RBS warns Brexit uncertainty will put pressure on profits


RBS has reported a dip in profits for the first quarter due to Brexit uncertainty and competitive pressures.

Pre-tax operating profit was lower at £1bn compared to £1.2m as the bank suffered from stiffer competition across the mortgage market and Brexit with many reigning in spending.

The outgoing chief executive Ross McEwan said, “This is a solid set of results set against a highly uncertain and competitive backdrop.

“We continue to support our customers through this Brexit uncertainty while investing and innovating in digital services to meet rapidly changing customer needs.”

On Friday, the bank said while it is retaining its full year guidance, the “ongoing impact of Brexit uncertainty on the economy, and associated delay in business borrowing decisions, is likely to make income growth more challenging in the near term.”