Royal Bank of Scotland has fallen back into the red after setting aside a further £900m to deal with a surge in PPI claims before the August deadline.
The majority taxpayer-owned bank posted an £8m loss in the three months to September compared with a £961m profit in the same quarter last year.
RBS also blamed its worse-than-expected performance on a “particularly challenging” quarter for its investment banking division.
Brexit is taking its toll, RBS said, as it revealed it had set aside another £55m to cover the cost of political and economic uncertainty.
The results mark a blip on RBS’s long and painful road to recovery. Last year, the lender delivered its first full-year profits since from a £45bn taxpayer bailout in 2008.
1/50 23 October 2019
Thirty-nine bodies have been found in a lorry container in Essex, police have said.
The discovery of 38 adults and one teenager was made at an industrial estate in Thurrock.
Police said they believed the lorry had come from Bulgaria and entered the UK at Holyhead, in Wales, on Saturday.
Essex Police said it had launched a murder investigation after its officers were called to Waterglade Industrial Park, in Grays, in the early hours of Wednesday morning.
A 25-year-old-man from Northern Ireland has been arrested on suspicion of murder
PA
2/50 22 October 2019
Ships out at sea before the sun rises off the coast of Whitley Bay, Northumberland
PA
3/50 21 October 2019
Hundreds of students take part in the traditional Raisin Monday foam fight on St Salvator’s Lower College Lawn at the University of St Andrews in Fife. The messy display is the culmination of a weekend of festivities where first years say thank you to their more senior student “parents” for mentoring them
PA
4/50 20 October 2019
Wales players celebrate after beating France in their Rugby World Cup quarter-final in Japan. Warren Gatland’s side had to battle after France’s fast start but capitalised on their rivals’ ill discipline to squeeze into the semi-finals, 20-19
Reuters
5/50 19 October 2019
People gather in London to join the Final Say march for a people’s vote
Angela Christofilou/The Independent
6/50 18 October 2019
Protesters on Whitehall in London during an Extinction Rebellion climate change protest
PA
7/50 17 October 2019
European Commission President Jean-Claude Juncker and Britain’s Prime Minister Boris Johnson shake hands during a news conference after agreeing on a Brexit deal, in Brussels
Reuters
8/50 16 October 2019
A man walks his dog through the fallen leaves in Clarkes Gardens, Allerton in Liverpool
PA
9/50 15 October 2019
Police officers carry away an activist as Extinction Rebellion protesters block a road with a caravan in central London
Reuters
10/50 14 October 2019
Queen Elizabeth II sits with Prince Charles on the Sovereign’s throne ahead of delivering the Queen’s Speech at the State Opening of Parliament
AFP
11/50 13 October 2019
Great Britain’s Joe Fraser competes on Parallel Bars during the World Gymnastics Championships in Stuttgart, Germany. He claimed GB’s second gold with his victory. The 20-year-old from Birmingham nailed his routine to score 15.0 then watched as a series of rivals failed to live up to his total
Getty
12/50 12 October 2019
St Helens players celebrate with the trophy after they won the Super League Grand Final at Old Trafford in Manchester. They beat Salford Red Devils 23-6
PA
13/50 11 October 2019
Richard Ratcliffe, husband of British-Iranian aid worker Nazanin Zaghari-Ratcliffe jailed in Tehran since 2016, holds his daughter Gabriella during a news conference in London. Their five-year-old daughter has arrived back in Britain, after making the “bittersweet” decision to bring her home
AFP via Getty
14/50 10 October 2019
Irish Prime Minister Leo Varadkar and British Prime Minister Boris Johnson at Thornton Manor. Their meeting focused on further Brexit proposals
EPA/Noel Mullen
15/50 9 October 2019
Wales survived an almighty scare against Fiji to secure quarter-final spot at the rugby world cup. Warren Gatland’s side recovered from a 10-0 deficit thanks to a hat-trick from Josh Adams
AFP/Getty
16/50 8 October 2019
Protesters dubbed the Red Rebels at Millbank at the junction with Great College Street, during an Extinction Rebellion protest in Westminster
PA
17/50 7 October 2019
