Tuesday April 7, 2020

Penalties and charges plunge RBS into Q2 loss

Tracker probe charge also affects Ulster Bank figures

5th August, 2016
Probes and law suits affect RBS and Ulster Bank results Pic: Getty

Royal Bank of Scotland, Britain’s largest taxpayer-owned lender, posted a larger loss than estimated in the second quarter as it set aside more money to cover a lawsuit over its 2008 share sale.

The net loss of £1.08 billion compared with a £280m profit a year earlier, and was bigger than analysts had expected. The loss was driven by £1.28 billion of penalties and litigation charges, mostly tied to the rights issue lawsuit and...

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