Royal Bank of Scotland (NYSE: RBS): Q4 2019 Earnings Snapshot

— The Royal Bank of Scotland Group Plc (NYSE: RBS) reported its fourth-quarter 2019 earnings of GBP0.116 per share, up from GBP0.023 per share in the previous year quarter.

— Operating profit before tax soared to GBP1.55 billion from GBP572 million last year.

— Across the retail and commercial businesses, income declined by 4% excluding notable items, principally reflecting margin pressure in a challenging market.

— The bank net interest margin declined by 4 basis points from last quarter, primarily reflecting competitive pressures in the mortgage business as front book margins remain lower than the back book.

— The company said it plans to rename its parent company to NatWest Group Plc later this year.

— The company continues to expect challenges on income in the current environment and ongoing market uncertainty. The regulatory changes will adversely impact income in personal business by around GBP200 million.

— The company plans ongoing operating costs take out by lowering operating expenses excluding strategic costs, litigation and conduct costs and operating lease depreciation costs by GBP250 million in 2020 compared with 2019.

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