.5 billion to SMEs.

· There have been continuing signs of improving credit demand, with Q3 2013 SME loan and overdraft applications up 6% from Q2 2013.

Highlights

Serving our customers (continued)
· RBS continues to support the Bank of England's Funding for Lending Scheme (FLS). Net lending within the scope of the extended FLS was £273 million in Q3 2013, despite £1,240 million of run-off in Non-Core and commercial real estate portfolios. This compares with a reduction in net lending of £2,793 million in Q2 2013.

· In Q3 2013 Markets helped UK corporates raise £2.4 billion, by acting as bookrunner for debt capital market issues, including £1.0 billion sterling bonds, meeting UK customers' needs in both domestic and international markets.


Outlook
We see signs that the UK economic recovery is gaining traction and have observed higher levels of activity and confidence among our customers. Nevertheless, we expect a continued muted performance from our core businesses in the short term, due primarily to the continued effects of low interest rates, excess liquidity, a smaller balance sheet, and lower securities gains from our liquidity portfolio. We expect Markets performance in Q4 2013 to reflect normal seasonal trends. Our strategic review will start to drive cost reductions and improve efficiencies from our core businesses during 2014 but will take two to three years to embed.

We expect margins to be stable or slightly up, our underlying cost base to be at c.£13 billion for 2013 (excluding penalties and fines). Non-Core is forecast to be below £35 billion of funded assets, well ahead of our recent guidance. Whilst timings are uncertain, conduct and litigation charges are expected to continue as we work through the remaining outstanding issues.

In light of the new strategy to deal with our high risk assets we expect a significant increase in impairments in Q4 2013 which is likely to result in the Group reporting a substantial loss for the full year. The effect on the Group's Core Tier 1 ratio is however anticipated to be minimal.

skinny - 01 Nov 2013 07:17 - 709 of 847

RBS and case for a bad bank: Government's Review

Government publishes RBS and the case for a bad bank: the Government's Review

Today the Government is publishing its review entitled RBS and the case for a bad bank: the Government's Review, announced by the Chancellor at Mansion House in June 2013. The full report is attached and is also available at :-


https://www.gov.uk/government/publications/rbs-and-the-case-for-a-bad-bank-the-governments-review

and

http://www.rns-pdf.londonstockexchange.com/rns/9592R_-2013-11-1.pdf

halifax - 01 Nov 2013 11:35 - 710 of 847

shorters laughing all the way to the bank!!

skinny - 01 Nov 2013 11:45 - 711 of 847

Just closed a short - gap looking to be filled.

Unfortunately only a small fraction of my holding.

Chart.aspx?Provider=EODIntra&Code=RBS&Si

skinny - 01 Nov 2013 12:44 - 712 of 847

Investec Sell 344.55 345.00 345.00 Reiterates

Numis Add 344.55 - 400.00 Reiterates

halifax - 05 Nov 2013 09:41 - 713 of 847

sp continues slide, are we looking at sub £3?

skinny - 14 Nov 2013 10:42 - 714 of 847

Investec Hold 326.75 345.00 335.00 Upgrades

skinny - 18 Nov 2013 08:05 - 715 of 847

RBS Structured Retail Investor Products and Equity Derivatives Business

RBS previously announced that it planned to exit its structured retail investor products and equity derivatives (IP&ED) business. RBS continues to make progress with its sale of the IP&ED business and is in discussions with a third party in connection with such sale. No agreement has been entered into and there is no certainty that an agreement will be reached. A further announcement will be made as appropriate.

This announcement is made by The Royal Bank of Scotland Group plc, The Royal Bank of Scotland plc and The Royal Bank of Scotland N.V. (formerly known as ABN AMRO Bank N.V.).

Stan - 25 Nov 2013 21:21 - 716 of 847

Anyone here still own any of these?

skinny - 26 Nov 2013 06:27 - 717 of 847

Yes, I still have some.

Time Traveller - 26 Nov 2013 08:40 - 718 of 847

And me!

skinny - 22 Jan 2014 10:04 - 719 of 847

Wishful thinking!

