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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.”



Media Spotlight: Sons of Wichita by Daniel Schulman

The Koch family has over the past 50 years built up a reputation as one of the most tumultuous and secretive dynasties in America – and possibly the world. Charles and David Koch – two of the foremost members of the family for the past two decades – have spent a great deal of their […]


Analysis: More lending opens cross-sales window

Anticipation is rife for a strong year-end for the mortgage market and a lot of the lending fraternity seem to have upped their appetites in recent weeks. The post-MMR summer and the Scottish referendum created a period of uncertainty for many market stakeholders but there now appears to be a much more focused feeling of […]

Martin Wheatley 2013 700x450

FCA sets up ‘innovation hub’

The FCA has launched an “innovation hub” which aims to support firms developing new products as part of Project Innovate. Project Innovate is an initiative by the FCA to help start-ups and established businesses launch innovative ideas. The innovation hub will provide support from a team of dedicated FCA staff to both regulated and non-regulated […]


Santander looking at equity release move

Santander is considering a launch into the equity release sector next year. There are few details about what its proposition may look like but the bank has confirmed it is considering launching a lifetime mortgage. A spokesman for Santander says: “As a responsible lender it is right we consider all options for allowing customers to […]

Naming a reward programme

Six tips to get your reward programme name right

by Debra Corey, group reward director  Choosing a name isn’t easy. Whether it’s for your new puppy, a bundle of joy or your reward programme, a name determines a first impression – and often a lasting memory. When it comes to your reward programme, the name will determine how your employees feel about it even before […]


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