0 £0.00
This item was added to your basket

Dear visitor,
You are viewing 1 of your 1 free articles


We’ve made wider, important changes to our print and online content to enhance the value of exclusive, insightful, discerning content we create every day. Support valuable editorial content by becoming a member of our Credit Club - register for free or choose a paid plan.

Register now or Login

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.

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."

Share on LinkedInShare on TwittereCard
Add New Comment
LoginRegister

LATEST INDUSTRY NEWS STRAIGHT TO YOUR INBOX

READ NEXT

CIVEA warns of bogus bailiffs

CIVEA warns of bogus bailiffs

FOS: Complaints about short-term loans more than double

FOS: Complaints about short-term loans more than double

Phone and internet customers to receive end-of-contract letters

Phone and internet customers to receive end-of-contract letters

Upcoming events

Car Finance Conference

Car Finance Awards

Collections & Vulnerability Summit

Credit Strategy
LinkedIn page

Did you find our website useful?

Thank you for your input

Thank you for your feedback

creditstrategy.co.uk – an online news and information service for the UK’s commercial and consumer credit industry. creditstrategy.co.uk is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Credit Strategy is committed to diversity in the workplace.
@ Copyright Shard Media Group