RBS reveals bumper £1.7billion dividend windfall for shareholders

Royal Bank of Scotland has unveiled a bumper £1.7 billion dividend payout, delivering a welcome boost for shareholders including the British taxpayer.

The partially state-owned bank announced a special dividend of 12p per share alongside an ordinary interim payment of 2p per share this morning.

Approximately £1billion of the £1.7billion total will go into the Government coffers thanks to the stake in the bank taken as part of its financial crisis bailout.

The hefty payout has been facilitated by the bank’s highest half-year profits in more than a decade, with a 130 per cent jump to £2billion.

Meanwhile, operating pre-tax profits outstripped forecasts, rising 48 per cent to £2.7billion.

Shares in the bank have fallen 5.6 per cent to 204.8p following the update though.

The figures were boosted by the sale of its stake in Saudi bank Alawwal, which completed its merger with Saudi British Bank in June.

Attributable profit for the second quarter was up 35 per cent to £1.3billion. Costs were down by £173million, with a target in place for £300million savings by the end of the year.

Net lending was up 2.5 per cent, while the bank recorded £14.3billion in gross new mortgage lending.

No new provisions have been made for further PPI claims ahead of this month’s deadline.

Chief executive Ross McEwan said: ‘Given the uncertain and competitive environment, 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.’

No announcements were made regarding the hunt for McEwan’s successor, who is leaving to become boss of National Australia Bank.

Russ Mould, investment director at AJ Bell commented:  ‘Despite all the excitement about Royal Bank of Scotland paying £1.7 billion in dividends to shareholders – including the Treasury which will get about £1 billion given it still holds a major stake in the company – the real story is that the bank is highly unlikely to meet its financial targets.

‘If you exclude the sale of a stake in Saudi Arabia’s Alawwal Bank then its return on tangible equity in the first half of the year was only 7.5 per cent. That’s some way short of the 12 per cent target for 2020.

‘Elements of the story are unchanged, namely that RBS is still suffering from margin pressure thanks to a price war in the mortgage market,’ he continued.

‘With the increasing prospect of a Brexit no-deal on the horizon, Royal Bank of Scotland looks to be in a difficult situation.’

‘And for investors holding the shares as a source of income, they will need to consider the risk of a volatile share price and the potential for capital losses. The market is certainly spooked by today’s announcement given how the shares have fallen.’

5 places to visit in London at night

London is a wonderful city. Almost everyone falls in love with this city. Day or night, it just gets better at every step.

When the sun goes down, the city lights up and many of London’s most famous landmarks are showcased across the city skyline. There are places where you can have long walks and meet new people and see new places and as we all think that night time is much more peaceful.

While visiting London you would need a place to stay basically a hotel to stay with your family or with your spouse. The hotels near Paddington station are great for the desired any businessman or travel would want.

The Park Grand London Paddington Hotel is a great property which is easily accessible by public transport. It has access to transport links like Kensington Gardens and Heathrow airport via the Heathrow Express. Park Grand London Paddington Hotel is ideal for both business professionals and tourists.

Make sure to explore the city after the sun has gone down. Visit some of the places below for sure and don’t forget to bring your camera!

CHINATOWN

Well, who doesn’t like the products sold at a place like this?The enclave currently occupies the area in and around Gerrard Street. It contains a lot of different happening places like Chinese restaurants, bakeries, supermarkets, souvenir shops, and other Chinese-run businesses.

The first Chinatown was located in Lime House in the East End. There is a stone lion on Gerrard Street.

LEADENHALL MARKET

Leaden hall Market is a covered market in London, located on Grace Street Church but with vehicular access also available via Whittington Avenue to the north and Lime Street to the south and east.

This is a must-visit as it is one of the oldest markets of London. It dates back from the 14th century. You can find this market in the historic center and financial district of London.

It is open on weekdays from 10 am until 6 pm. You can basically find fresh food with cheesemongers, butchers, and florists. It was basically a meat, gameand poultry market. Now, you can finda number of commercial retailers in the market. Itincludes clothes shops as well.

LONDON EYE

The London Eye is a cantilevered observation wheel on the South Bank of the River Thames in London. It is a famous tourist attraction and is considered Europe’s tallest observation wheel. It has over 3.75 million visitors yearly. It is a wonderful place to visit at night as the city is lit up and it is quite a view from there.

The structure of the eye is 135 meters tall and the wheel has a diameter of 120 meters. The London Eye used to offer the highest public viewing point in London until it was superseded by the 245-meter (804 ft) highobservation deck on the 72nd floor of The Shard. This opened to the public on 1 February 2013.

SKY GARDEN

The famous sky garden is London’s highest public garden. The Sky Garden is located at20 Fenchurch Street. It is a different public space that runs across three storey’s and offers 360-degree majestic views across the City of London. Visitors are allowed to wander around the beautifully landscaped gardens, observation decks and an open-air terrace which is basically London’s highest public garden.

It is basically designed to offer an open and vibrant place of leisure. It gives visitors a rare chance to experience London from a different viewpoint. Entry to the Sky Garden is completely free.

ROYAL OPERA HOUSE

The Royal Opera House (ROH) is an opera house and a prime performing arts venue in Covent Garden, central London. The large building is often referred to as the “Covent Garden”, after a previous use of the site of the opera house original construction in 1732.

It contains the Royal Opera, The Royal Ballet, and the Orchestra of the Royal Opera House. It was called the Theatre Royal previously.

Conclusion

So, to all the travellers who are planning to visit London can go and check out the above places and create some new experiences and memories with your families or spouse.