RBS reports rise in mortgage lending

Michael Lloyd

August 2, 2019

The Royal Bank of Scotland (RBS) has reported its gross mortgage lending rose in H1 to reach £14.3bn, up from £13.6bn year-on-year.

Its gross new mortgage lending in the quarter was £6.7bn. The lender’s mortgage approval share was around 13% in Q2 2019 up from 11% in Q1 2019.

Total income was £43m in Q2, or 3.5%, lower due to decreased savings deposit margins from the lower yield curve and continued pressure on mortgage margins.

RBS reported an operating profit before tax of £2.694bn, an attributable profit of £2.038bnand a return on tangible equity of 12.1% for H1 2019.

UK Finance figures showed that RBS remained the third biggest lender in the UK last year. A list of gross lending of its members showed that its lending dropped £30.9bn in 2017 to £30.5bn in 2018, with it’s market share falling from 11.9% to 11.4%.

Sign up to our daily email