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RBS posted loss of £968 million

Staff writer ▼ | April 30, 2016
Royal Bank of Scotland (RBS) reported a £968 million loss for the first three months of 2016, more than double the loss in the same period last year.
Royal Bank of Scotland   More than double the loss in the same period last year
RBS said a one-off dividend payment of £1.2bn to the UK government dragged down an otherwise profitable period.

Operating profits rose to £421m for the quarter, up from just £37m in 2015, but total revenue fell 13% to £3.06bn.

RBS is still 73% owned by taxpayers after its government bailout during the financial crisis.

The bank said that excluding the one-off payment to the government, which will allow RBS to resume paying dividends to private shareholders in due course, it would have posted a profit of £225m.

It said last month that dividend payments were not expected to resume for at least a year. The bank shares were trading down almost one percent on Friday morning at 243p per share.