REG - Royal Bk Scot.Grp. - Half-year Report <Origin Href="QuoteRef">RBS.L</Origin> - Part 3
04/08/2017 07:08
- Part 3: For the preceding part double click ID:nRSD0890Nb
(23) (24) (40) - - (30) (130) - (543) (790)
- indirect (137) (19) (77) (14) (4) (73) (4) - 328 -
Litigation and conduct costs (13) (33) (4) - - (34) (272) - (40) (396)
Operating expenses (1,586) (293) (996) (232) (94) (775) (539) (158) (179) (4,852)
Operating profit/(loss) before impairment (losses)/releases 1,169 -- 754 89 101 157 (641) 259 179 2,067
Impairment (losses)/releases (72) 11 (94) (7) (5) (1) 78 (25) (1) (116)
Operating profit/(loss) 1,097 11 660 82 96 156 (563) 234 178 1,951
Operating profit/(loss) - adjusted (3,4) 1,270 90 781 96 100 341 (135) 234 284 3,061
Additional information
Return on equity (5) 27.8% 0.8% 8.2% 7.7% 13.1% 2.3% nm 22.2% nm 5.6%
Return on equity - adjusted (3,4,5) 32.4% 6.8% 10.1% 9.3% 13.7% 7.2% nm 22.2% nm 11.5%
Cost:income ratio (6) 57.6% 100.0% 55.1% 72.3% 48.2% 83.2% nm 37.9% nm 69.8%
Cost:income ratio - adjusted (3,4,6) 51.3% 73.3% 47.9% 67.9% 46.2% 65.1% nm 37.9% nm 53.1%
Total assets (£bn) 161.6 24.9 151.9 19.6 24.7 230.9 102.2 26.0 40.9 782.7
Funded assets (£bn) (7) 161.6 24.8 151.9 19.6 24.7 117.0 24.7 26.0 38.8 589.1
Net loans and advances to customers (£bn) 138.5 19.5 98.1 12.8 8.8 17.7 10.1 20.4 0.2 326.1
Risk elements in lending (£bn) 1.8 3.5 1.6 0.1 0.1 - 1.8 0.3 0.1 9.3
Impairment provisions (£bn) (1.2) (1.2) (0.7) - - - (0.6) (0.2) - (3.9)
Customer deposits (£bn) 149.8 16.9 100.9 26.1 25.5 8.1 7.2 24.9 0.5 359.9
Risk-weighted assets (RWAs) (£bn) 32.9 18.0 76.2 9.0 9.4 31.7 26.6 9.4 2.2 215.4
RWA equivalent (£bn) (5) 35.8 19.1 79.5 9.0 9.4 33.4 31.7 9.9 2.5 230.3
Employee numbers (FTEs - thousands) (8) 17.7 2.9 5.2 1.7 0.8 5.5 0.2 4.1 36.9 75.0
For the notes to this table refer to page 24. nm = not meaningful
Segment performance
Quarter ended 30 June 2017
PBB CPB Central
Ulster Commercial Private RBS NatWest Capital Williams items & Total
UK PBB Bank RoI Banking Banking International Markets Resolution & Glyn (1) other (2) RBS
£m £m £m £m £m £m £m £m £m £m
Income statement
Net interest income 1,120 101 574 114 81 13 (9) 168 76 2,238
Other non-interest income 258 49 311 47 16 459 (19) 43 202 1,366
Total income adjusted (3) 1,378 150 885 161 97 472 (28) 211 278 3,604
Own credit adjustments - (2) - - - (28) (15) - 1 (44)
Loss on redemption of own debt - - - - - - - - (9) (9)
Strategic disposals - - - - - - - - 156 156
Total income 1,378 148 885 161 97 444 (43) 211 426 3,707
Direct expenses - staff costs (166) (47) (120) (36) (11) (142) (10) (43) (442) (1,017)
- other costs (57) (12) (56) (5) (4) (48) (10) (9) (626) (827)
Indirect expenses (474) (50) (251) (64) (32) (127) (44) (22) 1,064 -
Operating expenses - adjusted (4) (697) (109) (427) (105) (47) (317) (64) (74) (4) (1,844)
Restructuring costs - direct (3) (5) (1) - - (10) (60) - (134) (213)
- indirect (26) (4) (17) (3) (1) (25) 12 - 64 -
Litigation and conduct costs (9) (33) (1) - - (3) (266) - (30) (342)
Operating expenses (735) (151) (446) (108) (48) (355) (378) (74) (104) (2,399)
Operating profit/(loss) before impairment (losses)/releases 643 (3) 439 53 49 89 (421) 137 322 1,308
