Bank still dealing with legacy issues
Royal Bank of Scotland slumps on restructuring costs
The bank, which last night announced the sale of its remaining stake in US-based Citizens Bank, took restructuring costs of £847 million in the period which also included £190m in costs associated with separating out Williams & Glyn.
Restructuring costs over nine months amounted to £2.3 billion and are expected to remain high.
Attributable profits over three months came in at £952m, up slightly on £896m reported last year.
Chief executive Ross McEwan told a media briefing that the bank was making “strong progress” towards creating a “simpler, fairer bank firmly anchored in the UK and Ireland.”
Is capital ratio, a measure of its reserves, has risen for seven consecutive quarters, reflecting a strengthening of its capital position.
After exceeding its £800m cost reduction target it has raised it to £900m.
The bank said it was not able to update on the outstanding US litigation issues.
Mr McEwan said: “We are backing more businesses than any other bank in Britain and helping more people buy their home.That is exactly what RBS should be doing.”