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In February, the bailed-out bank revealed a pre-tax loss of £8.2 billion in 2013 – a 57% increase from the loss posted in 2012. RBS is currently trading at 306, down 13% since it announced its massive full-year loss in February, which was the largest loss posted by the bank since it was bailed out in 2008.
RBS is higher today after Lloyds revealed a 22% rise in first-quarter profit this morning. As Lloyds received less state support during the credit crisis, some traders view Lloyds as an indication of how RBS will be behave in the next few years.
We are just over one year away from the next UK general election; provided the bank can withstand it, Westminster may look to unwind its stake in the lender before voters go to the polling booths next May.
The share price is well below the 200-day moving average of 336, but the stock found support around the 300 level. We have yet to fill the gap down from 354 to 339 in February; if the results tomorrow are positive, we could be on a path to fill it in the short term.