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Hefty charges saw Royal Bank of Scotland swing to a £469million third quarter loss but its shares pushed higher on signs of improvement in its ‘core businesses.’
The big loss compares with a profit of £940million in the same period last year, when the bank’s balance sheet was boosted by the sale of US bank Citizens, and it was more than twice the £231million deficit estimated by analysts.
The losses were driven by a fresh £425million misconduct charge linked to the sale of mortgage-backed securities in the US and a rise in third-quarter impaired loans to £144million.
RBS also reported £469million of additional restructuring costs, as …
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