Impairment (losses)/releases (40) (13) (33) (4) 2 (1) 33 (14) - (70)
Operating profit/(loss) 603 (16) 406 49 51 88 (388) 123 322 1,238
Operating profit/(loss) - adjusted (3,4) 641 28 425 52 52 154 (59) 123 274 1,690
Additional information
Return on equity (5) 30.8% (2.4%) 10.7% 9.6% 14.0% 2.9% nm 23.5% nm 8.0%
Return on equity - adjusted (3,4,5) 32.8% 4.3% 11.4% 10.3% 14.3% 6.6% nm 23.5% nm 12.9%
Cost:income ratio (6) 53.3% 102.0% 48.3% 67.1% 49.5% 80.0% nm 35.1% nm 64.4%
Cost:income ratio - adjusted (3,4,6) 50.6% 72.7% 46.1% 65.2% 48.5% 67.2% nm 35.1% nm 50.7%
Total assets (£bn) 161.6 24.9 151.9 19.6 24.7 230.9 102.2 26.0 40.9 782.7
Funded assets (£bn) (7) 161.6 24.8 151.9 19.6 24.7 117.0 24.7 26.0 38.8 589.1
Net loans and advances to customers (£bn) 138.5 19.5 98.1 12.8 8.8 17.7 10.1 20.4 0.2 326.1
Risk elements in lending (£bn) 1.8 3.5 1.6 0.1 0.1 - 1.8 0.3 0.1 9.3
Impairment provisions (£bn) (1.2) (1.2) (0.7) - - - (0.6) (0.2) - (3.9)
Customer deposits (£bn) 149.8 16.9 100.9 26.1 25.5 8.1 7.2 24.9 0.5 359.9
Risk-weighted assets (RWAs) (£bn) 32.9 18.0 76.2 9.0 9.4 31.7 26.6 9.4 2.2 215.4
RWA equivalent (£bn) (5) 35.8 19.1 79.5 9.0 9.4 33.4 31.7 9.9 2.5 230.3
Employee numbers (FTEs - thousands) (8) 17.7 2.9 5.2 1.7 0.8 5.5 0.2 4.1 36.9 75.0
For the notes to this table refer to page 24. nm = not meaningful.
Segment performance
Half year ended 30 June 2016
PBB CPB Central
Ulster Commercial Private RBS NatWest Capital Williams items & Total
UK PBB Bank RoI Banking Banking International Markets Resolution & Glyn (1) other (2) RBS
£m £m £m £m £m £m £m £m £m £m
Income statement
Net interest income 2,109 198 1,067 226 151 43 168 324 47 4,333
Other non-interest income 506 92 632 105 34 638 (473) 87 (405) 1,216
Total income - adjusted (3) 2,615 290 1,699 331 185 681 (305) 411 (358) 5,549
Own credit adjustments - 3 - - - 137 184 - 126 450
Loss on redemption of own debt - - - - - - - - (130) (130)
Strategic disposals - - - - - - (51) - 246 195
Total income 2,615 293 1,699 331 185 818 (172) 411 (116) 6,064
Direct expenses - staff costs (361) (97) (265) (77) (22) (131) (62) (125) (1,189) (2,329)
- other costs (162) (13) (111) (23) (8) (21) (64) (33) (1,220) (1,655)
Indirect expenses (987) (85) (557) (156) (38) (488) (289) (39) 2,639 -
Operating expenses - adjusted (4) (1,510) (195) (933) (256) (68) (640) (415) (197) 230 (3,984)
Restructuring costs - direct (51) (24) (1) (1) (1) (10) (12) (45) (485) (630)
- indirect (60) (1) (40) (19) (2) (23) (25) - 170 -
Litigation and conduct costs (421) (92) (10) (2) - (56) (26) - (708) (1,315)
Operating expenses (2,042) (312) (984) (278) (71) (729) (478) (242) (793) (5,929)
Operating profit/(loss) before impairment (losses)/releases 573 (19) 715 53 114 89 (650) 169 (909) 135
Impairment (losses)/releases (40) 27 (103) (2) (11) - (263) (17) - (409)
Operating profit/(loss) 533 8 612 51 103 89 (913) 152 (909) (274)
Operating profit/(loss) - adjusted (3,4) 1,065 122 663 73 106 41 (983) 197 (128) 1,156
Additional information
Return on equity (5) 11.9% 0.6% 8.1% 5.1% 15.4% 0.8% nm 14.3% nm (10.3%)
Return on equity - adjusted (3,4,5) 25.5% 9.3% 8.9% 7.6% 15.9% (0.5%) nm 18.6% nm (3.2%)
Cost:income ratio (6) 78.1% 106.5% 56.1% 84.0% 38.4% 89.1% nm 58.9% nm 97.7%
