Nataly Kambur
Forex news, pound rate. The income of British second largest bank, namely, Royal Bank of Scotland Group PLC (RBS), has dropped to ₤5.92 bln., from ₤7.14 bln., in other words, by 17%. Basic operating income has dropped by 36% (to ₤1.06 bln., from ₤1.67 bln.), and operating costs have dropped to ₤3.33 bln., in other words, by 7.5%.
The net loss of RBS during the 4th quarter of 2011 amounts to ₤1.9 bln., and for the whole year – to ₤2 bln. Last year’s loss amounted to ₤1.1 bln.
The size of the loss has been mostly influenced by “the Greek problem”, as due to debt relief, according to the agreement signed by the European Union, the financial group lost ₤1.1 bln. The means assigned to cover the losses that resulted from credits to private citizens amounted to ₤950 mln. Common equity amounted to 10.6% as of 31.12.2011. It is worth mentioning that one year ago it was 10.7%.
The government of the United Kingdom has no other way out except for keeping the financial group afloat by having assigned ₤45.5 bln. to it. This can be called the largest investment in order to prevent bankruptcy.
Since 2007 the bank’s assets have been reduced by over ₤600 bln., and currently amount to ₤1.6 bln. The number of jobs has also been reduced by not less than 35 thousand.
Meanwhile, the rate of British pound is rising. Experts of Мasterforex-V Trading System notice the formation of bullish wave А(С)/С, whose closest resistance will be provided by the maximum of 1.5928 and Fibonacci point 1.5988. The current bullish wave will be over when sloping channel MF and pivot MF 1.5789 are passed.
Nataly Kambur
