The Royal Bank of Scotland (RBS) announced on Friday its operating profit in fourth quarter of fiscal 2019 stood at £1.55 billion, up 171% compared to the same period last year. The cost-income ratio fell by 20.1 points to 59.4% at the same time. The bank's profit grew 393% year-over-year to £1.40 billion in Q4, while diluted earnings per share (EPS) in the amounted to £0.12, jumping 404% from last year's figure of £0.02.
For the full year of 2019, the operating profit was £4.23 billion, while the cost-income ratio declined 6.6 points to 65.1%. Profit was £3.13 billion, while diluted EPS stood at £0.26.
RBS stated it will rename itself NatWest Group plc as a part of its new strategy, which will include reducing the size of its investment bank, reducing carbon emissions and cutting its long-term profitability targets. The bank's CEO Alison Rose said the RBS would become a more sustainable business in the face of "unprecedented disruption".
