Business Uncertainty Following Prolonged Brexit Hangs Over RBS' Near-Term Income Outlook
RBS reported first-quarter 2019 operating profit before tax of GBP 1 billion compared with GBP 1.2 billion the same period a year ago. Lower operating expenses, down nearly 4% year over year, were not enough to offset weaker income generation. Net interest income declined 5% to GBP 2 billion, mostly driven by NatWest markets and personal banking. Excluding one-off items in these segments, generally higher economic uncertainty and continuously high competition in the mortgage market could be seen...
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