It said the Board had decided it is the “right time” to align the parent company name with the brand under which the majority (80%) of business is delivered.

RBS Group added that customers will see no change to products or services as a result of the change and “will continue to be served through the brands they recognise today, including the Royal Bank of Scotland”.

It added that employees will also see no change and it will not be moving people out of Scotland as a result.

The 2019 results saw RBS post an operating profit before tax of £4.2bn, up from £3.4bn in 2018. Customer deposits increased by £5bn, or 3.4%, as it saw growth continue across current accounts and savings.

Payment Protection Insurance

The group revealed it made an additional PPI provision of £900m in Q3 2019 reflecting greater than predicted complaint volumes in the lead up to the 29 August deadline.

In total, provisions for PPI stand at £6.3bn, of which £5bn has already been paid. It said the average payout stood at £1,631.

Dividends

RBS confirmed it paid an interim dividend of £241m (2p per ordinary share) and a special dividend of £1.4bn (12p per share) in 2019.

However the company is proposing a final dividend of £364m (3p per ordinary share) and a further special dividend of £606m or 5p per ordinary share, subject to approval at the AGM in April 2020. If approved, payment will be made to shareholders in May.

Challenges and outlook

New chief executive Alison Rose said the bank faces a number of challenges, such as continued low interest rates. She said it expects a base rate cut in the short-term and then rates to remain flat thereafter.

“Given the current uncertainties we will continue to actively monitor and react to market conditions,” she said.

The bank also set a “bold new ambition” to be a leading bank in the UK & Republic of Ireland helping to address the climate challenge by making its operations net carbon zero in 2020 and climate positive by 2025.