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Wealth Arm Of RBS Reports Unchanged Operating Profit

Tom Burroughes

4 November 2011

The wealth arm of UK-listed Royal Bank of Scotland, which includes Coutts, the private bank, logged an operating profit, before impairments, of £75 million ($119.9 million) in the three months ending 30 September, unchanged on a year ago, but down from £77 million from the end of June.

The net interest margin at RBS’s wealth segment was 3.46 per cent, up from 3.41 per cent a year ago.

The wealth segment at RBS had a cost-income ratio of 75 per cent at the end of September, up from 74 per cent at 30 June.

Total assets under management – excluding deposits – stood at £29.9 billion at the end of September, a decline from £34.3 billion at the end of June.

At the end of September, RBS employed 5,600 people at the wealth management section, a decline of 100 people since 30 June.

For RBS as a whole, operating profits, before impairment losses, were £2.118 billion, down from £2.529 billion at the end of June.