RBS building

RBS posts £469m loss




RBS has revealed it made an attributable loss of £469m during the third quarter of 2016.

The bank said the losses included restructuring costs of £469m, litigation and conduct costs of £425m and a £300m deferred tax asset write down.

RBS reported an operating profit of £255m for the quarter, while across its personal and business banking, commercial and private banking, and corporate and institutional banking franchises it had an adjusted operating profit of £1.3bn.

“The bottom line loss reflects continued progress in restructuring the business and addressing some of our legacy issues,” said Ross McEwan, CEO of RBS.

“This is our best quarter for the core bank since 2014. 

“The core business has now delivered on average over £1bn in adjusted operating profit for the last seven quarters.”

RBS revealed that its mortgage lending was up to £3.6bn in Q3 as it looks to grow its market share with a 12% share of new business compared with a stock share of 8.7%.

“Across our core franchises, the strong lending performance in the first half of the year has stood us in good stead,” Ross added. 

“We’re still comfortably on track to surpass our lending target for the year in personal and business banking and commercial with lending of 9%, above our 4% target.

“We’ve said previously that this is a noisy part of our strategic plan and it continues to be so.”

Earlier this week, banking group CYBG revealed it had held talks with RBS over the sale of Williams & Glyn. 

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