REG - Royal Bk Scot.Grp. - Half-year Report <Origin Href="QuoteRef">RBS.L</Origin> - Part 4
04/08/2017 07:08
- Part 4: For the preceding part double click ID:nRSD0890Nc
● Our free Financial Health Check continues to provide personal and business customers with advice on their financial position and what options are open to them, including adoption of digital banking. More than 660,000 Financial Health Checks have been
completed in H1 2017.
● Our business banking segment continues to deliver customer improvements with an enhanced digital offering and a simplified new lending process for loans up to £35,000, delivering same day loan approval and supporting ongoing productivity improvements. Our
business banking risk appetite remains consistent with H1 2016 with new business quality broadly stable on H1 2016.
● NatWest personal banking NPS was stable over the first half at 13, although we recognise that significant work is required to improve customer experience across Royal Bank of Scotland personal banking and business banking.
Financial performanceH1 2017 compared with H1 2016
● Operating profit was £1,097 million compared with £533 million in H1 2016. The increase was driven by £140 million higher income, a £97 million reduction in adjusted operating expenses and a £408 million reduction in litigation and conduct charges,
partially offset by a £49 million increase in restructuring costs and a £32 million higher impairment charge.
● Income of £2,755 million was £140 million, or 5.4%, higher than H1 2016. Net interest income increased by £122 million, or 5.8%, principally reflecting strong balance growth and savings re-pricing benefits. Net interest margin declined by 10 basis points
to 2.97% driven by lower mortgage margins, asset mix and reduced current account hedge yield, partially offset by savings re-pricing benefits from actions taken in 2016.
● Adjusted operating expenses decreased by £97 million, or 6.4%, to £1,413 million compared with H1 2016 supported by a net FSCS levy release of £4 million compared with a £42 million charge in H1 2016. Direct staff costs were £32 million, or 8.9%, lower
with headcount 12% lower. Indirect expenses were £24 million lower with ongoing customer service operations £30 million lower following process and productivity improvements, partly offset by increased technology infrastructure costs.
● A restructuring charge of £160 million included a £92 million charge for property exits taken in Q1 2017 as we rationalised our back office property location strategy and branch distribution network.
UK Personal & Business Banking
● The net impairment charge of £72 million, or 10 basis points of gross customer loans, reflects continued benign credit conditions and compared with a £40 million charge in H1 2016. In H1 2017 we continued to see provision releases in mortgages and
business banking, however, there were minimal personal unsecured releases in H1 2017 compared with H1 2016. Defaults in H1 2017 remained at very low levels across all portfolios compared to historic levels, although a little higher than in H1 2016.
● Net loans and advances increased by £12.5 billion, or 9.9%, to £138.5 billion as UK PBB continued to deliver support for both personal and business customers. Gross new mortgage lending in H1 2017 was £14.5 billion with market share of new mortgages at
approximately 11.9% resulting in stock share of approximately 9.1% at 30 June 2017 compared with 8.8% at 31 December 2016 and 8.6% at 30 June 2016. Positive momentum continued across business banking lending with net balances up 4% compared with 30 June
2016, excluding transfers of £0.6 billion from Commercial Banking.
● Customer deposits increased by £9.4 billion, or 6.7%, to £149.8 billion, driven by strong personal current account growth.
● RWAs of £32.9 billion reduced by £4.1 billion, or 11.1%, compared with H1 2016 primarily due to recalibration improvements in mortgage risk parameter models and overall improved credit quality, partially offset by loan growth.
Q2 2017 compared with Q1 2017
● Operating profit increased by £109 million compared with Q1 2017 principally driven by lower restructuring costs. Adjusted operating profit increased by £12 million to £641 million.
● Net interest margin decreased by 9 basis points to 2.92% driven by asset mix, lower mortgage new business margins and reduced current account hedge income.
● Compared with Q1 2017, non-interest income decreased by £8 million principally reflecting a £7 million debt sale profit in the previous quarter.
● An impairment charge of £40 million was £8 million higher than Q1 2017 mainly due to lower portfolio provision releases. Default levels remained stable.
Q2 2017 compared with Q2 2016
● Operating profit increased by £579 million compared with Q2 2016 primarily due to a reduction in litigation and conduct costs. Adjusted operating profit increased by £107 million, or 20.0%, to £641 million.
