Lower Strategic Costs Boost 2018 Results for RBS; FVE Unchanged
Royal Bank of Scotland reported full-year 2018 operating profit of GBP 3.4 billion, up 50% from last year. We maintain our fair value estimate of $7.40/GBX 290 per share and no-moat rating despite this seemingly outstanding performance. Having a closer look at results, the lion’s share of operating profit improvements came from lower strategic costs booked, which are guided to increase next year again. Net interest income declined to GBP 8.7 billion from GBP 9 billion last year as the spread mar...Royal Bank of Scotland Group is a banking and financial services company. Co.'s activities are organized in franchise basis; Personal and Business Banking (PBB) comprising UK PBB and Ulster Bank RoI segment, which serve individuals and small businesses in the U.K. and the Republic of Ireland; Commercial & Private Banking comprising, Commercial Banking and Private Banking segment, which serve commercial, corporate and private banking in the U.K. and Western Europe; RBS International, which serves retail, commercial and financial institution in Jersey, Luxembourg and London; and NatWest Markets, which provides risk management and financing solutions through its trading and sales operations.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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