REG - Royal Bk Scot.Grp. - Half Year Report - Part 1 <Origin Href="QuoteRef">RBS.L</Origin> - Part 4
05/08/2016 07:07
- Part 4: For the preceding part double click ID:nRSE3368Gc
1,334 -
Operating expenses - adjusted (3) (718) (99) (393) (117) (41) (353) (390) (85) (27) (2,223)
Restructuring costs - direct (2) (16) (11) (2) - (41) (153) - (798) (1,023)
- indirect (20) (1) (6) (80) (1) (179) (360) - 647 -
Litigation and conduct costs (11) 9 (59) - - (33) (340) - (25) (459)
Operating expenses (751) (107) (469) (199) (42) (606) (1,243) (85) (203) (3,705)
Operating profit/(loss) before impairment losses 568 25 399 (38) 50 (201) (989) 125 93 32
Impairment releases/(losses) 2 52 (27) 2 1 (3) 174 (11) 2 192
Operating profit/(loss) 570 77 372 (36) 51 (204) (815) 114 95 224
Operating profit/(loss) - adjusted (2,3) 603 85 448 46 52 (13) (39) 114 242 1,538
Additional information
Return on equity (4) 27.2% 12.6% 12.1% (9.9%) 18.1% (10.2%) nm nm nm 2.7%
Return on equity - adjusted (2,3,4) 28.9% 13.9% 14.9% 9.3% 18.4% (1.9%) nm nm nm 13.5%
Cost:income ratio 57% 81% 54% 124% 46% 150% nm 40% nm 99%
Cost:income ratio - adjusted (2,3) 54% 75% 45% 73% 45% 103% nm 40% nm 62%
Total assets (£bn) 139.5 21.6 132.1 18.0 23.7 256.6 247.5 23.9 102.1 965.0
Funded assets (£bn) 139.5 21.5 132.1 17.9 23.7 145.4 79.2 23.9 99.5 682.7
Net loans and advances to customers (£bn) 112.9 16.4 88.4 10.9 6.6 22.1 36.7 19.5 66.0 379.5
Risk elements in lending (£bn) 3.1 3.8 2.2 0.2 0.1 - 7.6 0.5 1.2 18.7
Impairment provisions (£bn) (2.2) (2.0) (0.8) - (0.1) - (5.2) (0.3) (0.7) (11.3)
Customer deposits (£bn) 133.2 13.1 89.5 23.2 21.1 8.6 28.0 23.4 72.4 412.5
Risk-weighted assets (RWAs) (£bn) 34.6 19.2 64.0 8.2 7.7 41.8 68.6 10.3 72.0 326.4
RWA equivalent (£bn) 37.4 18.6 70.1 8.2 7.7 42.5 72.8 10.6 72.3 340.2
Employee numbers (FTEs - thousands) 22.8 2.4 5.7 2.0 0.6 1.5 2.0 4.6 50.0 91.6
nm = not meaningful
Notes:
(1) Central items include unallocated transactions which principally comprise volatile items under IFRS and balances in relation to Citizens for HY 2015 and international private banking for HY 2015 and Q1 2016.
(2) Excluding own credit adjustments, losses on redemption of own debt and strategic disposals.
(3) Excluding restructuring costs and litigation and conduct costs.
(4) 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 11% (Commercial Banking and Ulster Bank RoI), 12% (RBS International) and 15% for all other segments, of the monthly average of segmental risk-weighted assets after capital deductions (RWAes). Franchise adjusted (2,3)
return on equity was 11.0% (Return on equity for Personal & Business Banking (PBB), Commercial & Private Banking (CPB) and CIB combined).