Liberum Capital Buy 351.00 359.00 - 445.00 Reiterates

skinny - 27 Jan 2014 16:26 - 720 of 847

Trading Update

The Royal Bank of Scotland Group plc ("RBS" or "the Group") will announce its full year results on 27 February 2014, which will reflect the following:

Provisions for litigation and conduct related matters

· The Board of RBS has decided to provide £1.9 billion covering various claims and conduct related matters affecting Group companies, primarily those related to mortgage-backed securities and securities related litigation, following recent third party litigation settlements and regulatory decisions.

· An additional £465 million provision for Payment Protection Insurance redress and related costs. Q4 2013 claims experience has continued at previous rates (c.£225 million per quarter) rather than declining as anticipated and claims are now expected to continue for a longer period. The cumulative provision is £3.1 billion, of which £2.2 billion had been utilised at 31 December 2013. The remaining provision of £0.9 billion covers approximately twelve months of redress and administrative expenses.

· A further £500 million provision for Interest Rate Hedging Products redress and administration costs. The increase in provision reflects both higher volumes and anticipated redress payments, recalibration of our methodology based on experience during Q4 2013, and additional administration charges. The cumulative provision, including expenses, was £1.25 billion at 31 December 2013.

Operating Performance

At its Q3 2013 results, RBS announced its intention to create RBS Capital Resolution, which was established on 1 January 2014. To reflect this new strategy, RBS recognised additional impairments and asset valuation adjustments in Q4 2013. In aggregate these are expected to be in the range of £4.0 to £4.5 billion as previously announced on 1 November 2013.

Non-Core asset reduction was accelerated in Q4 2013. As a result, Third Party Assets at 31 December 2013 were below previous guidance of £35 billion. The cost of this faster de-risking process will be reflected in the division's operating loss for Q4 2013.

Q4 2013 Core operating expenses include c.£200 million of additional provisions for various conduct related and legal expenses, in addition to those detailed above.

As anticipated, Markets performance in Q4 2013 reflected normal seasonal trends.

Capital

As indicated in the capital plan announced with our Q3 2013 results, RBS continues to target a fully loaded Basel III Core Tier 1 ratio of c.11% by the end of 2015 and 12% or above by the end of 2016. The impact of the provisions highlighted above was reflected in our future capital plan, outlined at the Q3 2013 results presentation.

On a reported basis, RBS expects to report a Core Tier 1 ratio of around 11% as at 31 December 2013. On a fully loaded Basel III basis, the Group's equivalent Core Tier 1 ratio is expected to be in the range of 8.1% and 8.5%.

The figures quoted in this statement are preliminary estimates and unaudited. The normal year end results processes are currently underway. The RBS Full Year 2013 Results and Strategy presentation will be held on 27 February 2014 and available to view via webcast at www.investors.rbs.com/financial_result

Time Traveller - 27 Jan 2014 16:33 - 721 of 847

Breaking News

RBS sets aside £3.1bn for new claims

RBS says it will need to set aside another £3.1bn to settle claims relating to mortgage products, PPI claims and interest rate hedging.

The bank's chief executive, Ross McEwan said: "The scale of the bad decisions during that period [the financial crisis] means that some problems are still just emerging.

RBS also said its executive committee would not receive a bonus for 2013.

Mr McEwan has already said he would not take a bonus.

halifax - 27 Jan 2014 16:45 - 722 of 847

TT what is the source of this breaking news?

skinny - 27 Jan 2014 16:52 - 723 of 847

See post 720!!

halifax - 27 Jan 2014 17:02 - 724 of 847

skin just a breaking repeat then!

skinny - 28 Jan 2014 07:26 - 725 of 847

Numis Add 338.00 374.00 374.00 Reiterates

Espirito Santo Execution Noble Neutral 338.00 365.00 365.00 Reiterates

Investec Hold 338.00 345.00 345.00 Upgrades

Morgan Stanley Equal weight 338.00 - 323.00 Retains

Citigroup Sell 338.00 290.00 290.00 Reiterates

JP Morgan Cazenove Underweight 338.00 350.00 330.00 Reiterates

Nomura Reduce 338.00 285.00 285.00 Reiterates

Credit Suisse Underperform 338.00 265.00 265.00 Reiterates

Deutsche Bank Sell 338.00 320.00 320.00 Reiterates

Stan - 28 Jan 2014 15:31 - 726 of 847

Crumbs this lot just get worst don't they?

cynic - 28 Jan 2014 16:29 - 727 of 847

interesting chart today ....

Chart.aspx?Provider=EODIntra&Code=RBS&Si
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