RBS H1 results show its private banking segment posted an operating profit of £156m for the first half of 2018, a surge of 90% compared to £82m in the previous year.
The business’ total income stood at £382m for the half year ended 30 June 2018, a 19% increase from £321m a year ago. Operating expenses at the private banking segment dipped 3% year-on-year to £225m.
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The private banking segment is part of the group’s Commercial & Private Banking unit, which posted a 44% increase in operating profit during the period.
Overall, the banking group posted attributable profit of £888m for the first half of 2018, down 5% from £939m in the previous year.
RBS H1 results
RBS CEO Ross McEwan said: “We are pleased with the progress we’ve made in the first half of 2018 and see these as a good set of results in a more uncertain and highly competitive environment.
“For the first half, the bank delivered a profit before tax of £1.8 billion and a bottom line profit of £888 million – these figures include a £1 billion charge related to the settlement in principle with the US Department of Justice (DoJ), which we announced in May.”
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By GlobalDataMeanwhile, the bank also announced plans to pay an interim dividend of 2 pence per share.
The decision, which is subject to completion of a $4.9bn settlement with the US Department of Justice (DOJ), will represent the bank’s first dividend since its bailout a decade ago.
The bank agreed to the settlement in May this year, for alleged sale of toxic mortgages in the run-up to the global financial meltdown.
