Royal Bank of Scotland
(RBS) has recorded another loss-making quarter, posting a loss
before tax of £116m ($190.3m); in the year-ago quarter, RBS lost
£5m.
Although impairments
declined by 27% from the same quarter last year to £1.95bn, group
income fell by 12% year-on-year.
RBS first quarter
highlights included:
- The net interest margin improved by 8
basis points to 2.03%; - A Core Tier 1 ratio at the end of the
first quarter of 11.2% (Q110: 10.6%); - Operating expenses fell by 7% compared
with the first quarter of fiscal 2010; - Although total deposits were flat, the
group loan-to-deposits ratio improved to 115% from
131%; - UK retail profits before tax more than
trebled to £508m; - UK retail impairments halved to
£194m; - US retail profits before tax doubled to
£80m;
Total assets declined by
10.7% to £1.41trn from the year-ago quarter.
By contrast with Lloyds
Banking Group – it raised its provision for PPI insurance claims to
£3.2bn when it reported its first quarter earnings – RBS has yet to
quantify any such provisions and said it was premature to do
so.
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