Royal Bank of Scotland

RBS ditches new digital app as profits fall

Andrew Black

BBC Scotland Business Presenter

RBS sign
Getty Images

More on today's Royal Bank of Scotland results, after the bank announced pre-tax profits for the year so far are £519m - down 49% compared to the same period in 2019. (see 7:27 entry)

RBS has decided to wind down its money-saving app Bo, which was only launched in November. It will merge another of its digital brands - Mettle.

Meanwhile, chief executive Alison Rose says she is expecting losses as the Coronavirus crisis continues, with the bank offering help like mortgage payment holidays to customers. But she did stress the bank was in a strong financial position to weather the storm.

RBS is also a big business lender - it's approved more than £1.5bn of loans through the UK government-backed emergency scheme alone.

How much of that will ever be paid back? Alison Rose isn't putting a figure on it right now. She did say the bank will continue lending, but there will be businesses which get turned down.