Live updates

RBS makes £469 million loss in third quarter

RBS is still 73% owned by the government. Credit: PA

Royal Bank of Scotland (RBS) made a £469 million loss in the third quarter and confirmed that it will miss a 2017 deadline to sell off its Williams & Glyn branch network.

The figure compares with a profit of £940 million in the same period last year, when the bank's balance sheet was boosted by the sale of US bank Citizens.

The lender, which is still 73% owned by the government, said that despite "positive discussions" with interested parties on the sale of Williams & Glyn, it will miss its 2017 deadline.

RBS must offload the Williams & Glyn branches by the end of next year as part of EU conditions linked to its £45 billion bailout at the height of the financial crisis.

The bank was also hit by £425 million in conduct and litigation charges, largely linked to the sale of mortgage-backed securities in the US and £469 million in restructuring costs.


Barclays sets aside extra £600m for PPI claims in Q3

Barclays. Credit: PA Wire

Barclays has set aside an extra £600 million to meet compensations claims for the mis-selling of payment protection insurance (PPI) in the third quarter.

The sum brings the total provision over the past two quarters alone to £1 billion, after £400 million was set aside in the second quarter.

The banking industry's PPI bill already stands at more than £30 billion.

Chief executive Jes Staley said the bank is still focused on selling down and disposing its hinterland businesses to concentrate on UK and US operations.

"The growing momentum in attaining our strategic goals means we can feel optimistic of our prospects of completing the restructuring," he added.

On Wednesday, Lloyds Banking Group announced that it set aside a further £1 billion to fund compensation claims for the mis-selling of PPI.

The partly state-owned lender said it has also accounted for a further £150 million to meet other conduct issues, including £100 million relating to packaged bank accounts.


Load more updates