British banking giant Royal Bank of Scotland (RBS) has posted an attributable profit of £259m for the first quarter of 2017, compared with a loss of £968m a year ago.
For the quarter ended 31 March 2017, the company posted operating profit of £713m, a surge of 69.3% compared to £421m during the same period last year.
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Restructuring costs for the quarter were £577m, while litigation and conduct costs were £54m.
The banking group’s quarterly net interest income was £2.23bn, an increase of 3.8% from £2.15bn a year ago. Operating expenses increased 1.2% to £2.45bn from £2.42bn in the previous year.
The bank’s personal & business banking (PBB) unit includes the reportable segments of UK Personal & Business Banking (UK PBB) and Ulster Bank.
The UK personal & business banking (PBB) unit of RBS reported an operating profit of £494m, a decline of 2.94% compared with £509m in the first quarter of 2016. The division’s net interest income increased 9% year-on-year to £1.11bn.
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By GlobalDataUlster Bank’s operating profit slumped 59% to £32m from £78m a year earlier. The unit’s net interest income remained unchanged at £105m.