Cost:income ratio - adjusted (3,4,6) 57.7% 67.2% 53.0% 77.3% 36.8% 94.0% nm 47.9% nm 71.4%
Total assets (£bn) 151.2 24.3 146.3 17.8 24.6 284.0 208.0 24.9 20.5 901.6
Funded assets (£bn) (7) 151.2 24.1 146.3 17.7 24.6 125.6 44.7 24.9 16.5 575.6
Net loans and advances to customers (£bn) 126.0 18.9 99.2 11.8 8.5 21.6 19.9 20.3 0.4 326.6
Risk elements in lending (£bn) 2.3 4.3 2.2 0.1 0.1 - 2.4 0.4 - 11.8
Impairment provisions (£bn) (1.5) (2.5) (1.0) - - - (1.1) (0.3) (0.1) (6.5)
Customer deposits (£bn) 140.4 14.7 96.7 25.4 24.1 8.3 18.8 23.9 3.5 355.8
Risk-weighted assets (RWAs) (£bn) 37.0 20.9 77.5 8.1 9.6 36.7 42.3 9.9 3.2 245.2
RWA equivalent (£bn) (5) 41.3 20.8 81.5 8.1 9.6 37.2 43.2 10.4 3.3 255.4
Employee numbers (FTEs - thousands) 20.0 3.2 5.9 1.8 0.7 1.3 0.9 5.2 50.2 89.2
For the notes to this table please refer to page 24. nm = not meaningful.
Segment performance
Quarter ended 31 March 2017
PBB CPB Central
Ulster Commercial Private RBS NatWest Capital Williams items & Total
UK PBB Bank RoI Banking Banking International Markets Resolution & Glyn (1) other (2) RBS
£m £m £m £m £m £m £m £m £m £m
Income statement
Net interest income 1,111 105 567 112 80 29 33 165 32 2,234
Other non-interest income 266 41 298 48 18 479 (85) 41 (101) 1,005
Total income - adjusted (3) 1,377 146 865 160 98 508 (52) 206 (69) 3,239
Own credit adjustments - (1) - - - (20) (7) - (1) (29)
Gain on redemption of own debt - - - - - - - - 2 2
Total income 1,377 145 865 160 98 488 (59) 206 (68) 3,212
Direct expenses - staff costs (163) (49) (125) (38) (12) (155) (16) (53) (413) (1,024)
- other costs (64) (12) (55) (7) (3) (51) (9) (11) (586) (798)
Indirect expenses (489) (47) (268) (68) (28) (115) (44) (20) 1,079 -
Operating expenses - adjusted (4) (716) (108) (448) (113) (43) (321) (69) (84) 80 (1,822)
Restructuring costs - direct (20) (19) (39) - - (20) (70) - (409) (577)
- indirect (111) (15) (60) (11) (3) (48) (16) - 264 -
Litigation and conduct costs (4) - (3) - - (31) (6) - (10) (54)
Operating expenses (851) (142) (550) (124) (46) (420) (161) (84) (75) (2,453)
Operating profit/(loss) before impairment (losses)/releases 526 3 315 36 52 68 (220) 122 (143) 759
Impairment (losses)/releases (32) 24 (61) (3) (7) - 45 (11) (1) (46)
Operating profit/(loss) 494 27 254 33 45 68 (175) 111 (144) 713
Operating profit/(loss) - adjusted (3,4) 629 62 356 44 48 187 (76) 111 10 1,371
Additional information
Return on equity (5) 24.8% 4.0% 5.7% 6.0% 12.0% 1.7% nm 20.9% nm 3.1%
Return on equity - adjusted (3,4,5) 32.0% 9.3% 8.9% 8.6% 13.0% 7.9% nm 20.9% nm 9.7%
Cost:income ratio (6) 61.8% 97.9% 62.0% 77.5% 46.9% 86.1% nm 40.8% nm 76.1%
Cost:income ratio - adjusted (3,6) 52.0% 74.0% 49.7% 70.6% 43.9% 63.2% nm 40.8% nm 55.8%
Total assets (£bn) 159.1 24.7 153.3 18.1 25.1 225.3 119.2 25.8 32.7 783.3
Funded assets (£bn) (7) 159.1 24.6 153.3 18.1 25.1 113.9 29.2 25.8 30.1 579.2
Net loans and advances to customers (£bn) 135.8 19.0 99.7 12.5 8.9 17.9 12.3 20.6 - 326.7
Risk elements in lending (£bn) 1.9 3.5 1.7 0.1 0.1 - 2.1 0.3 - 9.7
Impairment provisions (£bn) (1.2) (1.1) (0.8) - - - (0.7) (0.2) (0.1) (4.1)
Customer deposits (£bn) 146.3 16.6 97.2 25.7 25.3 8.0 7.6 24.0 0.8 351.5
Risk-weighted assets (RWAs) (£bn) 32.7 17.7 77.8 8.7 9.5 34.1 30.5 9.7 1.0 221.7
