The Royal Bank of Scotland has just reported a pre-tax loss of £968m for the first quarter. This is more than double of last year’s loss of £446m.
The struggling bank made a £1.2bn payment to the Treasury last month as part of its efforts to buy out a chunk of its £45bn bailout.
Other costs that contributed to the bank’s colossal loss include restructuring costs of £238m and an impairment charge of £223m.
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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