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RBS looks for buyback after strong results.
(From Lloyds List)
ROYAL BANK of Scotland, which has substantial ship finance and insurance interests, has accompanied strong full-year results with an increase in dividend and plans for a GBP1bn ($1.7bn) share buy-back, writes Tony Gray.
Europe's third largest bank said pre-tax profits jumped 21% to GBP7.94bn from GBP6.54bn in 2004.
Group operating profit increased 16% to GBP8.25bn from GBP7.1bn, while adjusted earnings per share rose 8% to 175.9p.
Chief executive Sir Fred Goodwin said the acquisitive UK bank would repurchase up to GBP1bn of its shares during the next 12 months.
The Royal Bank is also return excess capital to shareholders by lifting the annual dividend 25% to 72.5p, which represents 41% of earnings per share.
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