RBS results disappoint markets

Shares in Royal Bank of Scotland (LON:RBS) dropped by 6.30% to 214.30p (as of 10:50 GMT) after the company posted results for the year ended 31st December. Market conditions in the retail and commercial sector remained challenging with continued margin pressure, but the group’s cost reduction programme proceeded faster than planned.

Management said that they expect 2020 to be difficult with incoming regulatory changes set to adversely impact income in the personal banking sector and the company will continue to reduce its cost base, which will have a negative short-term impact on profitability.