The private banking arm of RBS has posted an operating profit of £81m for the third quarter (Q3) of 2019, a fall of 4% from £84m in the corresponding quarter of 2018.
The private banking segment is part of the bank’s Commercial & Private Banking unit that includes Coutts and Adam & Company.
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The unit’s total income for the three-month period ended 30 September 2019 stood at £198m, compared to £195m a year ago.
Operating expenses at the division increased 8% to £119m from £110m.
Group performance hit by PPI scandal
At a group level, RBS registered an attributable net loss of £315m in Q3 2019, as against a profit of £448m in the previous year.
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By GlobalDataThe performance was driven by a £900m charge associated with payment protection insurance (PPI) mis-selling scandal.
Total income at the banking group plunged 20% to £2.9bn from £3.64bn, while operating expenses increased 10% to £2.7bn on a year-on-year basis.
RBS CFO Katie Murray said: “These results demonstrate our solid underlying performance in a tough operating environment. The core retail and commercial bank continues to perform well, and we are making good progress against our targets for the year.
“We have seen strong growth across the business and our sustained high levels of capital and liquidity mean we are well positioned to support our customers in these uncertain times.”