Final preparations are made in front of a reproduction of Michelangelo’s ‘The Last Judgement’, ahead of the opening of for the ‘Michelangelo: A Different View’ exhibition at Hull Minister
PA
18/50 6 October 2019
A car drives through a flooded street in Whitley Bay in Northumberland
PA
19/50 5 October 2019
Thousands took to the streets of Edinburgh today to march in support of a second Scottish independence referendum
EPA
20/50 4 October 2019
A 12ft sculpture of a gorilla, entitled ‘Gorilla Apocalypse’, created by Luke Kite entirely from scrap car bumpers and panels discarded in the last decade is on display at the British Ironwork Centre in Oswestry, Shropshire
PA
21/50 3 October 2019
Police stands in front of the Treasury building during an Extinction Rebellion protest in London
Reuters
22/50 2 October 2019
Ex-Thomas Cook employees demonstrate in London after delivering a petition calling for a full inquiry into Thomas Cook’s collapse and for the company’s directors to pay back their bonuses
AFP/Getty
23/50 1 October 2019
A road in Alum Rock, Birmingham is flooded after persistent heavy rain
PA
24/50 30 September 2019
Two tourists pose for pictures in front of Union and EU flags outside the Houses of Parliament in London
PA
25/50 29 September 2019
A sheep on London Bridge as Freemen of the City of London took up their historic entitlement to drive sheep over the bridge, which was once London’s only river crossing
PA
26/50 28 September 2019
An Aldabra giant tortoise is fed watermelon as a treat at the Malvern Autumn Show, at the Three Counties Showground near Malvern in Worcestershire
PA
27/50 27 September 2019
Gallery assistants pose with an artwork entitled ‘Devolved Parliament’ by British artist Banksy, during a press view in London ahead of Sotheby’s contemporary art sale, as part of the Frieze Art Fair
AFP/Getty
28/50 26 September 2019
England’s Jonathan Joseph is tackled by United State’s Marcel Brache during their group match at the Rugby World Cup in Japan. England scored seven tries on their way to winning 45-7
Reuters
29/50 25 September 2019
Tributes for former Rangers player Fernando Ricksen at Ibrox Stadium. Today, the funeral procession will pass Ibrox Stadium before making the journey to Wellington Church
PA
30/50 24 September 2019
A person dressed as a caricature of Prime Minister Boris Johnson in a prison uniform stands outside the Supreme Court after it ruled that his decision to suspend Parliament was illegal
AFP/Getty
31/50 23 September 2019
Thomas Cook aircraft are parked up at Manchester Airport on the day they collapsed after rescue talks failed. A total of 22,000 jobs – including 9,000 in UK – are to be lost following administration. More than 150,000 British holidaymakers need to be brought home, with the government and CAA hiring dozens of charter planes to fly customers home free of charge
Getty
32/50 22 September 2019
Fire performer Penella Bee performs before people take part in the North East Skinny Dip at Druridge Bay in Nothumberland, an annual event that marks the Autumn Equinox and raises money for MIND – the Mental Health Charity
PA
33/50 21 September 2019
Protesters gather for a march and rally organised by “The People’s Vote” in Brighton, to call for politicians to give the public a final say referendum on Brexit
AFP/Getty
34/50 20 September 2019
Protesters in London joined millions across world to demand urgent action to save planet in the largest environmental protest in history
Angela Christofilou/The Independent
35/50 19 September 2019
Rapper Dave poses with the Mercury Prize: Albums of the Year Award at Apollo
Getty
36/50 18 September 2019
A surfer in action during sunrise at Tynemouth on the north east coast
PA
37/50 17 September 2019
Protesters dressed as the Incredible Hulk and Robocop outside the Supreme Court in London where judges are due to consider legal challenges to Prime Minister Boris Johnson’s decision to suspend Parliament. The Supreme Court will hear appeals over three days from two separate challenges to the prorogation of Parliament brought in England and Scotland
PA
38/50 16 September 2019
Farmer Tom Hoggard harvests pumpkins at Howe Bridge Farm in Yorkshire, ahead of Halloween
PA
39/50 15 September 2019
