You are here: Home - News -

RBS reports 42% year-on-year rise in Q3 mortgage lending

by:
  • 30/10/2015
  • 0
RBS reports 42% year-on-year rise in Q3 mortgage lending
Royal Bank of Scotland (RBS) gross mortgage lending in quarter three rose by 42% year-on-year from £5.2bn to £7.4bn, results from its interim management statement revealed.

Full-year gross mortgage lending in 2014, according to the Council of Mortgage Lenders, reached £19.7bn.

The lender reported strong levels of mortgage activity in its third quarter with a 66% year-on-year rise in applications from £6.2bn to £10.2bn. This gave RBS a 15% new business market share of approvals.

The bank said income earned from mortgage sales had fallen from £657m earned in Q3 2014 to £637m in Q3 this year because of increasingly competitive pricing. Borrowers on Standard Variable Rate (SVR) mortgages continued to transfer onto lower-rate products causing the portion on its mortgage book on SVR products to shrink to 15% as at 30 September compared to 23% last year.

RBS is contining to work towards its goal of reducing volatility by focusing on its key franchises; personal and business banking and commercial and private banking.

One phase of this project is to shed more than 300 branches under its William & Glyn brand, a condition of its 2008 government bailout. Williams & Glyn submitted its application for a banking licence this month. RBS wants to complete the separation by next summer and plans to launch an Initial Public Offering (IPO) by the end of 2016.

On 4 August 2015, the Treasury sold 630 million RBS ordinary shares, its first sale since its initial investment in 2008. The sale of the 5.4% stake reduced the Treasury’s economic interest in RBS to 72.9%.

 

There are 0 Comment(s)

You may also be interested in

  • My week on Twitter 🎉: 58 Mentions, 68.8K Mention Reach, 97 Likes, 31 Retweets, 45.3K Retweet Reach. See yours with… https://t.co/tNg0C9TSQ7
  • Congratulations to our finalists for Broker: Rising Star – Distributor - James Berry from Moneysprite, Ali Khan fro… https://t.co/y8UyT0CbMH
  • Our finalists for the #BMA2019 Lender: Business Development category are Nathan Bridgeman from Nationwide Building… https://t.co/rs9FuEIQhh

Read previous post:
arrow pointing sharply down and hitting bottom
London and Hong Kong at high risk of house price crashes, says UBS

London and Hong Kong are the cities with house prices most likely to face another property price crash, says investment...

Close