RBS First-Quarter Losses Widen To £968m

Results are dragged down by a £1.2bn payment to the Treasury in the latest stage of RBS's attempt to return to the private sector.

State-backed Royal Bank of Scotland has posted a loss of £968m for the first quarter of 2016.

The loss compares to a shortfall of £459m in the same period last year and includes payment of £1.2bn to the Government to cancel its Dividend Access Share (DAS) - which acted as a block on pay-outs to ordinary shareholders.

Stripping this and other smaller charges out, the lender - which includes NatWest - reported a pre-tax operating profit of £421m, up from just £37m in the first quarter of 2015.

RBS remains 73% owned by the taxpayer after its £45bn bail out during the financial crisis. Read more...

Source: news.sky.com