Team Europe celebrate winning the Solheim Cup at Gleneagles in Auchterarder, Scotland. Europe won the last three singles matches to claim victory 14½-13½
Getty
40/50 14 September 2019
Sunset at St Mary’s Lighthouse in Whitley Bay
PA
41/50 13 September 2019
Activists from PETA stage a demonstration outside a venue during London Fashion Week in London, Britain
Reuters
42/50 12 September 2019
Australia’s Marnus Labuschagne attempts to stop a boundary in the fifth Test
Action Images via Reuters
43/50 11 September 2019
Storm clouds gather over the pier just off the North East coast at South Shields
PA
44/50 10 September 2019
The peloton rides past the Angel of the North during stage four of the Tour of Britain from Gateshead to Kendal
PA
45/50 9 September 2019
A penny farthing cyclist rides past St. John’s, Smith Square, Westminster, London
PA
46/50 8 September 2019
Australia celebrate the wicket of England’s Craig Overton, which meant they won the fourth test and retained the Ashes
Action Images via Reuters
47/50 7 September 2019
Manchester City celebrate after Caroline Weir scored during their Women’s Super League match against Manchester United at Etihad Stadium. The WSL attendance record was smashed with 31,213 people watching the first Manchester derby of Women’s Super League era – nearly six times the previous WSL record
Getty
48/50 6 September 2019
A bull bumps into a plain clothes police officer (left) while being walked by Prime Minister Boris Johnson during his visit to Darnford Farm in Banchory near Aberdeen. It coincided with the publication of Lord Bew’s review and an announcement of extra funding for Scottish farmers
PA
49/50 5 September 2019
First Minister Nicola Sturgeon cuts the hair of David Torrance MSP raising £1000 for the charity Maggie’s Centre in Kirkcaldy at the Scottish Parliament in Edinburgh
PA
50/50 4 September 2019
Australia’s David Warner looks dejected after being dismissed by England’s Stuart Broad during day one of the fourth Ashes Test at Old Trafford in Manchester
Getty
1/50 23 October 2019
Thirty-nine bodies have been found in a lorry container in Essex, police have said.
The discovery of 38 adults and one teenager was made at an industrial estate in Thurrock.
Police said they believed the lorry had come from Bulgaria and entered the UK at Holyhead, in Wales, on Saturday.
Essex Police said it had launched a murder investigation after its officers were called to Waterglade Industrial Park, in Grays, in the early hours of Wednesday morning.
A 25-year-old-man from Northern Ireland has been arrested on suspicion of murder
PA
2/50 22 October 2019
Ships out at sea before the sun rises off the coast of Whitley Bay, Northumberland
PA
3/50 21 October 2019
Hundreds of students take part in the traditional Raisin Monday foam fight on St Salvator’s Lower College Lawn at the University of St Andrews in Fife. The messy display is the culmination of a weekend of festivities where first years say thank you to their more senior student “parents” for mentoring them
PA
4/50 20 October 2019
Wales players celebrate after beating France in their Rugby World Cup quarter-final in Japan. Warren Gatland’s side had to battle after France’s fast start but capitalised on their rivals’ ill discipline to squeeze into the semi-finals, 20-19
Reuters
5/50 19 October 2019
People gather in London to join the Final Say march for a people’s vote
Angela Christofilou/The Independent
6/50 18 October 2019
Protesters on Whitehall in London during an Extinction Rebellion climate change protest
PA
7/50 17 October 2019
European Commission President Jean-Claude Juncker and Britain’s Prime Minister Boris Johnson shake hands during a news conference after agreeing on a Brexit deal, in Brussels
Reuters
8/50 16 October 2019
A man walks his dog through the fallen leaves in Clarkes Gardens, Allerton in Liverpool
PA
9/50 15 October 2019
Police officers carry away an activist as Extinction Rebellion protesters block a road with a caravan in central London
Reuters
10/50 14 October 2019
Queen Elizabeth II sits with Prince Charles on the Sovereign’s throne ahead of delivering the Queen’s Speech at the State Opening of Parliament
AFP
11/50 13 October 2019
Great Britain’s Joe Fraser competes on Parallel Bars during the World Gymnastics Championships in Stuttgart, Germany. He claimed GB’s second gold with his victory. The 20-year-old from Birmingham nailed his routine to score 15.0 then watched as a series of rivals failed to live up to his total
