RBS warns of impact of Brexit uncertainty as profits fall

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RBS has reported a drop in profits for the first three months of the year and warned of the continuing impact of Brexit uncertainty on near-term growth.

The bank, which is 62% government-owned, reported £707m profit, down from £808m for the same period last year.

It said Brexit uncertainty could delay business borrowing decisions and “is likely to make income growth more challenging in the near term”.

The fall in profit comes a day after chief executive Ross McEwan resigned.

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