Today's Movers, RBS and IAG garner mixed response
00:00, 02 August 2013
· By Sales Trading
Royal Bank of Scotland shares are getting sold off today after reporting a pre-tax profit of £1.3bn from a loss of £1.6bn last year following a restructuring. “The results of our successful restructuring continue to show benefits - capital strength and liquidity up, balance sheet, Non-Core assets and Non-Core/Irish losses all down, again,” said Hester, who announced his departure in June.
The bank also officially announced that Ross McEwan will take over as Chief Executive Officer (CEO) from Stephen Hester.
International Consolidated Airlines made a second quarter operating profit of €245m but costs of restructuring of the group's other main operating business, Iberia, have held back headline performance for the six months to June 30th. This profit was insufficient to offset the €297m loss in the first quarter. British Airways lifted operating profit from €94m to €247m, thanks to a strong London market and transatlantic traffic, while Iberia continued to act as a deadweight on the company's earnings potential.