RBS earnings hit by insurance provision
LONDON Part-nationalized Royal Bank of Scotland posted a third-quarter loss as it boosted its provision for compensating customers who bought payment protection insurance and took a hefty charge related to its debt. The company, 82 percent owned by British taxpayers, set aside another 400 million pounds ($644 million) Friday to compensate customers who were mis-sold insurance, raising the total provision to 1. 7 billion pounds. An accounting charge of 1. 5 billion pounds on the value of the bank's own debt knocked the bottom line too, while a year ago the result was flattered by an even larger gain on the value of own debt. The charge is an estimate of the gain or loss the bank would realize if it bought back its debt. As a result, RBS reported a loss of 1. 4 billion pounds ($2. 2 billion) for the July-September quarter, compared to a profit of 1.
Keywords:
bank debt Direct Line payment protection insurance Lloyds Banking Group Stephen Hester Hargreaves Lansdown British taxpayers operating profit restructuring plan interest rate swaps British banks European Commission scandal customers accounting london banking hefty doubting pence Investec Barclays dispose borrowers bottom line soundness equities flattered buyer bailout crisis month Hunter Scotland performance sale safetyPeople:
Stephen Hester
Overall Sentiment: 0.0617338
Relevance: 0.865466
| Sentiment | Quote |
|---|---|
| 0.124576 | "Underlying performance has already improved enough to be generally comparable to peers," said Chief Executive Stephen Hester. |
| 0.0849342 | Hester said the bank is in the later stages of a five-year restructuring plan but that there is more to do, "including an emphasis on dealing with reputational issues now that the Bank's safety and soundness has advanced so well." |
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Ian Gordon
Overall Sentiment: -0.089042
Relevance: 0.650682
Disambiguation: References:
Santander
Overall Sentiment: 0.0677145
Relevance: 0.51422
Richard Hunter
Overall Sentiment: 0.0605927
Relevance: 0.512229
| Sentiment | Quote |
|---|---|
| -0.0981897 | "There is no doubting the immensity of the task RBS has faced in executing its turnaround plan, nor indeed the progress made so far," said Richard Hunter, ... |
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Additional Info:
Company: RBS
Overall Sentiment: 0.100057
Relevance: 0.951401
Company: Royal Bank of Scotland
Overall Sentiment: -0.0229438
Relevance: 0.798146
Company: Hargreaves Lansdown
Overall Sentiment: 0.0210894
Relevance: 0.602045
Company: Lloyds Banking Group
Overall Sentiment: 0
Relevance: 0.585897
Company: Barclays
Overall Sentiment: 0.568382
Relevance: 0.543329
Disambiguation: References:
Organization: EU
Overall Sentiment: 0.0456624
Relevance: 0.508631
Organization: European Commission
Overall Sentiment: 0.175601
Relevance: 0.491102
City: London
Overall Sentiment: 0.0247712
Relevance: 0.778145
Country: Britain
Overall Sentiment: 0.0215856
Relevance: 0.511465
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Source : RBS earnings hit by insurance provision
RBS earnings hit by insurance provision
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Company, 82 percent owned by British taxpayers, reported a loss of $2.2 billion for the July-September quarter
Source : RBS earnings hit by insurance provision
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