UK Personal & Business Banking
Half year ended Quarter ended
30 June 30 June 30 June 31 March 30 June
2016 2015 2016 2016 2015
£m £m £m £m £m
Income statement
Net interest income 2,109 2,067 1,090 1,019 1,035
Net fees and commissions 498 544 243 255 277
Other non-interest income 8 22 7 1 7
Non-interest income 506 566 250 256 284
Total income 2,615 2,633 1,340 1,275 1,319
Direct expenses
- staff costs (361) (400) (180) (181) (200)
- other costs (162) (122) (99) (63) (58)
Indirect expenses (987) (905) (503) (484) (460)
Restructuring costs
- direct (51) (2) (38) (13) (2)
- indirect (60) (50) (51) (9) (20)
Litigation and conduct costs (421) (365) (421) - (11)
Operating expenses (2,042) (1,844) (1,292) (750) (751)
Operating profit before impairment losses 573 789 48 525 568
Impairment (losses)/releases (40) (18) (24) (16) 2
Operating profit 533 771 24 509 570
Operating expenses - adjusted (1) (1,510) (1,427) (782) (728) (718)
Operating profit - adjusted (1) 1,065 1,188 534 531 603
Analysis of income by product
Personal advances 414 385 210 204 186
Personal deposits 361 380 195 166 199
Mortgages 1,137 1,145 573 564 574
Cards 316 322 174 142 154
Business banking 356 364 181 175 184
Other 31 37 7 24 22
Total income 2,615 2,633 1,340 1,275 1,319
Analysis of impairments by sector
Personal advances 20 44 14 6 13
Mortgages 18 8 14 4 3
Business banking 1 (58) 1 - (18)
Cards 1 8 (5) 6 3
Other - 16 - - (3)
Total impairment losses/(releases) 40 18 24 16 (2)
Loan impairment charge as % of gross
customer loans and advances (excluding
reverse repurchase agreements) by sector
Personal advances 0.7% 1.4% 0.9% 0.4% 0.8%
Business banking - (2.1%) 0.1% - (1.3%)
Cards 0.1% 0.4% (0.5%) 0.6% 0.3%
Other - 2.1% - - (0.8%)
Total 0.1% - 0.1% 0.1% -
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
2016 2015 2016 2016 2015
Performance ratios
Return on equity (1) 11.9% 17.7% (0.4%) 26.1% 27.2%
Return on equity - adjusted (1,2) 25.5% 28.1% 24.2% 27.3% 28.9%
Net interest margin 3.07% 3.24% 3.12% 3.02% 3.22%
Cost:income ratio 78% 70% 96% 59% 57%
Cost:income ratio - adjusted (2) 58% 54% 58% 57% 54%
30 June 31 March 31 December
2016 2016 2015
£bn £bn Change £bn Change
Capital and balance sheet
Loans and advances to customers (gross)
- personal advances 6.0 6.0 - 6.0 -
- mortgages 111.4 108.0 3% 104.8 6%
- business 6.2 5.5 13% 5.3 17%
- cards 3.9 3.9 - 4.1 (5%)
- other - - - 1.4 (100%)
Total loans and advances to customers (gross) 127.5 123.4 3% 121.6 5%
Loan impairment provisions (1.5) (1.6) (6%) (1.8) (17%)
Net loans and advances to customers 126.0 121.8 3% 119.8 5%
Total assets 151.2 146.3 3% 143.9 5%
Funded assets 151.2 146.3 3% 143.9 5%
Risk elements in lending 2.3 2.4 (4%) 2.7 (15%)
Provision coverage (3) 66% 65% 100bp 69% (300bp)
Customer deposits
- personal current accounts 39.3 38.8 1% 37.2 6%
- personal savings 80.2 78.7 2% 78.9 2%
- business/commercial 20.8 19.4 7% 19.6 6%
- other 0.1 - - 2.1 (95%)
Total customer deposits 140.4 136.9 3% 137.8 2%
Assets under management (excluding deposits) 4.1 4.2 (2%) 4.3 (5%)
Loan:deposit ratio (excluding repos) 90% 89% 100bp 87% 300bp
Risk-weighted assets
- credit risk (non-counterparty) 29.1 26.9 8% 25.4 15%
- operational risk 7.9 7.8 1% 7.9 -
Total risk-weighted assets 37.0 34.7 7% 33.3 11%
Notes:
(1) Return on equity is based on segmental operating profit after tax adjusted for preference dividends divided by average notional equity based on 15% of the monthly average of segmental 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
Serving our Customers
The strategic goal of UK PBB is to become the number one personal and business bank for customer service, trust and
advocacy in the UK. During H1 2016, we have continued to progress a number of initiatives to improve customer experience
and have continued to invest in technology to make it easier for our customers. This has helped us deliver strong growth in
key areas whilst at the same time making our business simpler and more efficient.
