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03/05/2013
RBS 'Could Be Privatised' By Next Year
The chairman of the Royal Bank of Scotland (RBS) has said the bank will be set to return to the private sector next year.
Sir Philip Hampton made the comment in a video statement on the bank's website after the institution reported a return to profit for the first three months of the year.
It stated it made a pre-tax profit of £826m after suffering significant losses last year. In the first quarter of 2012, RBS lost £1.5bn while it lost £2.2bn in the final quarter.
He also said he expected the British Government to start selling shares from the middle of 2014.
Mr Hampton said the results as "our best quarterly performance for some time now".
He added: "Our balance sheet is substantially fixed... our operating profitability has come through quite strongly.
"What we want to do is have a business that is performing well... enabling the government to start selling shares from, let's say, the middle of 2014 on - it could be earlier, that's a matter for the government - but certainly we think the recovery process will be substantially complete in about a year or so's time."
The latest figures could mean a return for shareholders after the government invested tens of billions of pounds in the bank to rescue it from collapse in 2008.
Despite the return to profit, investors reacted negatively to the results, with RBS shares falling more than 4.5% in the first ten minutes of trading on the London Stock Exchange.
(JP/CD)
Sir Philip Hampton made the comment in a video statement on the bank's website after the institution reported a return to profit for the first three months of the year.
It stated it made a pre-tax profit of £826m after suffering significant losses last year. In the first quarter of 2012, RBS lost £1.5bn while it lost £2.2bn in the final quarter.
He also said he expected the British Government to start selling shares from the middle of 2014.
Mr Hampton said the results as "our best quarterly performance for some time now".
He added: "Our balance sheet is substantially fixed... our operating profitability has come through quite strongly.
"What we want to do is have a business that is performing well... enabling the government to start selling shares from, let's say, the middle of 2014 on - it could be earlier, that's a matter for the government - but certainly we think the recovery process will be substantially complete in about a year or so's time."
The latest figures could mean a return for shareholders after the government invested tens of billions of pounds in the bank to rescue it from collapse in 2008.
Despite the return to profit, investors reacted negatively to the results, with RBS shares falling more than 4.5% in the first ten minutes of trading on the London Stock Exchange.
(JP/CD)
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