(Oct 28): 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 (US$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. The common Tier 1 equity capital ratio of financial strength rose to 15%, from 14.5% at the end of June. RBS won’t pay a dividend until it’s cleared the bulk of its restructuring, passed Bank of England stress tests due next month, settled the U.S. mortgage probes and made progress in divesting Williams & Glyn.

Source: The Edge Markets October 28, 2016 08:18 UTC