RBS CEO Says 2018 Will Be Another Big Year, On Its Path To Achieving 2020 Goals

(RTTNews) - Royal Bank of Scotland Group Plc.'s (RBS, RBS.L) Chief Executive Ross McEwan said 2018 will be another big year for the bank on its path to achieving its 2020 goals. The bank has retained its cost:income ratio target of sub 50% and return on equity of +12%.

At Annual General Meeting, Ross McEwan said, "We are committed to having more women in senior positions - in 2015 we set a target to have at least 30% of roles at the three most senior levels in the organisation filled by women, by 2020. We're now at 37% and we're on track to achieve 40% by 2020 - ahead of many other organisations. We've still got a way to go, particularly on our gender pay gap and our targets on senior positions held by our Black, Asian, and minority Ethnic colleagues - but myself and the Board, remain steadfast to bringing further balance to RBS."

Looking ahead to 2018/19, the outlook for UK GDP growth is subdued, relative to the rate achieved in previous years. With forecast UK GDP growth at or around 1.5%, the company expects its balance sheet growth to follow a similar trend.

"Against this economic backdrop, we are confident our strategy remains the right one. A key pillar of this is responding to the way customers choose to bank with us," Ross McEwan said.