RBS runs up £310m bill in charges
Filed under: News
The 80% state-owned bank set aside £125 million for dealing with the fallout of the computer glitch that locked many RBS, NatWest and Ulster Bank customers out of their accounts.
The group took a £135 million hit to cover the cost of payment protection insurance (PPI) mis-selling, bringing its total bill to £1.3 billion, while it took a £50 million charge to compensate small businesses that were mis-sold complex interest rate swaps.
The mounting provisions came as the bank, which has 30 million customers worldwide, unveiled a pre-tax loss of £1.5 billion, compared to a £794 million loss last year.
But RBS boss Stephen Hester said: "We have continued to make the bank safer and stronger as we clean up problems of the past."