Royal Bank of Scotland (RBS) has reported
first half net profits attributable to shareholders of £9m
(£14.3m), compared with a net loss of £1.04bn for the year ago
period.
But according to RBS CEO Stephen Hester, it is
too early to say if RBS will make a profit for the full year.
Go deeper with GlobalData
RBS said operating profit at its UK retail
division increased from £37m a year ago to £416m for the six months
to 30 June.
The US-based retail and commercial unit of RBS
was back in the black, posting first half operating profits of
£169m (H109 -£51m).
But RBS’ Ireland-based Ulster Bank unit
reported an operating loss of £314m, compared to a loss of £8m in
the first half of last year.
Group wide impairments fell from £7.52bn a
year ago to £5.16bn, while RBS was also boosted by improved
margins.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataUK retail highlights included an increase in
client numbers, with total current account customers hitting 12.9m,
an increase of 267,000 from a year ago.
Total customer lending grew 9% year-on-year
while UK retail deposits were up 8%, with savings deposits up 9%
and current account balances up 5%.
“Gradual improvement in net interest margin is
targeted in the second half, while markets-related revenue are
likely to continue to reflect changes in economic confidence and
seasonality,” Hester said.