RWA equivalent (£bn) (5) 35.7 18.9 81.8 8.7 9.5 36.0 32.7 10.2 1.2 234.7
Employee numbers (FTEs - thousands) (8) 18.2 3.1 5.4 1.7 0.8 5.7 0.3 4.3 36.7 76.2
For the notes to this table refer to following page 24. nm = not meaningful.
Segment performance
Quarter ended 30 June 2016
PBB CPB Central
Ulster Commercial Private RBS NatWest Capital Williams items & Total
UK PBB Bank RoI Banking Banking International Markets Resolution & Glyn (1) other (2) RBS
£m £m £m £m £m £m £m £m £m £m
Income statement
Net interest income 1,090 93 531 113 76 24 82 162 6 2,177
Other non-interest income 250 42 315 53 19 380 (438) 44 (107) 558
Total income - adjusted (3) 1,340 135 846 166 95 404 (356) 206 (101) 2,735
Own credit adjustments - - - - - 73 76 - 45 194
Loss on redemption of own debt - - - - - - - - (130) (130)
Strategic disposal - - - - - - (45) - 246 201
Total income 1,340 135 846 166 95 477 (325) 206 60 3,000
Direct expenses - staff costs (180) (46) (134) (37) (12) (64) (17) (63) (574) (1,127)
- other costs (99) (2) (62) (9) (3) (7) (31) (18) (475) (706)
Indirect expenses (503) (43) (301) (73) (18) (238) (135) (18) 1,329 -
Operating expenses - adjusted (4) (782) (91) (497) (119) (33) (309) (183) (99) 280 (1,833)
Restructuring costs - direct (38) (18) - - (1) (10) (5) (25) (295) (392)
- indirect (51) (1) (41) (4) (1) (11) (16) - 125 -
Litigation and conduct costs (421) (92) (8) (2) - (38) (16) - (707) (1,284)
Operating expenses (1,292) (202) (546) (125) (35) (368) (220) (124) (597) (3,509)
Operating profit/(loss) before impairment (losses)/releases 48 (67) 300 41 60 109 (545) 82 (537) (509)
Impairment (losses)/releases (24) 14 (89) - (9) - (67) (11) - (186)
Operating profit/(loss) 24 (53) 211 41 51 109 (612) 71 (537) (695)
Operating profit/(loss) - adjusted (3,4) 534 58 260 47 53 95 (606) 96 179 716
Additional information
Return on equity (5) (0.4%) (8.2%) 4.9% 8.6% 15.0% 4.3% nm 13.3% nm (11.0%)
Return on equity - adjusted (3,4,5) 24.2% 9.0% 6.6% 9.9% 15.7% 3.5% nm 18.0% nm 3.2%
Cost:income ratio (6) 96.4% 149.6% 63.0% 75.3% 36.8% 77.1% nm 60.2% nm 117.2%
Cost:income ratio - adjusted (3,4,6) 58.4% 67.4% 57.0% 71.7% 34.7% 76.5% nm 48.1% nm 66.6%
Total assets (£bn) 151.2 24.3 146.3 17.8 24.6 284.0 208.0 24.9 20.5 901.6
Funded assets (£bn) (7) 151.2 24.1 146.3 17.7 24.6 125.6 44.7 24.9 16.5 575.6
Net loans and advances to customers (£bn) 126.0 18.9 99.2 11.8 8.5 21.6 19.9 20.3 0.4 326.6
Risk elements in lending (£bn) 2.3 4.3 2.2 0.1 0.1 - 2.4 0.4 - 11.8
Impairment provisions (£bn) (1.5) (2.5) (1.0) - - - (1.1) (0.3) (0.1) (6.5)
Customer deposits (£bn) 140.4 14.7 96.7 25.4 24.1 8.3 18.8 23.9 3.5 355.8
Risk-weighted assets (RWAs) (£bn) 37.0 20.9 77.5 8.1 9.6 36.7 42.3 9.9 3.2 245.2
RWA equivalent (£bn) (5) 41.3 20.8 81.5 8.1 9.6 37.2 43.2 10.4 3.3 255.4
Employee numbers (FTEs - thousands) 20.0 3.2 5.9 1.8 0.7 1.3 0.9 5.2 50.2 89.2
Notes:
(1) Williams & Glyn refers to the business formerly intended to be divested as a separate legal entity and comprises RBS England and Wales branch-based businesses, along with certain small and medium enterprises and corporate activities across the UK. During
the period presented W&G has not operated as a separate legal entity.
