Royal Bank Of Scotland; Announced Friday Plans To Pay Shareholders A Special Dividend Of 7.5p

Edison Group • Feb 15, 2019 at 7:13 AM EST

The bank said costs had been reduced by £278m, thanks to an increase in digitization

The bank said costs had been reduced by £278m, thanks to an increase in digitization

Royal Bank of Scotland announced Friday plans to pay shareholders a special dividend of 7.5p per share. At the same time, the lender reported a 50% increase in pretax operating profit for the full year to £3.4bn and a final ordinary dividend of 3.5p a share.

The bank said costs had been reduced by £278m, thanks to an increase in digitization, putting it in a strong capital position, with the common equity tier one ratio increasing 30 basis points in 2018 to 16.2%.

CEO Ross McEwan said while 2018 was a year of strong progress for RBS, a “significant gap” remains to achieve their ambition to be the best bank to customers. He also cited “heightened level of uncertainty” from Brexit.

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