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RBS gross lending increases 23%

Royal Bank of Scotland increased gross lending 23 per cent year-on-year in the third quarter of the year, its latest quarterly results reveal.

New mortgage lending reached £5.3bn in the three months to 30 September, up from £4.3bn in the same quarter a year earlier, with the total advanced in the year to date reaching £15bn.

The lender has advanced more than 27,000 first-time buyer mortgages in 2014 and has provided 10,000 loans through the Help to Buy equity loan and mortgage guarantee schemes, with total funding of £1.4bn through Help to Buy.

The results show pre-tax profits in Q3 of £1.3bn, up from a £634m loss in the same quarter a year earlier.

RBS set aside £400m to cover the costs of regulatory investigations into its manipulation of foreign exchange markets.

The corporate and institutional banking division made an operating loss of £557m, mainly because of the funds reserved for the foreign exchange probe. In addition, PPI compensation payments topped £100m in the quarter.

RBS chief executive Ross McEwan says: “We are reducing costs, and are on track to achieve our capital targets. But we know we still have a long list of conduct and litigation issues to deal with and much, much more to do to restore our customers’ trust in us.”

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