(2) Central items include unallocated transactions which principally comprise volatile items under IFRS and balances in relation to international private banking for Q1 2016.
(3) Excluding own credit adjustments, (loss)/gain on redemption of own debt and strategic disposals.
(4) Excluding restructuring costs and litigation and conduct costs.
(5) RBS's CET 1 target is 13% but for the purposes of computing segmental return on equity (ROE), to better reflect the differential drivers of capital usage, segmental operating profit after tax and adjusted for preference dividends is divided by notional
equity allocated at different rates of 14% (Ulster Bank RoI - 11% prior to Q1 2017), 11% (Commercial Banking), 14% (Private Banking - 15% prior to Q1 2017), 12% (RBS International) and 15% for all other segments, of the monthly average of segmental risk
-weighted assets incorporating the effect of capital deductions (RWAes). RBS Return on equity is calculated using profit for the period attributable to ordinary shareholders. Core business adjusted (2,3) return on equity was 14.1% (Return on equity for
Personal & Business Banking (PBB), Commercial & Private Banking (CPB) and NatWest Markets combined).
(6) Operating lease depreciation included in income (H1 2017 - £72 million; Q2 2017 - £36 million; H1 2016 - £76 million; Q1 2017 - £36 million; and Q2 2016 - £38 million).
(7) Funded assets exclude derivative assets.
(8) On 1 January 2017 4.5 thousand employees on a FTE basis were transferred from Central items to NatWest Markets in preparation for ring-fencing.
UK Personal & Business Banking
Half year ended Quarter ended
30 June 30 June 30 June 31 March 30 June
2017 2016 2017 2017 2016
Income statement £m £m £m £m £m
Net interest income 2,231 2,109 1,120 1,111 1,090
Net fees and commissions 493 498 246 247 243
Other non-interest income 31 8 12 19 7
Non-interest income 524 506 258 266 250
Total income 2,755 2,615 1,378 1,377 1,340
Direct expenses
- staff costs (329) (361) (166) (163) (180)
- other costs (121) (162) (57) (64) (99)
Indirect expenses (963) (987) (474) (489) (503)
Restructuring costs
- direct (23) (51) (3) (20) (38)
- indirect (137) (60) (26) (111) (51)
Litigation and conduct costs (13) (421) (9) (4) (421)
Operating expenses (1,586) (2,042) (735) (851) (1,292)
Profit before impairment losses 1,169 573 643 526 48
Impairment losses (72) (40) (40) (32) (24)
Operating profit 1,097 533 603 494 24
Operating expenses - adjusted (1) (1,413) (1,510) (697) (716) (782)
Operating profit - adjusted (1) 1,270 1,065 641 629 534
Analysis of income by product
Personal advances 452 413 227 225 209
Personal deposits 401 363 197 204 195
Mortgages 1,195 1,137 605 590 573
Cards 270 316 133 137 174
Business banking 393 370 199 194 188
Other 44 16 17 27 1
Total income 2,755 2,615 1,378 1,377 1,340
Analysis of impairments by sector
Personal advances 70 20 42 28 14
Mortgages (32) 18 (14) (18) 14
Business banking 7 1 5 2 1
Cards 27 1 7 20 (5)
Total impairment losses 72 40 40 32 24
Note:
(1) Excluding restructuring costs and litigation and conduct costs.
