DBRS: UK Banks’ 1H19: Resilient Performance But Revenue Headwinds Are Likely to Intensify
DBRS Ratings Limited (DBRS) published a commentary analysing UK Banks’ 1H19 performance. Overall DBRS views the large UK banks’ statutory profits in 1H19 as resilient, despite a normalisation in the cost of risk, which had some impact on earnings.• In 1H19 large UK banks’ aggregate statutory profits increased YoY as the overall burden from legacy litigation and conduct was lower than in the same period last year.
• Underlying performance remained resilient despite a challenging operating environment, especially in domestic retail and capital markets activities.
• DBRS notes that revenue headwinds could intensify, given a sharp fall in the yield curve in recent months and continued significant economic and political uncertainty.
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