Business Services Industry
Royal Bank of Scotland Announces Record Profit of UKpound 7.1 Billion.
Knight Ridder/Tribune Business News, February, 2004
By Claire Oldfield, Daily Mail, London Knight Ridder/Tribune Business News
Feb. 20--Royal Bank of Scotland -- the UK's second-biggest bank -- has just delivered the largest ever profit in its sector. It made eight acquisitions last year, but boss Fred Goodwin is still ambitious to grow.
Full-year pretax profits before goodwill and integration costs were a staggering UKpound 7.1 billion. Goodwin would like UK acquisitions although most banks are off limits on competition grounds. But the cheaper dollar boosts opportunities in the US, where RBS bought People's Bank this month.
Goodwin ruled out spending money rashly. "If acquisitions are not available, we won't make them," he said. "We won't play to the gallery. We will return cash to...
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