● Net interest income increased by £30 million, or 2.8%, compared with Q2 2016 driven by strong balance growth partially offset by reduced net interest margin. Net interest margin decreased 20 basis points driven by reduced mortgage margins and lower deposit hedge income, partially offset by savings re-pricing benefits.
Ulster Bank RoI (£ Sterling)
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 206 198 101 105 93
Net fees and commissions 47 42 26 21 21
Other non-interest income 43 50 23 20 21
Own credit adjustment (3) 3 (2) (1) -
Non-interest income 87 95 47 40 42
Total income 293 293 148 145 135
Direct expenses
- staff costs (96) (97) (47) (49) (46)
- other costs (24) (13) (12) (12) (2)
Indirect expenses (97) (85) (50) (47) (43)
Restructuring costs
- direct (24) (24) (5) (19) (18)
- indirect (19) (1) (4) (15) (1)
Litigation and conduct costs (33) (92) (33) - (92)
Operating expenses (293) (312) (151) (142) (202)
Operating (loss)/profit before impairment releases/(losses) - (19) (3) 3 (67)
Impairment releases/(losses) 11 27 (13) 24 14
Operating profit/(loss) 11 8 (16) 27 (53)
Total income - adjusted (1) 296 290 150 146 135
Operating expenses - adjusted (2) (217) (195) (109) (108) (91)
Operating profit - adjusted (1,2) 90 122 28 62 58
Average exchange rate - £/E 1.163 1.284 1.163 1.162 1.270
Analysis of income by business
Corporate 88 99 43 45 43
Retail 204 195 104 100 95
Other 1 (1) 1 - (3)
Total income 293 293 148 145 135
Analysis of impairments by sector
Mortgages 1 (1) 15 (14) (2)
Commercial real estate
- investment 2 (5) - 2 -
- development (6) (7) (3) (3) (5)
Other lending (8) (14) 1 (9) (7)
Total impairment (releases)/losses (11) (27) 13 (24) (14)
Performance ratios
Return on equity (3) 0.8% 0.6% (2.4%) 4.0% (8.2%)
Return on equity - adjusted (1,2,3) 6.8% 9.3% 4.3% 9.3% 9.0%
Net interest margin 1.67% 1.64% 1.60% 1.74% 1.54%
Cost:income ratio 100.0% 106.5% 102.0% 97.9% 149.6%
Cost:income ratio - adjusted (1,2) 73.3% 67.2% 72.7% 74.0% 67.4%
Notes:
(1) Excluding own credit adjustments.
(2) Excluding restructuring costs and litigation and conduct costs.
(3) Return on equity is based on segmental operating profit after tax adjusted for preference share dividends divided by average notional equity (based on 14% (11% prior to Q1 2017) of the monthly average of segmental risk-weighted assets incorporating the effect of capital deductions (RWAes)), assuming 15% tax rate up to and including FY 2016, nil tax thereafter.
Ulster Bank RoI (£ Sterling)
30 June 31 March 31 December
2017 2017 2016
Capital and balance sheet £bn £bn Change £bn Change
Loans and advances to customers (gross)
Mortgages 15.4 15.0 3% 15.3 1%
Commercial real estate
- investment 0.8 0.8 - 0.7 14%
- development 0.2 0.2 - 0.2 -
Other lending 4.3 4.1 5% 3.9 10%
Total loans and advances to customers (gross) 20.7 20.1 3% 20.1 3%
Loan impairment provisions
- mortgages (0.9) (0.9) - (0.9) -
- commercial real estate
- investment - (0.1) (100%) - -
- development - - - - -
Other lending (0.3) (0.1) 200% (0.3) -
Total loan impairment provisions (1.2) (1.1) 9% (1.2) -
Net loans and advances to customers 19.5 19.0 3% 18.9 3%
Total assets 24.9 24.7 1% 24.1 3%
Funded assets 24.8 24.6 1% 24.0 3%
Risk elements in lending
- mortgages 3.2 3.1 3% 3.1 3%
- commercial real estate
- investment - 0.1 (100%) - -
- development - - - - -
Other lending 0.3 0.3 - 0.4 (25%)
Total risk elements in lending 3.5 3.5 - 3.5 -
Provision coverage (1) 33% 33% - 34% (100bp)
Customer deposits 16.9 16.6 2% 16.1 5%
Loan:deposit ratio (excluding repos) 115% 114% 100bp 117% (200bp)
Risk-weighted assets
- credit risk
- non-counterparty 17.0 16.7 2% 16.9 1%
- counterparty 0.1 0.1 - 0.1 -
- operational risk 0.9 0.9 - 1.1 (18%)
Total risk-weighted assets 18.0 17.7 2% 18.1 (1%)
Spot exchange rate - £/E 1.138 1.171 1.168
Note:
(1) Provision coverage represents loan impairment provisions as a percentage of risk elements in lending.
