Quarterly Loss Adds Woeful Drag on Royal Bank of Scotland
Royal Bank of Scotland Group Plc, Britain’s biggest government-owned lender, swung to a loss in the third quarter as the bank took 894 million pounds ($1.09 billion) in charges for restructuring and litigation. The net loss of 469 million pounds compared with a profit of 940 million pounds a year earlier, the Edinburgh-based lender said in a statement on Friday. Pretax profit, excluding one-time costs, rose to 1.33 billion pounds, beating the 776 million-pound average estimate of seven analysts compiled by Bloomberg News. Brewin Dolphin Head of Fund Research Ben Gutteridge and Bloomberg's Stephen Morris discuss with Nejra Cehic and Manus Cranny on "Bloomberg Daybreak: Europe."