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Coutts RDR unit delivers £2bn in assets but profit falls 5%
by David Campbell on Nov 01, 2013 at 07:45
Coutts post-RDR ready advice unit has delivered £2 billion in assets under advice over the first nine months of the year, parent group RBS revealed in its third-quarter results.
The group reported 2% lower expense delivered through lower staffing levels and ‘a continued focus on discretionary costs,’ with operating profit at the Wealth division, which includes Adams Bank in addition to Coutts, down 5%, primarily due to lower deposit spreads.
‘Non-interest income was 5% lower as market volatility led to a decrease in investment income,’ the group said in a statement.
Staffing costs fell from £110 million to £102 million over the three months, with operating profit down from £63 million in Q3 2012 to £60 million in Q3 2012.
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