The UK Personal & Business Banking (UK PBB) segment of the Royal Bank of Scotland (RBS) has posted operating profit of £348m for the first quarter of 2015, a slump of 31.7% compared with £510m a year earlier.

The unit’s total income declined by £80m to £1.45bn, driven by lower day count and other seasonal factors, increased internal funding costs and a slightly lower overall asset margin.

Operating expenses decreased by £404m to £1.13bn with a £296m decrease in conduct costs, absence of UK bank levy, non-repeat of write-offs of intangible assets and continued efficiency savings, the banking group said in its earnings statement.

New mortgage applications grew by 42% to £6.6bn. Business and personal loans saw positive momentum as business and consumer confidence continue to improve.

Net loans and advances to customers increased by £0.2bn to £127.4bn with mortgage balances growing £0.4bn in the quarter to £103.6bn, the statement added.

Overall, RBS has registered an attributable loss of £446m for the first quarter of 2015, which included £453m in restructuring costs and £856m in litigation and conduct charges.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Excluding restructuring, litigation and conduct costs, operating profit stood at £1.63bn, a 16% rise from the same period a year ago.