RBS loses £1.4 billion Q1

"Our Bank" the RBS, reports losses of £1.4 billion for Q1, mainly due to accounting valuations regarding the enormous debt they carry, the underlying trading profit coming in at £1.2 billion.

The figures for the same period last year showed a loss of £116 million.

Repaying the huge sums they borrowed to stay afloat is a major priority of the bank and they are looking to repay £163 billion this week, to various sources that include the UK and US governments.

The RBS has also underestimated the volume of misselling related complaints regarding Payment Protection Insurance (PPI) and have had to set aside a further £125 million to cover compensation claims.

In a weak market, ahead of Greek and French elections, RBS shares moved higher 1% on healthy trading and resumption of dividend payments, previously banned under bailout terms.