LONDON (AP) — Royal Bank of Scotland says its third-quarter profit rose 14 percent, even as the British taxpayer-owned bank took more charges for past misdeeds and economic uncertainty.
RBS, which is 62 percent-owned by the government following a 2008 bailout, said Friday that net income advanced to 448 million pounds ($574 million) from 392 million pounds in the same period last year. The investment banking unit reported a 509-million-pound jump in income as it posted insurance recoveries and losses on the sale of assets weren’t repeated.
RBS set aside 200 million pounds to cover compensation for customers improperly sold payment protection insurance, pushing total provisions for the case to 5.3 billion pounds.
RBS also took a 100-million-pound charge for the “more uncertain economic outlook,” ahead of Britain’s departure from the European Union.
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