Operating Profit Rises At RBS Wealth Arm
Tom Burroughes
26 April 2019
Coutts and Adam & Co - the private banking arms of UK-listed - today reported a 29 per cent year-on-year rise in operating profit at £80 million, driven by higher income and lower costs and impairments.
Return on Equity increased to 17.1 per cent, lifted by higher volumes and margins, net impairment release and efficient capital management.
Income rose by £9 million ($11.6 million) over the reporting period, or 5 per cejnt, as deposit income and lending balances increased, UK-listed RBS said in a statement today.
The announcement follows yesterday's statement that RBS chief executive Ross McEwan, who has been in ost for more than five years, is stepping down.
RBS said its private banking operating costs fell 2 per cent year-on-year, at £2.0 million, in the first quarter of this year.
Total assets under management stood at £27.9 billion at the end of the quarter, rising £1.4 billion.
"As our new strategy and operating model embeds, it is imperative that we remain progressive and forward thinking especially as we continue to attract a broader client base that reflects today’s society," Peter Flavel, Coutts CEO, said.