RBS International has released its annual results for 2019, covering the jurisdictions of Guernsey, Isle of Man, Gibraltar, Luxembourg and its headquarters in Jersey.
The key points include the following:
• In 2019, RBS International generated a pre-tax operating profit of £344m from £610m of income.
• Customer lending grew significantly – RBS International now lends over £14bn to customers, £800m more than at this time last year, with growth in both institutional and local banking.
• Total operating expenses increased by £4m in 2019 to £264m, in part as a result of a local investment programme.
Andrew McLaughlin (pictured), CEO of RBS International, commented: “Our results for 2019 reflect our strategic intent to innovate to meet customer needs. This has resulted in high volumes of customer activity, which has in turn enabled RBSI to deliver year-on-year growth in our income and operating profit.
"Our lending has increased by more than £800m on 2018, with high growth in institutional and local banking. RBSI is a deposit-led business and this increase in lending has been funded by a £1.1bn increase in term and notice deposits compared with 2018.”
RBS International has also issued a statement responding to news today that RBS Group is to be renamed as NatWest Group: "Our customers' day-to-day banking and our RBS International brand will not be affected as a result of this rename."
• For further information on RBS's annual results click here