RBS has a reported a fall in profits for the first three months of the year, citing Brexit uncertainty as a key issue.

The bank reported a £707 million profit for the quarter, down from £808 million for the same period last year.

This proved nevertheless ahead of analyst expectations and this was attributed to better cost control during the period, with operating expenses £73 million.

Profits were down on the year before largely due to £265 million lower income.

The bank said it remained on track to fulfil a £300 million cost reduction target this year, following a £45 million reduction in the quarter.

In addition, RBS warned on the impact of continued Brexit-related uncertainty and the impact on its business.

It said:

“While we retain the outlook guidance we provided in the 2018 Annual Results document, we recognise that the ongoing impact of Brexit uncertainty on the economy, and associated delay in business borrowing decisions, is likely to make income growth more challenging in the near term.”

The government still owns a 62% in RBS, after it was bailed out during the height of the financial crisis back in 2009.

RBS shares (LON:RBS) are down -4.24% as of 12:57PM (GMT).