· The Reward proposition continues to show strong momentum and now has 815,000 customer accounts, compared with 202,000 at 31 December 2015 and 539,000 at 31 March 2016. We continue to see positive evidence of increased levels of engagement and continue to embed the product across our population of main bank customers.
· During H1 2016, we announced plans to reorganise our investment advice and protection businesses, including the launch of an online investment platform, and to enhance and streamline our distribution network.
· During H1 2016 we significantly enhanced our mortgage capacity, with mortgage advisors increasing by 15% to 1,001, whilst at the same time delivering a 12% reduction in headcount through restructuring savings and tight recruitment control.
· NatWest customers can now apply for personal loans, credit cards and overdrafts via the mobile app, facilitating approximately 69,000 applications, representing 10% of total applications.
Financial Performance
H1 2016 compared with H1 2015
· Operating profit was £533 million, compared with £771 million in H1 2015, and included a £421 million litigation and conduct charge, principally in respect of an additional PPI provision following publication of the FCA consultation paper on 2 August 2016.
Adjusted operating profit of £1,065 million was down £123 million, or 10%, principally reflecting higher FSCS levy charges, increased technology investment in the business and lower non-interest income, reflecting reduced credit card interchange fees.
· Total income of £2,615 million reduced by 1% on H1 2015, however excluding the impact of business transfers(1) income was stable. Net interest income increased by 2% principally reflecting strong volume growth and savings re-pricing benefits, partially
offset by asset margin pressure. Net interest margin declined 17 basis points to 3.07% reflecting the impact of the overall portfolio mix being increasingly weighted towards secured lending and mortgage customers switching from standard variable rate
(SVR) to lower rate products. SVR balances represented 12% of the mortgage book at 30 June 2016 compared with 18% a year earlier.
· Non-interest income reduced by £60 million, or 11%, principally reflecting reduced credit card interchange fees, following regulatory changes introduced in 2015, and cash back payments following the launch of the Reward account.
· Adjusted expenses grew £83 million, or 6%, to £1,510 million primarily due tohigher FSCS levy charges, an H1 2016 charge of £42 million compared with £8 million in H1 2015, increased technology investment in the business and a £21 million intangible asset
write-down. Direct staff costs were £39 million, or 10%, lower driven by reduced headcount reflecting an increased proportion of digital transactions and the restructuring of our distribution business.
UK Personal & Business Banking
· The net impairment charge of £40 million reflects continued benign credit conditions and compared with an £18 million charge in H1 2015, with the increase principally reflecting reduced portfolio provision releases partly offset by lower levels of default across all portfolios.
· Net loans and advances of £126.0 billion grew by £13.1 billion, or 12%, compared with H1 2015 principally driven by mortgage growth. We continue to see positive momentum across business and personal unsecured lending.
· Mortgage activity continued to strengthen with gross balances increasing by 14% to £111.4 billion compared with 2% growth for the overall mortgage market for the same period. Gross new lending in H1 2016 was £14.7 billion representing a market share of approximately 12% compared with a stock share of approximately 8.6% at 30 June 2016.
· Gross new business lending to small and medium-sized enterprises of £852 million was up 50% versus H1 2015. Personal loan gross new lending of £1.2 billion was up 18% versus H1 2015 supported by the increased mobile app functionality.
· Deposit balances increased by £7.2 billion, or 5%, to £140.4 billion driven by strong growth in current account balances.
· RWAs increased by £2.4 billion, or 7%, to £37.0 billion primarily due to lending growth and a recalibration of mortgage risk parameter models, partly offset by overall improved credit quality.
Q2 2016 compared with Q1 2016
· Operating profit decreased by £485 million to £24 million. Adjusted operating profit of £534 million was broadly stable on Q1 2016 with increased income largely offset by a £54 million uplift in adjusted operating expenses, reflecting a £42 million FSCS levy charge and a £21 million intangible asset write-down.
· Net interest income increased £71 million driven by savings deposit re-pricing, strong volume growth and a release of previously suspended credit card interest, £32 million. Net interest margin improved 10 basis points primarily driven by the suspended interest release, 9 basis points. Underlying net interest margin, excluding the release, was broadly stable with deposit repricing benefits offsetting asset mix dilution impacts from strong mortgage growth.