Getty
12/50 12 October 2019
St Helens players celebrate with the trophy after they won the Super League Grand Final at Old Trafford in Manchester. They beat Salford Red Devils 23-6
PA
13/50 11 October 2019
Richard Ratcliffe, husband of British-Iranian aid worker Nazanin Zaghari-Ratcliffe jailed in Tehran since 2016, holds his daughter Gabriella during a news conference in London. Their five-year-old daughter has arrived back in Britain, after making the “bittersweet” decision to bring her home
AFP via Getty
14/50 10 October 2019
Irish Prime Minister Leo Varadkar and British Prime Minister Boris Johnson at Thornton Manor. Their meeting focused on further Brexit proposals
EPA/Noel Mullen
15/50 9 October 2019
Wales survived an almighty scare against Fiji to secure quarter-final spot at the rugby world cup. Warren Gatland’s side recovered from a 10-0 deficit thanks to a hat-trick from Josh Adams
AFP/Getty
16/50 8 October 2019
Protesters dubbed the Red Rebels at Millbank at the junction with Great College Street, during an Extinction Rebellion protest in Westminster
PA
17/50 7 October 2019
Final preparations are made in front of a reproduction of Michelangelo’s ‘The Last Judgement’, ahead of the opening of for the ‘Michelangelo: A Different View’ exhibition at Hull Minister
PA
18/50 6 October 2019
A car drives through a flooded street in Whitley Bay in Northumberland
PA
19/50 5 October 2019
Thousands took to the streets of Edinburgh today to march in support of a second Scottish independence referendum
EPA
20/50 4 October 2019
A 12ft sculpture of a gorilla, entitled ‘Gorilla Apocalypse’, created by Luke Kite entirely from scrap car bumpers and panels discarded in the last decade is on display at the British Ironwork Centre in Oswestry, Shropshire
PA
21/50 3 October 2019
Police stands in front of the Treasury building during an Extinction Rebellion protest in London
Reuters
22/50 2 October 2019
Ex-Thomas Cook employees demonstrate in London after delivering a petition calling for a full inquiry into Thomas Cook’s collapse and for the company’s directors to pay back their bonuses
AFP/Getty
23/50 1 October 2019
A road in Alum Rock, Birmingham is flooded after persistent heavy rain
PA
24/50 30 September 2019
Two tourists pose for pictures in front of Union and EU flags outside the Houses of Parliament in London
PA
25/50 29 September 2019
A sheep on London Bridge as Freemen of the City of London took up their historic entitlement to drive sheep over the bridge, which was once London’s only river crossing
PA
26/50 28 September 2019
An Aldabra giant tortoise is fed watermelon as a treat at the Malvern Autumn Show, at the Three Counties Showground near Malvern in Worcestershire
PA
27/50 27 September 2019
Gallery assistants pose with an artwork entitled ‘Devolved Parliament’ by British artist Banksy, during a press view in London ahead of Sotheby’s contemporary art sale, as part of the Frieze Art Fair
AFP/Getty
28/50 26 September 2019
England’s Jonathan Joseph is tackled by United State’s Marcel Brache during their group match at the Rugby World Cup in Japan. England scored seven tries on their way to winning 45-7
Reuters
29/50 25 September 2019
Tributes for former Rangers player Fernando Ricksen at Ibrox Stadium. Today, the funeral procession will pass Ibrox Stadium before making the journey to Wellington Church
PA
30/50 24 September 2019
A person dressed as a caricature of Prime Minister Boris Johnson in a prison uniform stands outside the Supreme Court after it ruled that his decision to suspend Parliament was illegal
AFP/Getty
31/50 23 September 2019
Thomas Cook aircraft are parked up at Manchester Airport on the day they collapsed after rescue talks failed. A total of 22,000 jobs – including 9,000 in UK – are to be lost following administration. More than 150,000 British holidaymakers need to be brought home, with the government and CAA hiring dozens of charter planes to fly customers home free of charge
Getty
32/50 22 September 2019
Fire performer Penella Bee performs before people take part in the North East Skinny Dip at Druridge Bay in Nothumberland, an annual event that marks the Autumn Equinox and raises money for MIND – the Mental Health Charity
