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Interim Results

RBS swings to Q1 attributable profit of £259m

28 April 2017 07:25

RBS has swung to a Q1 attributable profit of £259m, up from a loss of £968m a year earlier, and says it retains its FY guidance.

Its operating profit was £713m, up from £421m. Net interest margin was 2.24%, from 2.19%. Adjusted income of £3.239bn was £425m, or 15.1%, higher than Q1 2016.

"We retain the 2017 full year guidance and medium term outlook we provided in the 2016 Annual Results document," said RBS in its Q1 results statement.

"In addition, and subject to providing fully for remaining significant legacy issues in 2017, our expectation remains that we will be profitable in 2018."

The lender anticipated that adjusted operating profit would be lower in Q2 2017 compared with Q1 2017, reflecting expected reduced income in NatWest Markets, coupled with increased adjusted operating expenses, in part due to the absence of the Q1 2017 VAT recovery in Q2 2017.

"Separately, we expect to recognise a gain on the sale of RBS's stake in Vocalink of approximately £160 million during the quarter."

The bank's CET1 ratio was 14.1%, up 70 basis points from Q4 2016.

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