RBS unveils pre-tax loss of £1.26 billion

The Royal Bank of Scotland (RBS) unveiled a pre-tax loss of £1.26 billion in the third quarter, compared to a £2 billion profit during the same period last year.

RBS said it also had a third quarter net loss of £1.38 billion.

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PPI scandal costs RBS £1.7bn

Royal Bank of Scotland today revealed an additional £400 million charge to cover the cost of mis-sold payment protection insurance (PPI) claims, bringing the total bill to £1.7 billion.