Ulster Bank RoI (E Euro)
Half year ended Quarter ended
30 June 30 June 30 June 31 March 30 June
2017 2016 2017 2017 2016
Income statement Em Em Em Em Em
Net interest income 240 254 118 122 118
Net fees and commissions 55 54 31 24 27
Other non-interest income 50 65 27 23 27
Own credit adjustment (4) 4 (3) (1) -
Non-interest income 101 123 55 46 54
Total income 341 377 173 168 172
Direct expenses
- staff costs (112) (124) (55) (57) (58)
- other costs (29) (18) (16) (13) (3)
Indirect expenses (113) (110) (58) (55) (55)
Restructuring costs
- direct (27) (31) (5) (22) (23)
- indirect (22) (1) (5) (17) (1)
Litigation and conduct costs (39) (118) (39) - (118)
Operating expenses (342) (402) (178) (164) (258)
Operating (loss)/profit before impairment releases/(losses) (1) (25) (5) 4 (86)
Impairment releases/(losses) 13 34 (15) 28 17
Operating profit/(loss) 12 9 (20) 32 (69)
Total income - adjusted (1) 345 373 176 169 172
Operating expenses - adjusted (2) (254) (252) (129) (125) (116)
Operating profit - adjusted (1,2) 104 155 32 72 73
Analysis of income by business
Corporate 102 128 50 52 55
Retail 237 251 121 116 121
Other 2 (2) 2 - (4)
Total income 341 377 173 168 172
Analysis of impairments by sector
Mortgages 1 (1) 17 (16) (3)
Commercial real estate
- investment 3 (6) - 3 -
- development (6) (8) (3) (3) (6)
Other lending (11) (19) 1 (12) (8)
Total impairment (releases)/losses (13) (34) 15 (28) (17)
Performance ratios
Return on equity (3) 0.8% 0.6% (2.4%) 4.0% (8.2%)
Return on equity - adjusted (1,2,3) 6.8% 9.3% 4.3% 9.3% 9.0%
Net interest margin 1.67% 1.64% 1.60% 1.74% 1.54%
Cost:income ratio 100.0% 106.5% 102.0% 97.9% 149.6%
Cost:income ratio - adjusted (1,2) 73.3% 67.2% 72.7% 74.0% 67.4%
Notes:
(1) Excluding own credit adjustments.
(2) Excluding restructuring costs and litigation and conduct costs.
(3) Return on equity is based on segmental operating profit after tax adjusted for preference share dividends divided by average notional equity (based on 14% (11% prior to Q1 2017) of the monthly average of segmental risk-weighted assets incorporating the effect of capital deductions (RWAes)), assuming 15% tax rate up to and including FY 2016, nil tax thereafter.
