RBS first-quarter earnings down 12.5

Royal Bank of Scotland says first-quarter earnings dropped 12.5percent as economic uncertainty connected to Brexit curtailed funding.

Net income fell to 707 million pounds ($912 million) from 808 million lbs in the exact same period last year as businesses delayed borrowing choices. Britain’s government owns 62.4% of RBS following a taxpayer-funded bailout during the international financial crisis.

RBS cautioned Friday that uncertainty over Britain’s impending death from the European Union”is very likely to make income growth more challenging in the near term.”

CEO Ross McEwan says that the lender will”continue to encourage our customers through this Brexit doubt when investing and innovating in electronic services.”

McEwan on Thursday declared that he was stepping down following 5 1/2 years by which he compact operations and focused on the U.K. and Irish economies.