October 24, 2019 / 6:07 AM / a month ago

RBS swings to Q3 loss on $1.2 bln loan protection mis-selling charge

LONDON, Oct 24 (Reuters) - Royal Bank of Scotland said it had swung to a third quarter loss on Thursday, after making a fresh 900 million pound ($1.16 billion) provision to settle mis-selling claims in Britain’s biggest consumer banking scandal.

The state-backed lender reported a pre-tax loss of 8 million pounds for the three months to end-September, compared to a 961 million pound pre-tax profit in the same period last year.

The charge, set aside to compensate customers who were mis-sold payment protection insurance on loans and credit cards, has knocked the bank’s core capital ratio by 50 basis points to 15.7 percent.

Total income at the bank’s NatWest Markets division dropped by 419 million pounds to 150 million pounds compared with the third quarter last year, primarily reflecting challenging market conditions that principally affected its Rates income. ($1 = 0.7743 pounds) (Reporting by Iain Withers, editing by Sinead Cruise)

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