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...
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