RBS posts 466 million pounds in losses in Q2

AP News
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Posted: Aug 03, 2012 3:00 AM
RBS posts 466 million pounds in losses in Q2

LONDON (AP) — Royal Bank of Scotland has reported a loss of 466 million pounds ($723 million) for the second quarter as it set aside 125 million pounds to pay the costs of a computer breakdown which caused havoc with customer accounts in June.

The part-nationalized bank on Friday said it also had made a provision of 50 million pounds for compensating loan customers who were mis-sold complex interest rate swaps.

The loss for the three months ending June 30 was down from a loss of 897 million pounds a year earlier. Operating profit fell 22 percent to 650 million pounds, and revenue fell 5.4 percent to 6.4 billion pounds.

For the first half, the net loss rose from 1.4 billion pounds a year ago to 2 billion pounds.