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CEO says results 'solid'

RBS reports lower Q1 profits amid digital investment

RBS hqRoyal Bank of Scotland has reported a fall in first quarter attributable profit to £707 million from £808m in the corresponding period last year. However, the figure is higher than expectations.

Operating profit before tax was also down, to £1.013 billion against £1.213bn last time. The bank’s capital position remains strong, said the bank.

Chief Executive, Ross McEwan, who yesterday announced he would be leaving his post after five and a half years, said: “This is a solid set of results set against a highly uncertain and competitive backdrop. We continue to support our customers through this Brexit uncertainty while investing and innovating in digital services to meet rapidly changing customer needs.”

The bank said it remains on track to take £300m of costs out of the business this year, achieving a £45m  reduction in the quarter.

It now has 6.6 million regular personal and business users of its mobile app. In UK personal banking, 73% of active current account customers are regular digital users and total digital sales increased by 17%, representing 47% of all sales in Q1 2019. In commercial banking, the bank has more than 2,500 users of the Bankline Mobile app, up 19% compared with Q4 2018.

The RBS International mobile app now has 69,000 users, an increase of 24% year on year, and 90% of wholesale customer payments are now processed using the newly introduced international banking platform.

See also:

McEwan resigns: who will take over? 

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