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RBS hit by a further £400m bill for PPI mis-selling RBS raises PPI claims bill by a further £400m
(35 minutes later)
Royal Bank of Scotland has been hit by a further £400m bill to cover claims for mis-sold payment protection insurance (PPI). Royal Bank of Scotland has set aside a further £400m to cover the cost of claims for mis-sold payment protection insurance (PPI).
It takes the bank's total charges for PPI mis-selling to £1.7bn.It takes the bank's total charges for PPI mis-selling to £1.7bn.
The figures were disclosed as RBS reported that it made a £1.2bn loss for the three months to end-September, against a £2bn profit a year earlier. The figures were disclosed as RBS reported a pre-tax loss of £1.26bn for the three months to 30 September, against a £2bn profit a year earlier.
Despite the losses, chief executive Stephen Hester said that RBS was "making progress".Despite the losses, chief executive Stephen Hester said that RBS was "making progress".
RBS has also set aside another £50m to cover the cost of compensation of the recent computer systems failure that hit customers. This bill now totals £175m. RBS, which is 80%-owned by the UK government, has also set aside another £50m to cover the cost of compensation of the recent computer systems failure that hit customers.
The bank's bill for the computer glitch, which locked many RBS, NatWest and Ulster Bank customers out of their accounts, now totals £175m.
On Wednesday, Lloyds Banking Group revealed a fresh £1bn provision for PPI claims. Along with the RBS provision, the total bill for UK banks of the PPI scandal is now £10.8bn.
RBS's operating profits for the third quarter, which discount the mis-selling and other charges, were £1bn, up from a £650m profit in the second quarter.
The bank said it had seen lower bad debt charges, and re-stated that its restructuring after a near-collapsed during the global financial crisis would be completed in the next 18 months.
RBS is also embroiled in the scandal over alleged manipulation of the Libor inter-bank lending rate. The bank said it expected to enter into negotiations to settle some Libor investigations in the "near term", but that the amount of possible fines was uncertain.