RBS has reported an attributable loss of £469m for the third quarter of 2016, compared to profit of £940m a year earlier.

The losses were driven by restructuring costs of £469m, litigation and conduct costs of £425m and a £300m deferred tax asset impairment.

The banking group’s quarterly operating profit stood at £255m, compared to an operating loss of £14m in the corresponding year ago quarter.

At the end of September 2016, the bank’s common equity tier 1 (CET1) ratio was 15%, while leverage ratio was 5.6%.

The bank's personal & business banking (PBB) unit includes two reportable segments- UK Personal & Business Banking (UK PBB) and Ulster Bank RoI.

The UK personal & business banking (PBB) arm posted operating profit of £567m for the third quarter of 2016, a rise of 3.2% from £549m in the corresponding period of 2015.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The unit’s net interest income increased 2.8% to £1.08bn from £1.05bn a year earlier, while adjusted expenses reduced by £16m or 2%.

Ulster Bank RoI posted operating profit of €69m for the third quarter of 2016, €74m lower than the prior year.

The division’s net interest income surged 17.7% to €106m from €90 a year earlier, while adjusted operating expenses dropped 10% year-on-year to €138m.

RBS CEO Ross McEwan said: “Our core business results were good with a £1.3bn adjusted operating profit and a 14% return on adjusted equity. This is our best quarter for the core bank since 2014. The core business has now delivered on average over £1bn in adjusted operating profit for the last seven quarters.

“The bottom line loss reflects continued progress in restructuring the business and addressing some of our legacy issues.”