RBS International’s operating profit of £524m in 2022 is an increase of £174m compared to 2021, noted the bank. Its income increased by 48% to reach £810m in 2022, “supported by strong average customer volumes and favourable yield curve movements.”

Its Luxembourg-based entities generated an income of £79m and profit before tax of £53m in 2022. These are both increases from 2021, when they generated £28m of income and £14m of profit before tax.

“I’m tremendously proud of how we have supported our customers and colleagues throughout the last year,” said Oliver Holbourn, CEO of RBS International. “We have proactively worked to help guide them through significant uncertainty and the cost of living challenges people and businesses continue to face, especially through measures like increasing the number of Financial Health Checks for personal customers, and investing in pay for our colleagues.

In its announcement, the bank also noted that £1.3bn of lending in 2022 was in climate and sustainable funding and financing solutions, as it supports NatWest Group’s commitments to tackling climate change.

“I am also pleased that despite the macroeconomic headwinds, we have still been able to deliver support to our customers on important areas such as tackling climate change,” added Holbourn.

RBS International, which is part of NatWest Group, has its headquarters in Jersey, Channel Islands. Most of its activities are in the UK. In Luxembourg, it employed 69 full-time equivalent (FTE) employees, including temporary staff, as of 31 December 2022, an increase of 10 FTEs from the year before.