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November 2, 2012updated 04 Apr 2017 3:32pm

RBS Wealth’s operating profit jumps 44%

Strong growth in income at RBS’s wealth division drove a 44% leap in operating profit year-on-year to £65m ($104m) in the third quarter of 2012, up from £45m in 2011.

By Lizabeth Davis

Strong growth in income at RBS’s wealth division drove a 44% leap in operating profit year-on-year to £65m ($104m) in the third quarter of 2012, up from £45m in 2011.The UK-based bank also reported that expenses decreased by 1% to £219m in the third quarter from £221m year-on-year.RBS said the year-on-year drop was due to favourable exchange rate movements helped by continued close management of discretionary costs.Assets under management, excluding customer deposits, dropped £1.1bn to £29.5bn on a quarterly basis and were down 4% year-lizaIn the past three months, the bank reported that £1.5bn of net outflows of low margin custody assets in international markets only partially offset by favourable market movements of £0.4 billion.

 

Staff development programmes commence, while staff numbers drop

RBS said that it has started internal training programmes to develop front-line staff in the wealth business and will continue to make this a main focus.The UK bank also said that there was a decline in the number of staff in the wealth division which dropped to 5,400 as at 30 September 2012 from 5,700 in December 2011.However, two new appointments were made to the board of Coutts & Co in Zurich. The board members will work closely with senior management to help with the development of the business and enhancements to the client franchise and product offering. This is in line with Coutts’ plan to increase growth in the region.

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