RBS International has published its results for the first half of 2021.
Key points
• The bank generated an income of £256m and an operating profit of £173m.
• The balance sheet remains strong with a capital ratio of 18.6% and a loan to deposit ratio of 45%.
• Customer lending increased by £2.4bn; customer deposits also increased £4.4bn (particularly in the funds sector), which have largely offset the income impact of lower interest rates compared with H1 2020.
• The improving economic outlook in H1 has allowed for a revision to the bank’s impairment outlook, enabling a net £29m release of provisions taken in 2020. This, alongside good cost discipline, drives a return on equity of 22.1%.
During the first half of the year, the bank launched a range of payment features on the mobile app for personal and business customers, including face biometrics to authorise payments and the ability to deposit cheques digitally.
RBS International CEO Andrew McLaughlin (pictured) commented: “It’s encouraging to see that our financial performance has rebounded as our customers and communities have started to come to terms with the pandemic.
"This puts us in a strong position to keep supporting our customers and the wider community with whatever uncertainty the world throws up.”
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