14th February 2020

RBS nearly doubles profits-to change name to NatWest Group

Royal Bank of Scotland(RBS) Group has said it plans to change its name later this year, as it reported a near doubling of annual profits.

The Edinburgh-based bank, which owns RBS, NatWest and Ulster Bank, said it would rename itself as NatWest Group.

RBS reported an operating profit before tax of £4,232m and an attributable profit of £3,133m and proposes a final ordinary dividend of 3 pence and a 5 pence special dividend.

In a challenging market RBS has exceeded all of its 2019 financial targets: cost reduction above target; net lending growth ahead of target; RWAs below guidance; and 22 pence of total distributions to shareholders in 2019, while maintaining a CET1 ratio of 16.2%.

CEO Alison Rose, comments “Today marks the start of a new era for our bank as we announce our new purpose-to champion potential, helping people, families and businesses to thrive. These results are a reminder of the strong foundations we have built. Our profits are up, our capital remains strong and this year we will have returned a further £2.7bn to our shareholders.

"But our performance doesn’t yet match the potential that exists in this bank. We can deliver so much more. The way people live their lives has changed. And their expectations of companies are changing too; looking for us to deliver not only financial performance but a positive contribution to society; benefiting customers and communities as well as shareholders. The future of this bank depends on us successfully delivering on both. I am hugely excited about the opportunities that lie ahead of us.”