World Economy

RBS Reports $568m Loss in 3Q

RBS Reports  $568m Loss in 3QRBS Reports  $568m Loss in 3Q

The Royal Bank of Scotland has reported a £469 million ($568.94 million) loss for the July-to-September period as “legacy issues” continue to overshadow its performance, BBC reported. The bank received a £45.5 billion bailout during the financial crisis and has been tackling a range of problems. But once restructuring costs and provision for litigation were excluded, the bank made an adjusted quarterly operating profit of £1.3 billion. It said it could not sell its Williams & Glyn bank by the end of 2017. RBS has been ordered by the European Commission to sell Williams & Glyn in order to prevent the group from having too dominant a position as the UK’s largest lender to small businesses. Earlier this week, Clydesdale Bank confirmed that it had made an offer for Williams & Glyn after Santander abandoned plans to buy the business. RBS declined to comment on Clydesdale’s statement, saying only that it was “talking to a number of interested parties”.


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