RBS changes its name as profits jump

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Royal Bank of Scotland (RBS) Group has reported a near doubling of annual profits and says it plans to change its name later this year.

The bank reported profits of £3.1bn for 2019, nearly double the £1.6bn seen the year before. The Edinburgh-based bank also announced it would be renaming itself as NatWest Group later this year.

New RBS chief executive Alison Rose called the results the “start of a new era” for the bank. The bank also announced it was committed to “at least halve the climate impact” of its financing activity by 2030.

Ms Rose told the BBC’s Today programme that the name change would not result in any change in services for RBS customers. About 80% of the bank’s customers are thought to use NatWest.

This is chief executive Ms Rose’s first set of results for the lender. She became the first female boss of a major High Street bank when she was appointed last year.

The bank was rescued by the government in 2008 in the aftermath of the financial crisis at a cost of £45bn and it is still 62% state-owned.

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