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Profits fall as RBS warns of Brexit uncertainty impact

Royal Bank of Scotland has cautioned that uncertainty related to Brexit could delay lending decisions as it reported a fall in profits in the first quarter of 2019.

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The bank, which remains 62 percent publicly owned, made £707m profit in Q1 2019, compared to £808m in the same period the year before. It comes just a day after chief executive Ross McEwan announced his resignation. He will remain in the role until a successor has been appointed.

 

Brexit uncertainty could delay business borrowing decisions and "is likely to make income growth more challenging in the near term".

 

UK Personal Banking gross new mortgage lending was £7.6bn in the quarter, with net loans to customers totalling £150.6bn.

 

Impairment losses over the quarter were £86m, the bank said. It reported it has made impairment provisions of £3.1bn, down from £4.2bn at the same point in 2018.

 

"This is a solid set of results set against a highly uncertain and competitive backdrop," said McEwan.

 

"We continue to support our customers through this Brexit uncertainty while investing and innovating in digital services to meet rapidly changing customer needs."

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