RBS posts £446m loss in the first quarter

Press Association
Britain Banks Fines
Britain Banks Fines

State-backed Royal Bank of Scotland slumped to a loss of £446 million in the first quarter, it revealed today.

The lender, 80% owned by the taxpayer, was hit by restructuring costs of £453 million and £856 million in "litigation and conduct" charges.

Adjusted operating profit, excluding one-off charges, was up 16% to £1.63 billion as the bank benefited from "generally benign credit conditions".

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