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BBR Staff Writer[1] Published 30 April 2018

Royal Bank of Scotland (RBS) has posted a profit £792m in the first fiscal quarter of this year, which was triple compared to the £259m during the same period last year.

The bank reported a 2.8% increase in income, while 2.1% reduction in costs, helping to post a 4.9% improvement in operating leverage compared with the first quarter in 2017.

RBS’ income surged by £90m or 2.8% in this quarter compared to the first quarter of 2017. Income in this quarter increased by £245m compared to the fourth quarter of 2017.

The bank’s operating costs slashed by £442m or 18% compared to the first quarter of 2017, while costs reduced by £39m or 2.1%.

RBS noted that 5.75 million customers are regularly using the bank’s mobile app, which is 21% higher than the first quarter of 2017 and 5% higher than fourth quarter of the same year.

The bank has reported a 55% of personal unsecured loans sales through the digital channel, which is 39% higher than the same quarter in 2017.

Business banking digital current account openings of the bank remained at 82%, which is 59% higher than the same quarter in the last year.

RBS branch counter transactions have been decreased by 7%, compared with the same quarter in 2017, while ATM transactions and cheque usage were slashed by 17% each in the current quarter.

RBS CEO Ross McEwan said: “In the first three months of 2018, we made a pre-tax profit of £1.2 billion. This contributed to a bottom line profit in the period of £792 million, exceeding the full year 2017 profit we reported back in February.

“This is a good set of results showing the progress we are making,

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currensceneFLOGO WHTsquareThough not the oldest form of currency, some form of shell money appears to have been found on almost every continent. The shell most widely used worldwide as currency was the shell of Cypraea moneta, the money cowry.

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