· Adjusted expenses increased £54 million, or 7%, primarily due to an annual FSCS levy charge of £42 million and a £21 million intangible asset write down. Direct staff costs were flat with the annual wage award offset by headcount reductions of 6%, largely at the end of the quarter.
· Net loans and advances grew by £3.7 billion, excluding transfers(1), to £126.0 billion, with mortgage balances up £3.4 billion.
Q2 2016 compared with Q2 2015
· Operating profit reduced by £546 million to £24 million. Adjusted operating profit reduced by £69 million to £534 million primarily due to an increased FSCS charge (£42 million in Q2 2016 compared with £8 million in Q2 2015), a £21 million intangible asset write-down and increased technology investment.
· Total income increased by £21 million, or 2%, to £1,340 million. Net interest income increased by £55 million, or 5%, to £1,090 million reflecting mortgage volume growth and the suspended interest release, partially offset by the net interest margin decline. Non-interest income reduced by £34 million, or 12%, mainly due to reduced interchange fees and net cashback payments following the launch of the Reward account.
Note:
(1) The business transfers included Q1 2016 transfer out (net loans and advances of £1.1 billion, customer deposits of £2.0 billion and total income of £13 million) and Q2 2016 transfer in (net loans and advances of £0.5 billion and customer deposits of £0.6 billion).
The business transfers included Q1 2016 transfer out (net loans and advances of £1.1 billion, customer deposits of £2.0
billion and total income of £13 million) and Q2 2016 transfer in (net loans and advances of £0.5 billion and customer
deposits of £0.6 billion).
Ulster Bank RoI (£ Sterling)
Half year ended Quarter ended
30 June 30 June 30 June 31 March 30 June
2016 2015 2016 2016 2015
£m £m £m £m £m
Income statement
Net interest income 198 190 93 105 95
Net fees and commissions 42 42 21 21 20
Other non-interest income 50 38 21 29 17
Own credit adjustments 3 - - 3 -
Non-interest income 95 80 42 53 37
Total income 293 270 135 158 132
Direct expenses
- staff costs (97) (80) (46) (51) (40)
- other costs (13) (35) (2) (11) (17)
Indirect expenses (85) (85) (43) (42) (42)
Restructuring costs
- direct (24) (16) (18) (6) (16)
- indirect (1) - (1) - (1)
Litigation and conduct costs (92) 9 (92) - 9
Operating expenses (312) (207) (202) (110) (107)
(Loss)/profit before impairment losses (19) 63 (67) 48 25
Impairment releases 27 77 14 13 52
Operating profit/(loss) 8 140 (53) 61 77
Total income - adjusted (1) 290 270 135 155 132
Operating expenses - adjusted (2) (195) (200) (91) (104) (99)
Operating profit - adjusted (1,2) 122 147 58 64 85
Average exchange rate - E/£ 1.284 1.365 1.270 1.299 1.385
Analysis of income by business
Corporate 99 71 43 56 34
Retail 195 155 95 100 78
Other (1) 44 (3) 2 20
Total income 293 270 135 158 132
Analysis of impairments by sector
Mortgages (1) (58) (2) 1 (39)
Commercial real estate
- investment (5) 3 - (5) 3
- development (7) 3 (5) (2) 3
Other lending (14) (25) (7) (7) (19)
Total impairment releases (27) (77) (14) (13) (52)
Loan impairment charge as % of gross
customer loans and advances (excluding
reverse repurchase agreements) by sector
Mortgages - (0.8%) (0.1%) - (1.1%)
Commercial real estate
- investment (1.0%) 0.7% - (2.0%) 1.3%
- development (3.5%) 2.0% (5.0%) (1.3%) 4.0%
Other lending (0.6%) (1.4%) (0.6%) (0.7%) (2.2%)
Total (0.3%) (0.8%) (0.3%) (0.3%) (1.1%)
Notes:
(1) Excluding own credit adjustments.
(2) Excluding restructuring costs and litigation and conduct costs.
