RBS 2014 Annual Report Download - page 20

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18
RBS – Interim Results 2015
Analysis of results
Key points
H1 2015 compared with H1 2014
• Net interest income was stable, with asset growth in UK PBB and Commercial Banking. Segmental
splits are affected by the transfer of a number of portfolios between businesses, including the transfe
r
to Commercial Banking of the UK corporate coverage business from CIB and of the RBS International
business from Private Banking.
• Net interest margin (NIM) rose 7 basis points, with progressive repricing of deposits helping to offset
continuing competitive pressures on asset margins.
Q2 2015 compared with Q1 2015
•
A
sset growth was driven by rising mortgage volumes, supported by increased mortgage advise
r
capacity and increasingly competitive pricing.
• Modest downward pressure on NIM reflected competitive conditions in domestic markets and a furthe
r
slight decline in the standard variable rate mortgage book, partially offset by some further small
adjustments to deposit pricing.
Q2 2015 compared with Q2 2014
• Net interest income was down 1%, with good asset growth in UK mortgages and Commercial Banking
partially offsetting declines in other portfolios.
• NIM was 1 basis point higher, with deposit repricing offsetting continuing pressure on asset margins.