Royal Bank Of Scotland Reports Q1 Attributable Loss Of GBP446 Mln

(RTTNews) - Royal Bank of Scotland Group Plc. (RBS, RBS.L) Thursday reported an attributable loss of 446 million pounds for the first quarter, compared to profit of 1.2 billion pounds in the previous year.

The latest results included restructuring costs of 453 million pounds and 856 million pounds of litigation and conduct charges.

A net charge of 122 million pounds was also recorded in relation to the reclassification of the International Private Banking business to disposal groups, together with a net loss within discontinued operations of 320 million pounds reflecting the fall in the market price of Citizens shares during the quarter.

Operating profit before tax plunged to 53 million pounds from 1.49 billion pounds.

Total income fell to 4.331 billion pounds from 5.053 billion pounds in the prior year.

Further, the lender said its business outlook remains as indicated in February.

RBS said it remains committed to delivering an 800 million pounds cost reduction in 2015, notwithstanding the increase in the UK bank levy.