The Royal Bank of Scotland International (RBS International) has released its results for the first half of 2020.
RBS International trades under the NatWest International, RBS International, Coutts Crown Dependencies and Isle of Man Bank brands, and is the offshore banking arm of the NatWest Group. It provides a range of services to personal, business, commercial, corporate and financial intermediary clients from its base in St. Helier, Jersey.
In the first half of 2020 RBS International generated income of £259m and an operating profit of £87m.
The balance sheet remains strong with a Capital ratio of 20.9% and a loan to deposit ratio of 43%.
RBSI has extended forbearance to customers and additional lending facilities to governments in its jurisdictions as part of the wider effort to deal with COVID-19.
Almost 1300 personal customers have opted for a capital repayment holiday and just over 400 business customers have opted for a capital repayment holiday or one of the government guaranteed loan schemes.
Andrew McLaughlin, CEO, RBS International commented: “The first 6 months has been a huge test of our service culture, financial strength and operational resilience. Lower interest rates and debt relief lower our profitability but it is the right thing to do as we support our customers and the community through difficult times.”