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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  The Royal Bank of Scotland Group plc    RBS   GB00B7T77214

THE ROYAL BANK OF SCOTLAND GROUP PLC

(RBS)
  Report
Delayed Quote. Delayed London Stock Exchange - 07/03 11:35:09 am
121.85 GBX   -2.52%
07/03RBS chairman calls on Bank of England to lift dividend curbs by autumn
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07/01Watchdog puts British banks on notice but no overdraft inquiry
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07/01Britain extends pandemic credit card relief
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Virgin Money profits erased by coronavirus provision

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05/06/2020 | 02:59am EDT
Signage is seen outside a branch of Virgin Money in Manchester

Virgin Money swung to a first-half loss after setting aside 232 million pounds to handle loans likely to turn sour as a result of the coronavirus crisis.

The bank, which became the UK's sixth-largest lender following a merger with CYBG, reported a pre-tax loss of 4 million pounds for the six months ended March 31, compared to a 50 million pounds profit a year earlier.

The pre-tax loss was in line with expectations, according to an average of analyst forecasts compiled by the company.

The provisions echo similar moves by Britain's biggest banks RBS, Lloyds, HSBC and Barclays, who set aside 6.7 billion pounds in provisions for likely loan losses last week. The government imposed a lockdown in late March to contain the spread of the new coronavirus, bringing the economy to a near halt and making it tougher for some businesses and consumers to pay back loans on time. Virgin Money, which is in the midst of rebranding, said it had entered the crisis from a position of strength, but warned it anticipated "limited customer demand for lending and an increase in the number of customers suffering challenges" over the next six months.The bank - which has lost more than 60% of its market value this year amid a heavy sell-off of lender stocks - reported a core capital buffer of 13.4%, above expectations of 12.8%.

(This story corrects provision to 232 million pounds from 237 million pounds)

(Reporting by Iain Withers, Additional reporting by Muvija M; Editing by Sinead Cruise)

Stocks mentioned in the article
ChangeLast1st jan.
AMP LIMITED -2.41% 1.825 End-of-day quote.-4.70%
BARCLAYS PLC -1.85% 115.72 Delayed Quote.-35.58%
HSBC HOLDINGS PLC -1.44% 383.5 Delayed Quote.-35.21%
LLOYDS BANKING GROUP PLC -2.59% 31.025 Delayed Quote.-50.36%
THE NEW HOME COMPANY INC. 0.63% 3.2 Delayed Quote.-31.33%
THE ROYAL BANK OF SCOTLAND GROUP PLC -2.52% 121.85 Delayed Quote.-49.29%
VIRGIN MONEY UK PLC -5.83% 93 Delayed Quote.-50.68%
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Latest news on THE ROYAL BANK OF SCOTLAND
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Financials
Sales 2020 10 958 M 13 678 M 13 678 M
Net income 2020 -525 M -655 M -655 M
Net Debt 2020 - - -
P/E ratio 2020 -26,0x
Yield 2020 3,84%
Capitalization 14 754 M 18 394 M 18 416 M
EV / Sales 2019
Capi. / Sales 2020 1,35x
Nbr of Employees 63 200
Free-Float 38,0%
Chart THE ROYAL BANK OF SCOTLAND GROUP PLC
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Technical analysis trends THE ROYAL BANK OF SCOTLAND
Short TermMid-TermLong Term
TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 157,06 GBX
Last Close Price 121,85 GBX
Spread / Highest target 231%
Spread / Average Target 28,9%
Spread / Lowest Target -31,7%
EPS Revisions
Managers
NameTitle
Alison Marie Rose-Slade Chief Executive Officer & Director
Howard John Davies Chairman
Katie Murray Chief Financial Officer & Executive Director
Sheila Valerie Noakes Independent Non-Executive Director
Robert Andrew Joseph Gillespie Independent Non-Executive Director
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