RBS bank reports narrowing losses awaiting Libor fallout
Purchase this article for republication
Buy SPH photos
A sign of Royal Bank of Scotland (RBS) is seen at an office in the City of London on Friday, Aug 3, 2012. RBS' net losses narrowed in the second quarter, the state-rescued lender said on Friday as it awaited the financial consequences of its role in the Libor rate-rigging scandal. -- PHOTO: AP
LONDON (AFP) - Royal Bank of Scotland's (RBS) net losses narrowed in the second quarter, the state-rescued lender said on Friday as it awaited the financial consequences of its role in the Libor rate-rigging scandal.
RBS, 82 per cent owned by the British government after a massive bailout amid the global the financial crisis, said losses after tax stood at 466 million pounds (S$903 million) in the April-June quarter.
The Edinburgh-based bank had posted a loss after tax of 897 million pounds in the first quarter of 2011, the lender said in a statement.
RBS was hit in the quarter by charges totalling 310 million pounds partly linked to an IT meltdown in June that left millions of clients without access to their accounts.
Related Stories