Ulster Bank RoI (£ Sterling)
Half year ended Quarter ended
30 June 30 June 30 June 31 March 30 June
2016 2015 2016 2016 2015
Performance ratios
Return on equity (1) 0.6% 11.3% (8.2%) 8.8% 12.6%
Return on equity - adjusted (1,2) 9.3% 11.9% 9.0% 9.2% 13.9%
Net interest margin 1.64% 1.66% 1.54% 1.75% 1.65%
Cost:income ratio 106% 77% 150% 70% 81%
Cost:income ratio - adjusted (2) 67% 74% 67% 67% 75%
30 June 31 March 31 December
2016 2016 2015
£bn £bn Change £bn Change
Capital and balance sheet
Loans and advances to customers (gross)
Mortgages 15.6 14.8 5% 13.8 13%
Commercial real estate
- investment 1.0 1.0 - 0.7 43%
- development 0.4 0.6 (33%) 0.2 100%
Other lending 4.4 4.2 5% 3.9 13%
Total loans and advances to customers (gross) 21.4 20.6 4% 18.6 15%
Loan impairment provisions
Mortgages (1.2) (1.1) 9% (1.1) 9%
Commercial real estate
- investment (0.3) (0.4) (25%) (0.1) 200%
- development (0.2) (0.4) (50%) (0.1) 100%
Other lending (0.8) (0.8) - (0.6) 33%
Total loan impairment provisions (2.5) (2.7) (7%) (1.9) 32%
Net loans and advances to customers 18.9 17.9 6% 16.7 13%
Total assets 24.3 22.7 7% 21.3 14%
Funded assets 24.1 22.6 7% 21.2 14%
Risk elements in lending
Mortgages 2.9 2.7 7% 2.6 12%
Commercial real estate
- investment 0.3 0.4 (25%) 0.2 50%
- development 0.3 0.5 (40%) 0.1 200%
Other lending 0.8 0.9 (11%) 0.6 33%
Total risk elements in lending 4.3 4.5 (4%) 3.5 23%
Provision coverage (3) 57% 60% (300bp) 55% 200bp
Customer deposits 14.7 13.7 7% 13.1 12%
Loan:deposit ratio (excluding repos) 129% 131% (200bp) 127% 200bp
Risk-weighted assets
- Credit risk
- non-counterparty 19.7 19.2 3% 18.1 9%
- counterparty 0.1 0.1 - 0.1 -
- Operational risk 1.1 1.1 - 1.2 (8%)
Total risk-weighted assets 20.9 20.4 2% 19.4 8%
Spot exchange rate - E/£ 1.194 1.263 1.362
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 RWAes, assuming 15% tax rate.
(2) Excluding restructuring costs, litigation and conduct costs and own credit adjustments.
(3) 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
2016 2015 2016 2016 2015
Em Em Em Em Em
Income statement
Net interest income 254 259 118 136 131
Net fees and commissions 54 58 27 27 29
Other non-interest income 65 51 27 38 23
Own credit adjustments 4 - - 4 -
Non-interest income 123 109 54 69 52
Total income 377 368 172 205 183
Direct expenses
- staff costs (124) (109) (58) (66) (55)
- other costs (18) (49) (3) (15) (24)
Indirect expenses (110) (116) (55) (55) (59)
Restructuring costs
- direct (31) (22) (23) (8) (22)
- indirect (1) - (1) - (1)
Litigation and conduct costs (118) 13 (118) - 13
Operating expenses (402) (283) (258) (144) (148)
(Loss)/profit before impairment losses (25) 85 (86) 61 35
Impairment releases 34 105 17 17 72
Operating profit/(loss) 9 190 (69) 78 107
Total income - adjusted (1) 373 368 172 201 183
Operating expenses - adjusted (2) (252) (274) (116) (136) (138)
Operating profit - adjusted (1,2) 155 199 73 82 117
Analysis of income by business
Corporate 128 97 55 73 47
Retail 251 212 121 130 109
Other (2) 59 (4) 2 27
Total income 377 368 172 205 183
Analysis of impairments by sector
Mortgages (1) (78) (3) 2 (53)
Commercial real estate
- investment (6) 5 - (6) 4
- development (8) 5 (6) (2) 5
Other lending (19) (37) (8) (11) (28)
Total impairment releases (34) (105) (17) (17) (72)
Loan impairment charge as % of gross
customer loans and advances (excluding
reverse repurchase agreements) by sector
Mortgages - (0.8%) (0.1%) - (1.1%)
Commercial real estate
- investment (1.0%) 0.8% - (2.0%) 1.2%
- development (3.2%) 2.5% (4.8%) (1.1%) 5.0%
Other lending (0.7%) (1.5%) (0.6%) (0.8%) (2.3%)
Total (0.3%) (0.8%) (0.3%) (0.3%) (1.1%)
Notes:
(1) Excluding own credit adjustments.
