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RBS reveals gross mortgage lending of £8.2bn in Q3

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  • 26/10/2018
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RBS reveals gross mortgage lending of £8.2bn in Q3
Royal Bank of Scotland's (RBS) gross mortgage lending in the three months to the end of September came in £8.2bn, the lender revealed in quarterly results.

 

The state-backed lender’s market share of new mortgage business stands at around 12%.

Targeted growth in mortgage lending helped net loans and advances increase by £0.4bn quarter-on-quarter, RBS said.

Customers at the bank, which includes NatWest, carried out 60% of mortgage switching online in the year to date, as overall digital sales increased 22% annually.

RBS profit before tax for the quarter came in at £961m, up from £871m compared to the same period last year.

However, overall bad loans shot up to £240m from £143m of impairment losses in 2017.

And the lender reported an additional £100m impairment charge, reflecting the more uncertain economic outlook.

Another £200m was also put aside for Payment Protection Insurance (PPI) complaints and compensation.

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