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RBS reports £968m net loss | RBS reports £968m net loss |
(about 11 hours later) | |
The Royal Bank of Scotland, Britain’s largest taxpayer-owned lender, posted a deeper loss in the first quarter as it paid for some of the government support it received during the financial crisis. | |
The net loss widened to £968m from £459m a year ago, the Edinburgh-based lender said in a statement on Friday. That’s bigger than the £957m loss average estimate by 10 analysts in a company compiled survey. | |
RBS cast further doubt over its plans to resume dividends after warning on Thursday of a “significant risk” that it would miss a European Union deadline to separate its Williams & Glyn unit by the end of 2017. Disposing of the consumer division is among a series of roadblocks to the first payout after RBS required a £45.5bn UK government bailout in the financial crisis. It is also awaiting a settlement with USS authorities over the sale of mortgage-backed securities. | |
“We continue to deal with a range of uncertainties in the external environment, not least those caused by the forthcoming referendum on the UK’s continuing membership of the European Union,” the bank said in the statement. | “We continue to deal with a range of uncertainties in the external environment, not least those caused by the forthcoming referendum on the UK’s continuing membership of the European Union,” the bank said in the statement. |
The stock has fallen about 19 per cent this year in London and is the second-worst performing major British lender behind Barclays. RBS trades below the 407 pence a share, at which the government says it would break even on its 2008 and 2009 rescue. | |
RBS paid £1.2bn to the EU Treasury in March to scrap the so-called dividend access share, which was installed as part of its bailout conditions to give the state rights to a preferential dividend. The move was viewed at the time as a step toward the resumption of dividends as early as 2017. | |
The bank, which is 73 percent government-owned, posted its eighth consecutive annual loss in February, battered by costs for past misconduct. | The bank, which is 73 percent government-owned, posted its eighth consecutive annual loss in February, battered by costs for past misconduct. |
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