RBS mortgage market share falls to 11%
The Royal Bank of Scotland’s share of gross mortgage lending has fallen from 14% in Q1 2011 to 11% in Q1 2012.
In its interim management statement for Q1 2012 the bank reveals it lent £4bn until March 31 this year.
It also reports that 25% of its mortgages have been lent to first-time buyers which it puts down to the increased demand in March when the Stamp Duty holiday expired.
Mortgage impairments totalled £34m, just 0.1% of its book, and less than the £61m reported in Q1 2011, making up 0.3% of its book.
But the bank reported a massive pre-tax loss of £1.4bn compared to losses of £116m in Q1 2011.
It also set aside an additional £125m to deal with claims for the mis selling of payment protection insurance.
RBS says it has now repaid the emergency loans from the government paid out during the financial crisis to keep the bank going.
There was bad news for Ulster Bank which RBS says is facing exceedingly difficult market conditions from a deterioration in the mortgage market.
It lost £310m in Q1 with loan impairments of £654m, a 15% increase on the £570m put aside in Q4 2011.
The Ulster Bank losses were largely down to the deteriorating quality of its mortgage back book.