The private banking arm of RBS has delivered £2 billion in assets over the first three quarters of this year, writes Patrick Brusnahan.
A 2% lower expense was achieved through lower staffing levels and a ‘continued focus on discretionary costs.’ However, compared to the previous year, the operating profit in the Wealth division hit a fall of 5% and net interest income also declined, by 9%, primarily due to lower deposit spreads.
The results showed a £3 million decrease in profit compared to the same time last year. Their AuM numbers received better results as they increased by 3%, largely due to international business creating a £1 billion inflow.
The group’s statement claimed that ‘market volatility’ was the cause to the decrease in income.
The parent group, RBS, suffered a pre-tax loss of £634 million in the quarter. Coutts declined to comment.