RBS losses widen in first quarter

Royal Bank of Scotland has seen its attributable – or net – losses widen in the first quarter.

RBS, which is 84%-owned by the government, reported losses of £528m, compared with losses of £248m in the first quarter last year.

This included a charge of £469m from a market valuation of credit insurance provided to RBS by taxpayers under the Asset Protection Scheme.

But the bank reported an operating profit of £1.05bn.

Its insurance arm, which RBS is committed to disposing, also returned to profit.

It also revealed an impairment charge of £1.3bn in relation to Ulster Bank.