(2) Excluding restructuring costs and litigation and conduct costs.
Ulster Bank RoI (E Euro)
Half year ended Quarter ended
30 June 30 June 30 June 31 March 30 June
2016 2015 2016 2016 2015
Performance ratios
Return on equity (1) 0.6% 11.3% (8.2%) 8.8% 12.6%
Return on equity - adjusted (1,2) 9.3% 11.9% 9.0% 9.2% 13.9%
Net interest margin 1.64% 1.66% 1.54% 1.75% 1.65%
Cost:income ratio 106% 77% 150% 70% 81%
Cost:income ratio - adjusted (2) 67% 74% 67% 67% 75%
30 June 31 March 31 December
2016 2016 2015
Ebn Ebn Change Ebn Change
Capital and balance sheet
Loans and advances to customers (gross)
Mortgages 18.6 18.6 - 18.8 (1%)
Commercial real estate
- investment 1.2 1.2 - 0.9 33%
- development 0.5 0.7 (29%) 0.3 67%
Other lending 5.3 5.5 (4%) 5.3 -
Total loans and advances to customers (gross) 25.6 26.0 (2%) 25.3 1%
Loan impairment provisions
Mortgages (1.4) (1.4) - (1.4) -
Commercial real estate
- investment (0.3) (0.4) (25%) (0.2) 50%
- development (0.3) (0.5) (40%) (0.1) 200%
Other lending (1.0) (1.1) (9%) (0.9) 11%
Total loan impairment provisions (3.0) (3.4) (12%) (2.6) 15%
Net loans and advances to customers 22.6 22.6 - 22.7 -
Total assets 29.0 28.7 1% 29.0 -
Funded assets 28.8 28.6 1% 28.8 -
Risk elements in lending
Mortgages 3.4 3.5 (3%) 3.5 (3%)
Commercial real estate
- investment 0.4 0.5 (20%) 0.2 100%
- development 0.3 0.6 (50%) 0.1 200%
Other lending 1.1 1.1 - 0.9 22%
Total risk elements in lending 5.2 5.7 (9%) 4.7 11%
Provision coverage (3) 57% 60% (300bp) 55% 200bp
Customer deposits 17.5 17.3 1% 17.8 (2%)
Loan:deposit ratio (excluding repos) 129% 131% (200bp) 127% 200bp
Risk-weighted assets
- Credit risk
- non-counterparty 23.5 24.2 (3%) 24.6 (4%)
- counterparty 0.1 0.1 - 0.1 -
- Operational risk 1.3 1.4 (7%) 1.7 (24%)
Total risk-weighted assets 24.9 25.7 (3%) 26.4 (6%)
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 RWAes, assuming 15% tax rate.
(2) Excluding restructuring costs and litigation, conduct costs and own credit adjustments.
(3) Provision coverage represents loan impairment provisions as a percentage of risk elements in lending.
Ulster Bank RoI
Serving our Customers
Ulster Bank RoI retains a strong capital and funding position as it continues to support the economic recovery across
Ireland.
· H1 2016 new mortgage lending of E0.4 billion was 47% higher year on year, resulting in an increase in new lending market share from 14% in Q4 2015 to 18% in Q1 2016. The strong half year performance in mortgage lending was supported by a successful re-entry into the broker market, competitive mortgage rates and the expansion of the mobile mortgage manager team.
· Ulster Bank RoI launched a series of business roadshows around the country to provide service and advice to companies planning for 2016 and beyond. A dedicated fund of E1.5 billion is available to lend to businesses in 2016.
· The 'Help for
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