Royal Bank of Scotland

  1. RBS ditches new digital app as profits fall

    Andrew Black

    BBC Scotland Business Presenter

    RBS sign

    More on today's Royal Bank of Scotland results, after the bank announced pre-tax profits for the year so far are £519m - down 49% compared to the same period in 2019. (see 7:27 entry)

    RBS has decided to wind down its money-saving app Bo, which was only launched in November. It will merge another of its digital brands - Mettle.

    Meanwhile, chief executive Alison Rose says she is expecting losses as the Coronavirus crisis continues, with the bank offering help like mortgage payment holidays to customers. But she did stress the bank was in a strong financial position to weather the storm.

    RBS is also a big business lender - it's approved more than £1.5bn of loans through the UK government-backed emergency scheme alone.

    How much of that will ever be paid back? Alison Rose isn't putting a figure on it right now. She did say the bank will continue lending, but there will be businesses which get turned down.

  2. Video content

    Video caption: Chief Executive of Natwest Group Alison Rose said her bank is doing its best to make loans

    Alison Rose, Chief Executive of Natwest Group, said that although some of the money was beginning to get through, they were facing operational challenges.

  3. RBS sets out coronavirus support measures

    RBS cashpoints

    An RBS spokesperson said: “We are monitoring the potential impact of Coronavirus across all our customers to ensure we can support them appropriately through any period of disruption.

    "We have a strong track record in working with our customers who are affected by disruption outside of their control.

    "We also have operational resilience plans in place that reflect guidance from Public Health Authorities to ensure we can continue to serve our customers.”

    The bank said it was providing the following support for personal customers:

    • Mortgage and loan repayment deferral for up to three months
    • Customers can close fixed savings accounts to access cash with no early closure charge
    • Refunds on credit card cash advance fees
    • Customers can apply for increased temporary credit card limit
    • Customers can request an increased cash withdrawal limit of up to £500