Royal Bank of Scotland Group PLC, the United Kingdom's second-largest banking company, said its full-year profits jumped 18% from a year earlier, to $14.5 billion, as it offset slow growth in its U.S. business and mortgage-related writedowns with asset sales.
Citizens Financial Group Inc., Royal Bank's $161 billion-asset Providence, R.I., subsidiary, increased its consumer banking base 2% during the year, the parent said Thursday, but tight credit markets squeezed revenue growth, and the unit's operating profits fell 9%, to $2.6 million.
Royal Bank posted $3.2 billion of writedowns tied to the subprime mortgage meltdown.
However, revenue climbed 11%, to $62 billion, lifted by the sale of stakes in Southern Water Capital Ltd. and London Stock Exchange Group PLC, among other assets.
Royal Bank gained $2.4 billion on its asset sales.
