RBS shareholders, including government, to receive windfall

Business

LONDON (AP) — Royal Bank of Scotland says shareholders will receive a windfall after asset sales swelled second-quarter earnings.

The taxpayer-owned bank announced a special dividend of 12 pence a share alongside an ordinary interim payment of 2 pence a share. The government will receive about 1 billion pounds ($1.2 billion) from the 1.7 billion-pound dividend because of its stake in RBS.

Net income jumped to 1.33 billion pounds in the second quarter from 96 million pounds in the same period last year, as RBS received more than 1 billion pounds from asset sales.

CEO Ross McEwan says that despite uncertainty in the wider economy, “we are focused on the areas we can control; costs are down, capital and liquidity are strong, and we continue to grow lending to the real economy.”

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