The private banking arm of RBS has posted an operating profit of £80m for the first quarter of 2019, compared to £62m in the same quarter of 2018.

The unit’s total income for the quarter ended 31 March 2019 was £193m.

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This was a rise of 5% from last year’s income of £184m.

Operating expenses at the division dropped 3% to £117m from £121m.

The private banking unit is part of RBS’ Commercial & Private Banking arm, which includes its Coutts brand.

RBS Group profit lags

Overall, the banking group posted attributable profit of £707m for the first quarter of 2019.

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This marks a decrease of 12% from £808m in the first quarter of 2018.

Operating profit before tax was £1.01bn for the three-month period ended 31 March 2019, versus £1.21bn a year ago.

Total income dropped 8% to £3.04bn from £3.3bn.

Operating expenses dipped 4% year-on-year to £1.94bn.

Meanwhile, RBS CEO Ross McEwan has announced plans to step down after holding the role for five and a half years.

The departure date has not been revealed.

McEwan will have a 12-month notice period and continue to serve in the role till a replacement is found.

McEwan said: “It is never easy to leave somewhere like RBS.

“However with much of the restructuring done and the bank on a strong and profitable footing, I have delivered the strategy that I set out in 2013 and now feels like the right time for me to step aside and for a new CEO to lead the bank.”