Royal Bank of Scotland says its first half results for 2006 are positive, with a boost in retail markets from consumers’ move away from unsecured loans to savings and investments.
Highlights of the results, to be published on August 4, include good organic growth on income, disciplined expense control and a small improvement in overall credit.
It says losses in retail markets are in line with the volume growth in personal unsecured lending over the past two to three years and the seasoning of these portfolios. Corporate credit conditions remain benign.
Sir Fred Goodwin, group chief executive at RBS, says: Organic growth has been a key element of the Groups strategy and a prominent theme in our results over recent years.
“2006 is progressing well, and we are confident that our interim results will clearly demonstrate the inherent strength of our business model, the benefits of our diversified business activities, and the range of options available to us for future organic growth.