Annual Profit means the net income of the Company before interest expense, interest income, gain on sale of equipment, gain on investment, gain on sale of land, depreciation, amortisation, taxes on income, extraordinary items, and the expense attributable to the grant of the Award, all as determined by the Accounting Firm using generally accepted accounting principles and as reflected on the Company’s certified financial statements to the extent shown or reflected on such financial statements.
The Royal Bank of Scotland (RBS) beat analysts by posting strong operating profits for its financial year, helped by cost-cutting measures and no additional conduct charges.
The Royal Bank of Scotland, which is still state-owned after having been bailed out during the 2008 financial crisis, putting them on track to record their first profit since 2007.
The Royal Bank of Scotland said that their common equity Tier 1 ratio, an important measure of a major bank’s financial resilience, had also risen by 15.5 per cent. At the end of June, the ratio had stood at 14.8 per cent, up from 13.4 per cent.
“Our core bank continues to generate strong profits and we remain on track to hit our financial targets,” Chief Executive Officer (CEO) Ross McEwan confirmed.
The Royal Bank of Scotland also said they had agreed to enter into a non-prosecution agreement with the United States Department of Justice to settle a probe of traders accused of defrauding customers on bond prices.
Royal Bank of Scotland
The Royal Bank of Scotland is a major retail and commercial bank in Scotland. It is one of the retail banking subsidiaries of NatWest Group, together with NatWest and Ulster Bank.