RBS increases mortgage lending 22.2%
Royal Bank of Scotland has reported it increased its mortgage lending by 22.2% year-on-year in Q1, with £4.4bn lent compared to £3.6bn in Q1 2013.
Although the bank’s mortgage lending grew, it actually had a smaller market share (9.5%) than Q1 last year (10.6%), due to the fact that its growth in lending didn’t keep pace with the market.
The bank’s mortgage book hit the £100bn mark for the first time this quarter,up from £99.3bn at the end of December.
Chief executive Ross McEwan says:
“Just over two months ago, I set out our plan for making RBS the most trusted bank in the UK. Today’s results show that in steady state, RBS will be a bank that does a great job for customers while delivering good returns for our shareholders. But we still have a lot of work to do and plenty of issues from the past to reckon with.
”Everyone at RBS is focused squarely on doing everything we can to earn the trust of our customers and in the process change the ban king sector for the benefit of the UK.”ome makes this unlikely.”
“Scottish independence would eliminate the current fiscal transfers between Scotland and the remaining regions of the UK, marginally improving fiscal dynamics for the remainder of the UK given higher Scottish per capita public expenditures and Scotland’s older demographic profile.”
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