They said it would never happen. Said they couldn’t do it. Said there wasn’t even a point in trying. Laughed at the prospect. Scoffed at the mere thought. Jeered at them in the City. Snickered about their pipe dreams in the pub. Shouted, “Come on now, mate, just give up already.”
They were wrong.
Part-nationalised Royal Bank of Scotland trebled its profit in the first quarter, benefiting from improved cost control and a reduction in impairment costs. The bank, which is 81 percent-owned by the government, reported an attributable profit of 1.2 billion pounds, only the sixth time it has reported a quarterly profit since its 45 billion pound ($76 billion) government rescue during the 2008 financial crisis.
Operating profit was 1.5 billion pounds, up from 747 million the year before. Pretax profit was 1.6 billion pounds, compared with 826 million in the same period the previous year. Analysts had forecast an attributable profit of 200 million pounds, an operating profit of 800 million pounds and a pretax profit of 300 million pounds, according to a poll of 8 analysts provided by the bank.
Six out of a possible 24 times may not mean a lot to you, but to some people, it means the world.