CEO hails good performance
Royal Bank of Scotland reports 10% rise in third quarter profits
Ross McEwan: good performance (pic: Terry Murden)
Royal Bank of Scotland has reported a profit before tax of £961m for the third quarter up 10% from £871m in the same period last year.
It was hit by an additional £100m impairment charge to account for economic uncertainty surrounding the Brexit negotiations. Impairments rose to £240m from £143m in the same quarter last year
The bank reported an attributable profit of £448m, which came in below the £507m expected by analysts, but higher than the £392m earned over the same period in 2017.
For the year to date, profit before tax is £2.8 billion.
The bank’s capital, known as the common equity tier one capital ratio, stands at 16.7%, comfortably above its target of 13%. This is also after it paid its first dividend in a decade and a £1 billion fine to U.S. authorities earlier this year.
Ross McEwan, Chief Executive of RBS said: “This is a good performance, set against a highly competitive market and an uncertain economic outlook.
“We are growing lending in our target markets and are in a strong position to support the economy. We’re aware there is much more work to do and are fully focused on improving for our customers.”