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| Royal Bank of Scotland losses widen in first quarter | Royal Bank of Scotland losses widen in first quarter |
| (40 minutes later) | |
| Royal Bank of Scotland has seen its net - or attributable - losses widen in the first quarter, hit by its exposure to the troubled Irish economy. | Royal Bank of Scotland has seen its net - or attributable - losses widen in the first quarter, hit by its exposure to the troubled Irish economy. |
| RBS, which is 84%-owned by the UK government, reported losses of £528m, compared with losses of £248m in the first quarter last year. | RBS, which is 84%-owned by the UK government, reported losses of £528m, compared with losses of £248m in the first quarter last year. |
| But at an operating level the bank reported a profit of £1.05bn. | But at an operating level the bank reported a profit of £1.05bn. |
| RBS did not estimate its potential liability to payment protection insurance (PPI) compensation claims. | RBS did not estimate its potential liability to payment protection insurance (PPI) compensation claims. |
| But it said the eventual cost could prove to be "material". | But it said the eventual cost could prove to be "material". |
| The results come a day after Lloyds Banking Group said it was setting aside £3.2bn to pay compensation to customers who were mis-sold PPI. | The results come a day after Lloyds Banking Group said it was setting aside £3.2bn to pay compensation to customers who were mis-sold PPI. |
| Recovery | Recovery |
| The bank's attributable loss included a charge of £469m from a market valuation of credit insurance provided to RBS by taxpayers under the Asset Protection Scheme (APS). | The bank's attributable loss included a charge of £469m from a market valuation of credit insurance provided to RBS by taxpayers under the Asset Protection Scheme (APS). |
| Meanwhile, its insurance arm, which RBS is committed to disposing, returned to profit. | |
| RBS also revealed impairment charges of £1.95bn, including a charge of £1.3bn in relation to Ulster Bank, which is exposed to the struggling Irish economy. | RBS also revealed impairment charges of £1.95bn, including a charge of £1.3bn in relation to Ulster Bank, which is exposed to the struggling Irish economy. |
| RBS chief executive Stephen Hester said the results showed continuing progress. | RBS chief executive Stephen Hester said the results showed continuing progress. |
| "This recovery is allowing us to absorb higher Irish impairments and substantially increased regulatory demands, and to self-fund other 'bills from the past' such as restructuring, disposals and the cost of APS support," he said. | "This recovery is allowing us to absorb higher Irish impairments and substantially increased regulatory demands, and to self-fund other 'bills from the past' such as restructuring, disposals and the cost of APS support," he said. |