ROYAL BANK OF SCOTLAND (RBS).

Investors Chronicle, April, 2003

Royal Bank of Scotland (RBS) may have lost its crown as the Citys favourite bank - the reassuringly dull Northern Rock and the fast-growing HBOS are now more favoured by analysts - but its still managing to churn out impressive numbers. At its full-year results in March, the UKs largest bank reported organic income growth of 12 per cent and stable net interest margins of 3.1 per cent.

Despite this strong performance, investors still fret that RBS may be the next Lloyds TSB - a former City favourite that has struggled to grow after exhausting synergy benefits from the merger that created the bank in 1995. That seems harsh given the strong organic growth being generated at RBSs retail insurance business, Direct Line, and its US retail bank, Citizens. These two...

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