RBS private banking arm has reported assets under management and administration (AUMA) of £30.4bn at the end of December 2019, a 15% growth compared with £26.4bn a year ago.
The bank attributed the growth to net inflows of £800m and positive investment performance of £3.2bn.
The private banking segment is part of the bank’s Commercial & Private Banking unit that includes Coutts and Adam & Company.
The division registered an operating profit of £61m in Q4 2019, a 3% decrease from £63m in the same quarter of 2018.
Total income at the unit fell by £3m to £195m over the period. However, total income for the full year ending 31 December 2019 increased to £777m from £775 in the prior year.
Operating expenses at private banking dipped 6% year-on-year to £135m. The fall was said to be driven by reduced expenses related to back-office operations as well as various one-off items.
Group performance shines
At a group level, RBS reported an attributable profit of £1.41bn for Q4 2019 versus £286m in Q4 2018.
Total income at the group surged 38% to £4.23bn from £3.06bn.
At the same time, RBS announced that it will rebrand its parent company as NatWest Group later in 2020.
RBS CEO Alison Rose said: “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.