Ulster Bank RoI (E Euro)
30 June 31 March 31 December
2017 2017 2016
Capital and balance sheet Ebn Ebn Change Ebn Change
Loans and advances to customers (gross)
- mortgages 17.5 17.6 (1%) 17.9 (2%)
- commercial real estate
- investment 0.9 0.9 - 0.8 13%
- development 0.2 0.2 - 0.3 (33%)
Other lending 4.9 4.8 2% 4.5 9%
Total loans and advances to customers (gross) 23.5 23.5 - 23.5 -
Loan impairment provisions
- mortgages (1.0) (1.0) - (1.1) (9%)
- commercial real estate
- investment - (0.1) (100%) - -
- development - - - - -
Other lending (0.3) (0.2) 50% (0.3) -
Total loan impairment provisions (1.3) (1.3) - (1.4) (7%)
Net loans and advances to customers 22.2 22.2 - 22.1 -
Total assets 28.3 28.9 (2%) 28.2 -
Funded assets 28.2 28.8 (2%) 28.0 1%
Risk elements in lending
- mortgages 3.6 3.7 (3%) 3.7 (3%)
- commercial real estate
- investment - 0.1 (100%) - -
- development - - - - -
Other lending 0.4 0.2 100% 0.4 -
Total risk elements in lending 4.0 4.0 - 4.1 (2%)
Provision coverage (1) 33% 33% - 34% (100bp)
Customer deposits 19.3 19.4 (1%) 18.8 3%
Loan:deposit ratio (excluding repos) 115% 114% 100bp 117% (200bp)
Risk-weighted assets
- credit risk
- non-counterparty 19.3 19.6 (2%) 19.7 (2%)
- counterparty 0.1 0.1 - 0.1 -
- operational risk 1.1 1.1 - 1.3 (15%)
Total risk-weighted assets 20.5 20.8 (1%) 21.1 (3%)
Note:
(1) Provision coverage represents loan impairment provisions as a percentage of risk elements in lending.
Ulster Bank RoI (E Euro)
Key points
Ulster Bank RoI (Ulster Bank) continued to support the Irish economy with an 11% increase in gross new lending compared
with H1 2016. In addition, investment in technology combined with process improvements has driven further cost
efficiencies. We continue to reposition capital, with RWAs in the tracker mortgage portfolio down by 22.5% and REILs down
by 23.1% compared with H1 2016.
Serving our customers
● New lending increased 11% on prior year levels supported by successful home mover advertising campaigns, competitive rates for low LTV and high value mortgage customers and an improved customer proposition for personal and commercial customers.
● Ulster Bank has narrowed the gap to number one in the market for customer trust and advocacy as evidenced by the Retail Personal NPS score of (5) this quarter, the highest score in 5 years and 6 points improved on prior year. Since 2016, scores have
improved for SME business customers too, up from 8 to 131.
● Investment in the digital platform has focused on providing enhancements that make it easier for customers to bank with us. Ulster Bank was amongst the first banks in Ireland to introduce Apple Pay and Android Pay in H1 2017 with registrations exceeding
expectations.
● Ulster Bank expanded it's partnership with the Strategic Banking Corporation of Ireland (SBCI) to offer working capital finance to agricultural businesses at a lower interest rate of 2.95% and over more flexible terms, contributing to the ongoing financial
sustainability of farming enterprises.
● Ulster Bank launched 'Business Achievers' in June 2017, a business portal and networking hub designed to connect business owners and entrepreneurs to industry thought leaders, generate new business opportunities and deliver solid and supportive
connections.
● The deposit rating and outlook for Ulster Bank Ireland DAC was upgraded by Moody's rating agency in June 2017, re-affirming the positive progress made in transforming the business and reducing the volume of legacy non-performing assets.
Financial performanceH1 2017 compared with H1 2016
● An operating profit of E12 million compared with E9 million in H1 2016. An adjusted operating profit of E104 million was E51 million lower than H1 2016 reflecting reduced income on free funds and lower net impairment releases. The core business is
performing ahead of expectations, however comparisons to prior year performance are impacted by a number of one-off items in both H1 2016 and H1 2017.
● A non-recurring profit of E37 million relating to asset disposals was recognised in H1 2016, of which E10 million was reported in income.
● Adjusted income of E345 million was E28 million, or 7.5%, lower than H1 2016. Excluding the E10 million asset disposal gain in H1 2016, and E38 million reduction in income on free funds, income increased by E20 million primarily due to the benefit of one
off income adjustments in H1 2017 of E15 million, combined with higher lending income and reduced funding costs. Partially offsetting this was a E7 million reduction in FX income associated with an interim adjustment to the pricing of FX transactions
between Ulster Bank and NatWest markets, pending completion of a detailed pricing review. Net interest margin of 1.67% was 3 basis points higher than H1 2016, reflecting a combination of improved deposit and loan margins, one off income adjustments in H1
2017 and successful deleveraging measures in 2016 which have reduced the concentration of low yielding non performing loans.
