RBS posts 2.04 billion pound first half loss.
Royal Bank of Scotland's reported losses of more than £2 billion after taking PPI payments into account and being stung by restructuring costs.
Royal Bank of Scotland has reported a 2.04 billion loss for the first half of the year after taking into account 1.3 billion worth of PPI and other legal costs.
The state-backed lender has put aside £450 million to cover payment protection insurance (PPI) claims after the Financial Conduct Authority extended the deadline to 2019 earlier this week.
RBS was also stung by £630 million in restructuring costs and a similar figure for litigation brought by shareholders linked to its bailout.
The bank has also abandoned plans to separate the Williams & Glyn branch network because of the complexities and costs associated with creating a new banking platform. However, RBS remains committed to selling Williams & Glyn, with Santander understood to be interested in picking it up.
Chief executive Ross McEwan said RBS is well positioned'' for a potential economic slowdown.
He said: We are clearly in phase two of our strategy, where our focus is on drawing a line under many of the legacy issues that have plagued this bank, and transforming the core business so we can deliver consistent, sustainable profits and results for our shareholders and do great things for our customers.''