Reports
Operating Profit Rises At RBS Wealth Arm

The banking group said that Coutts and Adam & Co logged a rise in operating profits for the first three months of this year.
Coutts and Adam & Co - the private banking arms of UK-listed
Royal
Bank of Scotland - today reported a 29 per cent year-on-year
rise in operating profit at £80 million, driven by higher income
and lower costs and impairments.
Return on Equity increased to 17.1 per cent, lifted by higher
volumes and margins, net impairment release and efficient capital
management.
Income rose by £9 million ($11.6 million) over the reporting period, or 5 per cejnt, as deposit income and lending balances increased, UK-listed RBS said in a statement today.
The announcement follows yesterday's
statement that RBS chief executive Ross McEwan, who has been
in ost for more than five years, is stepping down.
RBS said its private banking operating costs fell 2 per cent
year-on-year, at £2.0 million, in the first quarter of this
year.
Total assets under management stood at £27.9 billion at the end
of the quarter, rising £1.4 billion.
"As our new strategy and operating model embeds, it is imperative
that we remain progressive and forward thinking especially as we
continue to attract a broader client base that reflects today’s
society," Peter Flavel, Coutts CEO, said.