Royal Bank of Scotland (RBS) has posted an attributable loss of £968m in the first quarter of 2016, compared to a loss of £459m in the year-ago quarter, following £1.2bn in one-off dividend payment to the UK government.
For the quarter ended 31 March 2016, the group’s total income dropped 12.9% to £3.06bn from £3.52bn in the prior year.
Restructuring costs for the period were £238m, while litigation and conduct costs were £31m, the British lender said in its earnings statement.
Net interest income slumped 2.1% to £2.15bn from £2.20bn a year-earlier. Operating expenses dipped 32.9% to £2.42bn from £3.61bn in the first quarter of 2015.
The bank’s personal & business banking (PBB) unit includes two reportable segments- UK Personal & Business Banking (UK PBB) and Ulster Bank RoI.
The UK personal & business banking (PBB) unit posted an operating profit of £509m for the first quarter, up 153.2% from £201m in the prior-year quarter.
The division’s net interest income dropped 1.2% to £1.02bn from £1.03bn a year ago. Operating expenses fell 31.4% year-on-year to £750m from £1.09bn.
Ulster Bank RoI’s operating profit dropped 6% to £78m from £83m in the first quarter of 2015.
The unit’s net interest income were up by 6.2% to £136m from £128m a year ago, while operating expenses increased 6.6% to £144m from £135m in the year-ago quarter.
RBS CEO Ross McEwan said: "This bank has great brands and great market positions and piece-by-piece we are building a solidly performing, profitable bank doing great things for customers and returning value for shareholders. One quarter in, capital remains strong, costs continue to fall, our customer scores are improving and we’re seeing growth in the businesses and the markets we like."