Royal Bank of Scotland has been driven into the red by legal costs and a hefty restructuring bill as it enters its ninth year under government ownership.
The bailout of the Edinburgh-based bank was announced in October 2008 and £45bn of taxpayer money was eventually pumped into the bank, which has not reported a full-year profit since then, notes The Guardian
Royal Bank of Scotland has reported a £469mn loss for the July-to-September period as "legacy issues" continue to overshadow its performance.
The bank received a £45.5bn 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 £1.3bn.Claims BBC
RBS chief executive Ross McEwan said: "We've said that 2015 and 2016 would be noisy as we work through legacy issues and transform this bank for customers. These results reflect that noise. Our core business results were good, with a £1.3bn adjusted operating profit, our best quarter since 2014’’ notes BBC