The private banking business of RBS has registered an operating profit of £28m for the first quarter of 2015, down 62.66% compared to £75m a year ago.
For the quarter ended 31 March 2015, the unit’s adjusted operating profit was £29m from £75m in the corresponding quarter of 2014.
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Net interest income declined 24.7% to £128m from £170 in the prior year. Non-interest income stood at £86m, a fall of 16.5% as against £103m in non-interest income recorded a year ago.
The unit’s operating expenses for the first quarter dropped 6.03% to £187m versus £199m in the same period the previous year.
Assets under management were £29.2bn, a marginal rise of 2.45% from £28.5bn a year earlier.
Overall, RBS has registered an attributable loss of £446m for the first quarter of 2015, which included £453m in restructuring costs and £856m in litigation and conduct charges.
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By GlobalDataExcluding restructuring, litigation and conduct costs, operating profit stood at £1.63bn, a 16% rise from the same period a year ago.
