The Royal Bank of Scotland
said operating profit before tax hit £713 million in the first quarter this year — but it is still being hit by a spate of litigation and restructuring costs.
RBS, which is 73% state-owned, said in its Q1 results statement that restructuring costs were £577 million in the quarter, an increase of £339 million compared with the same quarter last year.
This comes after RBS reported its ninth consecutive year of losses, in February, and said it would not make a profit until 2018.
The bank said in its full year financial results statement that it lost £6.955 billion compared with £1,979 million in 2015.
The reason it lost so much money is down to litigation and conduct costs — money set aside for legal issues and compensation — of £5.868 billion, as well as other key elements, such as restructuring costs totalling restructuring costs.
This is a developing story …