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Feb 15 2019, 08:35 GMT
RBS
Q4 2018 results: beat on impairments; dividend strength but cautious outlook
DAVY VIEW
Q4 earnings were ahead of expectations, largely driven by lower impairment losses in the period. A 97% pay-out ratio will capture most of the focus and suggests upside to future capital return expectations. Against this, the acknowledged risks to the 2020 cost-income targets would suggest reductions to consensus earnings estimates on lower income expectations.
