The Royal Bank of Scotland saw losses more than double to £968 million for the first quarter of the year, after paying a £1.2 billion fee to the British government.

Operating profits rose to £421 million for the quarter, up from just £37 million in 2015. The £1.2 billion payment to the government was made to remove the Dividend Access Share, meaning it can now pay a dividend to investors.

It was also hit by £238 million restructuring costs, including the spinning off of subsidiary Williams & Glynn.

RBS shares are currently trading down 1.16 percent at 241.96 (1037GMT).