RBS share price rallies as group announces first dividend since financial crisis

06 August, 2018, 03:47 | Author: Mary Valdez
  • Scottish Labour’s economy spokesperson Jackie Baillie

Recently, In analysts note revealed to investors on Friday, 3 August, Royal Bank of Scotland Group The PLC (LON:RBS) shares have had their Hold Rating maintained by professional analysts at Shore Capital, who now has a GBX 285.00 PT on company.

RBS plans to pay an interim dividend of two pence per share, though the timing of the payout is subject to the finalisation of its United States settlement.

RBS said the interim dividend is subject to the timing of the finalisation of its settlement with the DoJ and will make another at the "relevant time". Deutsche Bank upgraded the shares of RBS in report on Monday, March 26 to "Buy" rating.

The interim dividend payment would return 150 million pounds to government coffers, according to a Reuters calculation.

Announcing the bank's half-year results, RBS CEO Ross McEwan said the bank was now looking to return further excess capital to shareholders, including via special dividends or share buy backs, from 2019.

"The dividend hike for the time being means the income is still very modest and we therefore feel that it is a share for investors seeking capital growth and a longer term recovery in the share price for those willing to accept a medium level of risk". RBS's performance has improved significantly since a year ago.

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"RBS now has capital coming out of its ears", said Ian Gordon, banking analyst at Investec.

The bank's shares rose more than 3 percent to 2.58 pounds in early trading on the London Stock Exchange. He struck a cautious tone on Brexit, saying that there was still uncertainty around the arrangements between Britain and the European Union and that the economy was running at its slowest rate in years.

Such a deal would have allowed British lenders to continue selling their services in Europe without making major changes.

The high street bank, which is still around 62 per cent owned by the taxpayer, reported £888 million in attributable bottom-line profits for the half year to 30 June, down from £939m a year earlier.

That reputational risk is among several problems that could cloud RBS's otherwise bright outlook. However, in the second quarter of the year its net interest margin decreased by 3 basis points to 2.01%.

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