● Adjusted operating expenses of E254 million were 0.8% higher than H1 2016 primarily due to E19 million of one-off accrual releases in H1 2016, compared with E12 million of releases in H1 2017, and a E5 million reduction in costs recharged to other business
segments. This was partially offset by continued progress in the delivery of cost saving initiatives as evidenced by a 9.4% reduction in headcount and 9.7% reduction in staff costs compared with H1 2016.
● Restructuring costs increased by E17 million, or 53.1%, primarily driven by announcements in Q1 2017 to invest in and restructure the bank, including the closure of 22 branches, 11 of which were completed in Q2 2017.
● Ulster Bank recognised a E39 million conduct and litigation provision in Q2 2017 for remediation and project costs associated with legacy business issues where errors may have occurred. This was identified as part of a review of the wider personal and
commercial loan portfolio extending from the tracker mortgage examination programme.
Ulster Bank RoI (E Euro)
● A net impairment release of E13 million compared with a E34 million release in H1 2016. The decrease was driven by a combination of material gains associated with asset disposals in H1 2016 and refinements to the mortgage provision models in H1 2017 which led to a one off impairment charge in Q2 2017. REILs were E1.2 billion, or 23.1%, lower than H1 2016 reflecting a combination of asset sales and credit quality improvements.
● Ulster Bank added a further E1.3 billion of gross new lending in the first half of the year, up 11% compared with H1 2016.
● Effective liquidity management contributed to a E1.8 billion, or 10.3%, increase in customer deposit balances compared to H1 2016 and supported a 14 percentage point reduction in loan:deposit ratio to 115%.
● RWAs of E20.5 billion reduced by E4.4 billion, or 17.7%, compared with H1 2016. Q2 2017 represented the 9th consecutive quarter of decreasing RWAs supported by asset sales, refinements to the mortgage modelling approach and an improvement in the macro economic environment. RWAs on the tracker mortgage portfolio reduced by E2.2 billion, or 22.5%, compared with H1 2016, to E7.4 billion in H1 2017.
Q2 2017 compared with Q1 2017
● An operating loss of E20 million compared with a profit of E32 million in Q1 2017.
● An impairment charge of E15 million, compared with a release of E28 million in Q1 2017, and included a net charge associated with a model refinement on the mortgage portfolio partly offset by improvements in credit metrics.
● Restructuring costs decreased by E29 million to E10 million in Q2 2017. The charge in Q1 reflected announcements made to invest in and restructure the bank, including the closure of 22 branches, 11 of which were completed in Q2 2017.
● Ulster Bank recognised a E39 million conduct and litigation provision in Q2 2017 for remediation and project costs associated with legacy business issues where errors may have occurred.
● Net interest margin reduced by 14 basis points to 1.60% primarily driven by one off releases in Q1 2017.
Q2 2017 compared with Q2 2016
● An operating loss of E20 million decreased by E49 million compared with Q2 2016 primarily due to a E79 million reduction in litigation and conduct costs partly offset by reduced income on free funds and a net impairment charge in Q2 2017 compared with a release in Q2 2016.
● Adjusted operating expenses increased by E13 million, or 11.2%, driven by E19 million of accrual releases in Q2 2016, compared with E4 million in Q2 2017, a reduction in costs recharged to other business segments and an increase in the RoI bank levy.
Note:
(1) Source: Red C SME survey based on interviews with businesses with an estimated annual turnover of E2-25m (6-monthly study only). Latest sample size: Ulster Bank (252).
Commercial 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 1,141 1,067 574 567 531
Net fees and commissions 516 523 261 255 261
Other non-interest income 93 109 50 43 54
Non-interest income 609 632 311 298 315
Total income 1,750 1,699 885 865 846
Direct expenses
- staff costs (245) (265) (120) (125) (134)
- operating lease depreciation (72) (70) (36) (36) (35)
- other costs (39) (41) (20) (19) (27)
Indirect expenses (519) (557) (251) (268) (301)
Restructuring costs
- direct (40) (1) (1) (39) -
- indirect (77) (40) (17) (60) (41)
Litigation and conduct costs (4) (10) (1) (3) (8)
Operating expenses (996) (984) (446) (550) (546)
Operating profit before impairment losses 754 715 439 315 300
Impairment losses (94) (103) (33) (61) (89)
Operating profit 660 612 406 254 211
Operating expenses - adjusted (1) (875) (933) (427) (448) (497)
Operating profit - adjusted (1) 781 663 425 356 260
Analysis of income by business
Commercial lending 961 900 493 468 464
Deposits 248 249 125 123 124
Asset and invoice finance 335 356 164 171 179
Other 206 194 103 103 79
Total income 1,750 1,699 885 865 846
Analysis of impairments by sector
Commercial real estate (1) 2 (3) 2 4
Asset and invoice finance 28 13 12 16 10
Private sector services (education, health, etc) 14 1 16 (2) -
Banks and financial institutions 1 1 - 1 1
Wholesale and retail trade repairs 11 (1) 4 7 (4)
Hotels and restaurants 2 (1) (1) 3 (1)
Manufacturing 4 2 2 2 1
Construction - 5 - - 4
Other 35 81 3 32 74
Total impairment losses 94 103 33 61 89
Note:
(1) Excluding restructuring costs and litigation and conduct costs.
