The private banking arm of RBS has posted an operating profit of £62m for the first quarter of 2018, an increase of 88% compared to £33m a year ago.
The unit’s total income stood at £184m, an increase of 15% from £160m last year. Operating expenses at the private banking unit dropped 2% year-on-year to £121m.
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Overall, the banking group posted attributable profit of £792m for the first quarter of 2018, versus £259m in the corresponding quarter of 2017. The surge in profit was driven by a reduction in restructuring and litigation costs.
The group’s net interest margin was 2.04% at the end of March 2018, as against 2.24% a year ago.
RBS CEO Ross McEwan said: “In the first three months of 2018, we made a pre-tax profit of £1.2 billion. This contributed to a bottom line profit in the period of £792 million, exceeding the full year 2017 profit we reported back in February.
“This is a good set of results showing the progress we are making, despite a more competitive market. Income is up, costs are down and we’ve maintained capital strength.”
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By GlobalDataThe bank, majority owned by the UK government, posted its first profit after 10 years in February this year.
