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RBS: profit up despite Brexit uncertainty

( - Royal Bank of Scotland said it has recorded a "good financial performance" in 2018, despite "uncertain economic conditions" and the prospect of Brexit.

RBS reported pre-tax operating profit of 3.36 billion pounds for the last year, up from 2.24 billion pounds in 2017.

The British bank - which has now reduced operating costs by over 4 billion pounds in five years - said its pre-tax operating profit was 572 million pounds in the fourth quarter, compared to a loss of 583 million pounds a year ago.

However, RBS warned that the UK economy faces a "heightened level of uncertainty" related to ongoing Brexit negotiations.

While the bank is trying to help British businesses prepare for the Brexit transition, via granting loans, RBS says that it predicts additional ongoing costs associated with ring-fencing and Brexit.

However, this cautious tone did not prevent the shares from rising this morning, with the RBS stock currently up 1% at 243.9 pence.

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