PA
33/50 21 September 2019
Protesters gather for a march and rally organised by “The People’s Vote” in Brighton, to call for politicians to give the public a final say referendum on Brexit
AFP/Getty
34/50 20 September 2019
Protesters in London joined millions across world to demand urgent action to save planet in the largest environmental protest in history
Angela Christofilou/The Independent
35/50 19 September 2019
Rapper Dave poses with the Mercury Prize: Albums of the Year Award at Apollo
Getty
36/50 18 September 2019
A surfer in action during sunrise at Tynemouth on the north east coast
PA
37/50 17 September 2019
Protesters dressed as the Incredible Hulk and Robocop outside the Supreme Court in London where judges are due to consider legal challenges to Prime Minister Boris Johnson’s decision to suspend Parliament. The Supreme Court will hear appeals over three days from two separate challenges to the prorogation of Parliament brought in England and Scotland
PA
38/50 16 September 2019
Farmer Tom Hoggard harvests pumpkins at Howe Bridge Farm in Yorkshire, ahead of Halloween
PA
39/50 15 September 2019
Team Europe celebrate winning the Solheim Cup at Gleneagles in Auchterarder, Scotland. Europe won the last three singles matches to claim victory 14½-13½
Getty
40/50 14 September 2019
Sunset at St Mary’s Lighthouse in Whitley Bay
PA
41/50 13 September 2019
Activists from PETA stage a demonstration outside a venue during London Fashion Week in London, Britain
Reuters
42/50 12 September 2019
Australia’s Marnus Labuschagne attempts to stop a boundary in the fifth Test
Action Images via Reuters
43/50 11 September 2019
Storm clouds gather over the pier just off the North East coast at South Shields
PA
44/50 10 September 2019
The peloton rides past the Angel of the North during stage four of the Tour of Britain from Gateshead to Kendal
PA
45/50 9 September 2019
A penny farthing cyclist rides past St. John’s, Smith Square, Westminster, London
PA
46/50 8 September 2019
Australia celebrate the wicket of England’s Craig Overton, which meant they won the fourth test and retained the Ashes
Action Images via Reuters
47/50 7 September 2019
Manchester City celebrate after Caroline Weir scored during their Women’s Super League match against Manchester United at Etihad Stadium. The WSL attendance record was smashed with 31,213 people watching the first Manchester derby of Women’s Super League era – nearly six times the previous WSL record
Getty
48/50 6 September 2019
A bull bumps into a plain clothes police officer (left) while being walked by Prime Minister Boris Johnson during his visit to Darnford Farm in Banchory near Aberdeen. It coincided with the publication of Lord Bew’s review and an announcement of extra funding for Scottish farmers
PA
49/50 5 September 2019
First Minister Nicola Sturgeon cuts the hair of David Torrance MSP raising £1000 for the charity Maggie’s Centre in Kirkcaldy at the Scottish Parliament in Edinburgh
PA
50/50 4 September 2019
Australia’s David Warner looks dejected after being dismissed by England’s Stuart Broad during day one of the fourth Ashes Test at Old Trafford in Manchester
Getty
However, John Moore, senior investment manager at Brewin Dolphin, said the bank’s present pain is probably temporary.
“The last set of results for RBS were a watershed moment for the bank, confirming it is on the road to redemption.
“Whilst this remains the case, today’s statement highlights the legacy issues that the bank and many of its peers still face – in particular, PPI claims have pushed RBS back to a loss.
“This will likely be temporary.”
The PPI bill was at the top end of the £600m to £900m range given by RBS last month when it cautioned over higher-than-expected claims ahead of the deadline.
Operating profits dipped slightly to £2.7bn for the first nine months of the year, from £2.8bn reported a year ago. RBS said it remains on track to hit its full-year forecasts.
Chief financial officer Katie Murray said: “These results demonstrate our solid underlying performance in a tough operating environment.
“We have seen strong growth across the business, and our sustained high levels of capital and liquidity mean we are well-positioned to support our customers in these uncertain times.“
