Home Breaking RBS swings to loss

RBS swings to loss

by LLB Editor
24th Oct 19 7:15 am

RBS has revealed a £8m loss for the third quarter compared to a £961m profit in the same period last year after making a £900m provision for PPI compensation.

The government still owns 62% of RBS and blamed the £900m bill for PPI due to a last minute surge in claims ahead of the 29 August deadline, along with a “challenging” quarter for its investment banking arm.

Chief financial officer Katie Murray said, “These results demonstrate our solid underlying performance in a tough operating environment.

“We have seen strong growth across the business and our sustained high levels of capital and liquidity mean we are well positioned to support our customers in these uncertain times.”

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