The private banking unit of RBS, which includes its Coutts brand, has reported an operating profit of £75m for the second quarter of 2019.
This is a 20% slump compared to last year’s figure of £94m.
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The division’s total income for the three-month period ended 30 June 2019 was £191m, down 3% from £198m in the corresponding quarter of 2018.
Operating expenses at the unit increased by 10% to £115m from £104m.
The private banking segment forms part of RBS’ Commercial & Private Banking unit, which includes Coutts and Adam & Company.
RBS Group highlights
Overall, the RBS banking group reported an attributable profit of £1.33bn for the April to June quarter, a 98% jump from £96m in the same period last year.
Operating profit before tax increased to £1.68bn from £613m.
Total income surged 20% to £4.08bn from £3.4bn, while operating expenses plummeted 21% year-on-year to £2.16bn.
RBS CEO Ross McEwan said: “This is a solid set of results in challenging market conditions. We have delivered our largest half year profit in more than a decade and have announced a further £1.7bn in dividends to shareholders, of which more than £1bn will go directly to the UK taxpayer.
“Given the uncertain and competitive environment, we are focussed on the areas we can control; costs are down, capital and liquidity are strong and we continue to grow lending to the real economy.”
