RBS is still being pummelled by litigation and restructuring costs

Ross McEwan, Chief Executive of RBS (Royal Bank of Scotland) speaks to reporters and investors on February 27, 2014 in London, England. RBS has announced a pre-tax loss of £8.2bn for 2013, the biggest since the bank was rescued by the UK tax payer. (Photo by )Peter Macdiarmid/Getty ImagesRoss McEwan, Chief Executive of RBS (Royal Bank of Scotland).

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 …

NOW WATCH: SCOTT GALLOWAY: Investing in Snap is something ‘no one responsible should ever do’

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.