The private banking business of RBS has posted an operating profit of £143m for the year ended December 2017, a 29% surge compared to a profit of £111m a year ago.
The division’s adjusted operating profit was £227m, a jump of 52% compared to £149m a year earlier.
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The unit’s total income stood at £678m, up 3% from £657m last year. Operating expenses at the private banking unit dropped 3% year-on-year to £529m.
Overall, the banking group posted attributable profit of £752m for the year ended December 2017 as against a loss of £6.95bn in 2016, which is its first profit in a decade.
The group’s net interest margin was 2.13% at the end of 2017, down five basis points from 2.18% a year ago.
RBS CEO Ross McEwan said: “I’m pleased to announce an operating profit before tax of £2.2bn for 2017 and our first full year attributable profit in ten years, of £752m.This is a symbolic moment for this bank and a clear indication of the progress we continue to make in putting the past behind us, while at the same time investing to build a bank which delivers for both customers and shareholders.
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By GlobalData“Our progress over the last few years has given us a stronger platform to compete in a rapidly changing market. And with many of our legacy issues behind us, the investment case for this bank is much clearer and the prospect of returning any excess capital to shareholders is getting closer.”
