Royal Bank of Scotland Group (LON:RBS) disclosed a net profit of £952 million for the third quarter, helped by the sale of their £1.1 billion stake in US bank Citizens.
However, revenues slipped by £596 million to £3.04 billion as it shrank its corporate banking operations and the bank reported an operating loss of 134 million due to significant restructuring costs.
In a statement RBS, which is 73 percent owned by the British government, admitted it could be hit by further regulatory fines:
“Whilst legacy issues continue to be addressed, material further and incremental costs and provisions in respect of conduct and litigation related matters are expected, and could be substantially greater than the aggregate provisions RBS has recognised.”
The bank is facing a number of misconduct investigations both in the UK and the US and has already set aside £4.5 billion to cover costs.
RBS are currently trading down 0.44 percent at 319.50 pence per share. (0838GMT)
