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LONDON (AP) – Royal Bank of Scotland announced a 12.5% drop in profits in the first quarter, due to the economic uncertainty badociated with the reduction of Brexit loans.
Net income rose from 808 million pounds to 707 million pounds ($ 912 million) in the same period last year, as companies delayed the loan decision. The UK government holds 62.4% of RBS as a result of a taxpayer-funded bailout during the global financial crisis.
RBS warned on Friday that uncertainties regarding Britain's imminent departure from the European Union "will likely make revenue growth more difficult in the short term".
Chief Executive Officer Ross McEwan said the bank "will continue to support its customers facing this Brexit uncertainty while investing and innovating in digital services."
McEwan announced Thursday that it was pulling out after five and a half years of streamlining operations and concentration on the UK and Irish markets.
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