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Royal Bank Of Scotland H1 Profit Rises; Announces Special Dividend

The Royal Bank of Scotland Group plc (RBS,RBS.L) reported that its first-half operating profit before tax increased to 2.7 billion pounds from 1.8 billion pounds, previous year. Profit attributable to ordinary shareholders increased to 2.0 billion pounds from 888 million pounds. Earnings per share was 16.8 pence compared to 7.4 pence.

Return on tangible equity was 12.1% for the first half of 2019. Excluding items associated with the Alawwal bank merger, first-half return on tangible equity was 7.5%. The Group said it is very unlikely that it will achieve target return on tangible equity of more than 12% in 2020.

First-half net interest income declined to 4.0 billion pounds from 4.3 billion pounds, prior year. Total income increased 6.2% to 7.1 billion pounds from 6.7 billion pounds, previous year. Excluding NatWest Markets, Central items and notable items, total income decreased by 1.7% reflecting continuing margin pressure.

RBS announced an interim dividend for 2019 of 2 pence per ordinary share. Also, the company announced a special dividend of 12 pence per ordinary share. The interim and special dividends will be paid on 20 September 2019 to shareholders on the register at close of business on 16 August 2019.

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