The private banking business of RBS has registered an operating profit of £15m for the third quarter of 2015, down 77% compared to £64m a year ago.
For the quarter ended 30 September 2015, the unit’s adjusted operating profit declined to £16m from £71m in the third quarter of 2014.
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The private banking unit’s third quarter total income was £204, down 24% from £270m a year earlier. Net interest income declined to £123m from £172m in the third quarter of 2014.
During the quarter, operating expenses of the unit decreased 12% to £185m from £210m in the year ago period. The Cost: income ratio was 91% compared with 78% in the prior year quarter.
The division’s assets under management were down £1.5bn from the second quarter of 2015 and £3.3bn from the third quarter of 2014.
The bank said Coutts remains an area of management focus and the unit’s return on equity was 2%.
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By GlobalDataOverall, the RBS group posted an attributable profit of £952m for the third quarter of 2015, a rise of 6% compared to £896m a year ago.
The bank added that the sale of its international private banking business continues to make good progress, with the sale of the European, the Middle East and Africa business, including Switzerland, which is slated to close in the fourth quarter of 2015 and the sale of the business in the Far East set to complete in 2016.
