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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.

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RBS losses more than double last year's figure

Credit: Yui Mok / PA

The Royal Bank of Scotland has reported a first quarter pre-tax loss of £968 million - more than double last year's of £446 million.

The loss reflects the impact of its £1.2 billion payment last month to the Treasury to buy out a crucial part of its £45 billion bailout.

The payment ended a dividend access share (DAS) agreement with the Government which was put in place in 2009 and prevented it paying dividends to any shareholders before the Treasury.

The bank said: "RBS remains on track with its plan to build a strong, simple, fair bank for customers and shareholders."

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