RBS bank reports narrowing losses awaiting Libor fallout
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.