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RBS Says Income From Currencies Increases 18% in First Quarter

May 3 (Bloomberg) -- Royal Bank of Scotland Group Plc, Britain’s biggest state-owned lender, said income from currencies climbed 18 percent during the first quarter as volatility increased.

Foreign-exchange income rose to 192 million pounds ($299 million) from 163 million pounds in the previous three months, the company said in a statement. The result was still lower than a year earlier, when it was 246 million pounds.

“The increase in currencies was partly driven by an increase in volumes as clients responded to greater volatility,” RBS said. The decline from a year earlier was due to “margin compression and subdued volumes,” it said.

JPMorgan Chase & Co.’s Global FX Volatility Index rose 11 percent in the first quarter, the biggest gain since the three months ending September 2011. The gauge climbed to an eight-month high of 9.88 in February and was at 8.53 today.

To contact the reporter on this story: Lucy Meakin in London at lmeakin1@bloomberg.net.

To contact the editor responsible for this story: Paul Dobson at pdobson2@bloomberg.net

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