RBS reported a profit before tax of £421 million for Q1 2016 compared with £37 million in Q1 2015. An attributable loss of £968 million included payment of the final Dividend Access Share (DAS) dividend of £1,193 million to the UK Government.
Income was broadly stable compared with Q1 2015 across our core Personal & Business Banking (PBB) and Commercial & Private Banking (CPB) franchises. In Q1 2016, core PBB and CPB net loans and advances grew by 15% on an annualised basis with strong growth in both the mortgage and commercial businesses. RBS has made good progress on customer Net Promoter Score (NPS) in the last year, although there still remains much to do. Common Equity Tier 1 ratio (CET1) of 14.6% remains in excess of target. Adjusted (1) return on equity across our core PBB, CPB and CIB franchises was 10.9% in Q1 2016.
“Today’s results show the strength and resilience of the bank we are fast becoming.
This bank has great brands and great market positions and piece-by-piece we are building a solidly performing, profitable bank doing great things for customers and returning value for shareholders.
One quarter in, capital remains strong, costs continue to fall, our customer scores are improving and we’re seeing growth in the businesses and the markets we like.”
Ross McEwan, Chief Executive
(1) Excluding restructuring costs, litigation and conduct costs, write down of goodwill, own credit adjustments, loss on redemption of own debt and strategic disposals.
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