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For H1 2018, IBOS member Royal Bank of Scotland (RBS) reported an operating profit before tax of £1,826 million.

An attributable profit of £888 million was reported for H1 2018, along with a Q2 2018 attributable profit of £96 million.

Additionally, an operating profit before tax of £613 million was reported in Q2 2018.

In H1 2018, there was a stronger capital position with a CET1 ratio of 16.1%, including the impact of the £2 billion pre-tax pension contribution and the civil settlement in principle with the DoJ and the accrual of the intended interim dividend. Excluding these items, CET1 ratio increased by 110 basis points in the quarter driven by underlying profitability and RWA reductions.

Lowers costs were maintained through continued transformation and increased digitisation. In comparison with H1 2017, other expenses decreased by £133 million, or 3.6%, excluding a VAT release in 2017. A total of 6.0 million customers now regularly using RBS’s mobile app, 9% higher than December 2017. Over 80% of Commercial Banking customers are now interacting with RBS digitally, 41% of whom have migrated to new Bankline.

In H1 2018, income was broadly stable compared with H1 2017 excluding NatWest Markets, Central items and one-off gains in Commercial Banking. This demonstrates RBS’s continued track record of delivery and resilience in a competitive market.Q2 2018 net interest margin of 2.01% decreased by 3 basis point compared with Q1 2018 reflecting increased liquidity and continued competitive margin pressure.

Read the full financial results via RBS here.