UK Personal & Business Banking
Half year ended Quarter ended
30 June 30 June 30 June 31 March 30 June
Performance ratios 2017 2016 2017 2017 2016
Return on equity (1) 27.8% 11.9% 30.8% 24.8% (0.4%)
Return on equity - adjusted (1,2) 32.4% 25.5% 32.8% 32.0% 24.2%
Net interest margin 2.97% 3.07% 2.92% 3.01% 3.12%
Cost:income ratio 57.6% 78.1% 53.3% 61.8% 96.4%
Cost:income ratio - adjusted (2) 51.3% 57.7% 50.6% 52.0% 58.4%
30 June 31 March 31 December
2017 2017 2016
Capital and balance sheet £bn £bn Change £bn Change
Loans and advances to customers (gross)
- personal advances 6.2 6.1 2% 6.0 3%
- mortgages 123.0 120.6 2% 117.1 5%
- business banking 6.8 6.6 3% 6.4 6%
- cards 3.7 3.7 - 3.9 (5%)
Total loans and advances to customers (gross) 139.7 137.0 2% 133.4 5%
Loan impairment provisions (1.2) (1.2) - (1.3) (8%)
Net loans and advances to customers 138.5 135.8 2% 132.1 5%
Total assets 161.6 159.1 2% 155.6 4%
Funded assets 161.6 159.1 2% 155.6 4%
Risk elements in lending 1.8 1.9 (5%) 2.0 (10%)
Provision coverage (3) 63% 64% (100bp) 65% (200bp)
Customer deposits
- personal current accounts 44.4 43.5 2% 42.1 5%
- personal savings 81.8 80.4 2% 81.4 -
- business banking 23.6 22.4 5% 22.3 6%
Total customer deposits 149.8 146.3 2% 145.8 3%
Assets under management (excluding deposits) 4.5 4.3 5% 4.2 7%
Loan:deposit ratio (excluding repos) 92% 93% (100bp) 91% 100bp
Risk-weighted assets
- credit risk (non-counterparty) 25.0 24.8 1% 24.8 1%
- operational risk 7.9 7.9 - 7.9 -
Total risk-weighted assets 32.9 32.7 1% 32.7 1%
Notes:
(1) Return on equity is based on segmental operating profit after tax adjusted for preference share dividends divided by average notional equity (based on 15% of the monthly average of segmental risk-weighted assets incorporating the effect of capital deductions (RWAes)), assuming 28% tax rate.
(2) Excluding restructuring costs and litigation and conduct costs.
(3) Provision coverage represents loan impairment provisions as a percentage of risk elements in lending.
UK Personal & Business Banking
Key points
UK PBB increased total income by £140 million, or 5.4%, compared with H1 2016 supported by a 9.9% increase in net loans and
advances, which more than offset margin contraction. Adjusted operating expenses decreased by £97 million, or 6.4%,
compared with H1 2016 reflecting reduced headcount and lower back-office operations costs. A net impairment charge of £72
million, 10 basis points of gross customer loans, reflects continued benign credit conditions. Compared with FY 2016, RWAs
have reduced by £0.4 billion, excluding volume growth.
Serving our customers
● UK PBB continues to invest in our digital channel offering and now has 4.52 million customers regularly using our mobile app, 8% higher than December 2016. Further enhancements were made during H1 2017, along with the introduction of a 'TechXpert' in every
branch to support customers in the use of digital banking tools. NatWest was awarded Best Banking App at the British Bank Awards in 2017 and we continue to receive very positive customer feedback.
● UK PBB continued to deliver strong support to personal customers with gross new mortgage lending of £14.5 billion in H1 2017, broadly in line with H1 2016. We continued to drive improvements in our customer mortgage experience with NatWest Intermediary
Solutions named Best Overall Lender at the 2017 Mortgage Advice Bureau Awards. Personal unsecured loans also saw balance growth of 6% compared with H1 2016 supported by an improved customer experience, with increased mobile functionality and simplified
application processing resulting in digital loan sales growth of 23% compared with H1 2016. Our overall personal unsecured risk appetite remains consistent with H1 2016, with new business quality broadly stable on H1 2016.
● The Reward proposition continued to grow with more than 1,350,000 customer accounts, 17% higher than December 2016. We repositioned the Reward account proposition from 26 June 2017, including the introduction of minimum customer criteria, to maintain
acceptable returns in a continuing lower interest rate environment.
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