RBS makes Q2 recovery

Mortgage Introducer

July 30, 2015

The bank’s lending reached £5.4bn in the second quarter after it lent just £3.7bn in the first quarter. In the first half of 2015 as a whole it lent £9.1bn.

RBS also turned its profits around despite making an overall loss of £153m in the six months to June. It lost £446m in the first quarter and it returned to profit in the second quarter by making £293m.

It attributed losses in H1 2015 to £1.5bn in restructuring costs, and £1.3bn for lawsuits and customer recompense.

Philip Hampton, chairman of RBS, said: “These conduct and litigation costs have greatly exceeded the expectations of banks and their investors.

“Judging the ultimate scale of conduct costs remains extremely challenging.”

RBS’s balances now stand at £105.4bn after increasing by £3.6bn year-on-year.

Its market share reached 9.7% for new mortgages in the second quarter, up from 8.3% of its current stock share.

Sign up to our daily email