February 23, 2018 / 7:08 AM / 3 months ago

Royal Bank of Scotland posts first profit in a decade

LONDON, Feb 23 (Reuters) - Britain’s Royal Bank of Scotland on Friday reported a full-year profit of 752 million pounds ($1.05 billion) - its first since 2007 after an anticipated multi-billion dollar settlement with the U.S. Department of Justice failed to appear.

The result were better than the 592 million pound loss anticipated by analysts, but an average of their forecasts was itself skewed by different predictions of what would happen with the DOJ fine relating to RBS’s mis-selling of toxic mortgage backed securities.

RBS had expected to settle the case this year, putting the bank on track to return to profit in 2018 without this being overshadowed by its last large outstanding charge for crisis-era misconduct. ($1 = 0.7173 pounds) (Reporting by Emma Rumney, Editing by Lawrence White)

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