RBS International returned a pre-tax adjusted operating profit of £184m in 2017 across all its jurisdictions, including the Channel Islands.
RBS International has now reported 21 years of consecutive profit, its income from customer activity increased by £15m, or 4% year on year, due to strong lending activity offset by reduced income on deposits from lower interest rates.
In 2017 the bank helped 1,900 customers buy their home and focused on meeting more of its customers financial needs and has increased its total operating costs by 20% to £202m due to substantially increased investment in its business and a 9% increase in its workforce. The substantial investment in the business contributed to a reduction in year-on-year pre-tax adjusted operating profit of 6%.
RBS International will retain all of the 2017 profit in the business in preparation for further balance sheet changes ahead of its transition to a bank outside of the UK ring fence.
Andrew McLaughlin, CEO, RBS International said: “Our results for 2017 reflect our strategic intent to build a strong and stable bank. We are helping more customers with their financial needs and we continue to invest more money to secure the future growth and stability of the bank. In 2017 we opened two new branches in Luxembourg and London to help us achieve our ambition of being the number one Funds Banking service provider in Western Europe.”
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