RBS

Royal Bank of Scotland (RBS) has reported a loss of £968 million in the first quarter of the year, more than double what was reported last year.

The bank, which is still 73%-owned by the taxpayer, said operating profits rose considerably from £37m in 2015 to £421m, but total revenue dropped 13% to £3.06 billion.

RBS said the period would have been profitable, if not for a one-time dividend payment to the government worth £1.2bn. Excluding that payment, profits would have been in the region of £225m.

The bank was also hit by the cost of selling its Williams & Glyn business. RBS has been ordered to sell the subsidiary by the EU, but said on Thursday that it was taking longer than expected. Restructuring, which includes the Williams & Glyn sale, amounted to a £238m charge for the bank.