Commercial 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) 8.2% 8.1% 10.7% 5.7% 4.9%
Return on equity - adjusted (1,2) 10.1% 8.9% 11.4% 8.9% 6.6%
Net interest margin 1.75% 1.83% 1.73% 1.76% 1.78%
Cost:income ratio (3) 55.1% 56.1% 48.3% 62.0% 63.0%
Cost:income ratio - adjusted (2,3) 47.9% 53.0% 46.1% 49.7% 57.0%
30 June 31 March 31 December
2017 2017 2016
Capital and balance sheet £bn £bn Change £bn Change
Loans and advances to customers (gross)
- Commercial real estate 16.8 17.1 (2%) 16.9 (1%)
- Asset and invoice finance 15.1 14.2 6% 14.1 7%
- Private sector services (education, health etc) 7.0 6.8 3% 6.9 1%
- Banks and financial institutions 7.7 8.9 (13%) 8.9 (13%)
- Wholesale and retail trade repairs 7.9 8.3 (5%) 8.4 (6%)
- Hotels and restaurants 3.7 3.9 (5%) 3.7 -
- Manufacturing 5.9 6.3 (6%) 6.6 (11%)
- Construction 2.1 2.2 (5%) 2.1 -
- Other 32.6 32.8 (1%) 33.3 (2%)
Total loans and advances to customers (gross) 98.8 100.5 (2%) 100.9 (2%)
Loan impairment provisions (0.7) (0.8) (13%) (0.8) (13%)
Net loans and advances to customers 98.1 99.7 (2%) 100.1 (2%)
Total assets 151.9 153.3 (1%) 150.5 1%
Funded assets 151.9 153.3 (1%) 150.5 1%
Risk elements in lending 1.6 1.7 (6%) 1.9 (16%)
Provision coverage (4) 45% 43% 200bp 43% 200bp
Customer deposits 100.9 97.2 4% 97.9 3%
Loan:deposit ratio (excluding repos) 97% 103% (600bp) 102% (500bp)
Risk-weighted assets
- Credit risk (non-counterparty) 69.8 71.4 (2%) 72.0 (3%)
- Operational risk 6.4 6.4 - 6.5 (2%)
Total risk-weighted assets 76.2 77.8 (2%) 78.5 (3%)
Notes:
(1) Return on equity is based on segmental operating profit after tax adjusted for preference dividends divided by average notional equity (based on 11% 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) Operating lease depreciation included in income.
(4) Provision coverage represents loan impairment provisions as a percentage of risk elements in lending.
Commercial Banking
Key points
Commercial Banking income increased by £51 million, or 3.0%, compared with H1 2016 and adjusted operating expenses reduced
by £58 million, or 6.2%, supported by a 700 reduction in front office headcount, driving an adjusted return on equity of
10.1%, an increase of 1.2% compared to H1 2016. As we manage the book for value, net loans and advances reduced by 1.1%
compared with H1 2016 as growth in targeted segments has been more than offset by active reductions in those areas with
lower returns. RWAs from lower returning business have reduced by a gross £4.2 billion since December 2016.
Serving our customers
● RBS is the leading bank for Commercial and Corporate customers in the UK. Commercial Banking provides comprehensive banking and financing services to ~49,000 customers. We provide financing through a range of products including invoice finance, asset
finance and leasing, risk management capability through our partnership with NatWest Markets and we help our customers monitor and move their money efficiently. We provide sector and transaction expertise through
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