RBS beats full-year profit expectations, warns of 'heightened' Brexit uncertainty

RBS building

Royal Bank of Scotland reported a net income of £1.62 billion ($2.07 billion) for 2018 on Friday.

Analysts were expecting a net income of £1.58 billion for the full-year, according to Reuters' Eikon.

In terms of quarterly performance, net income stood at£286 million versus £448 million in the third quarter.

At the time, the bank said it had set aside an impairment provision of 100 million pounds to deal with economic uncertainties, including from the fallout of Brexit.

The bank warned of ongoing economic and political uncertainty and highly competitive mortgage market, along with uncertainty surrounding U.K.'s exit from the European Union.

"The U.K. economy faces a heightened level of uncertainty related to the ongoing Brexit negotiations," RBS' chief executive Ross McEwan said in the statement Friday.

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