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  • Britain's Royal Bank of Scotland revealed Friday that first-quarter net profit dived almost 60 percent on economic fallout from the coronavirus pandemic. Profit after taxation tanked to £288 million ($361 million, 331 million euros) in the three months to March from £707 million a year earlier, RBS said in a results statement. The Edinburgh-based lender added it had taken a £628 million charge during the quarter on the worsening economic outlook arising from COVID-19. RBS said however that after capital strengthening in recent years, it was in a "strong position" to weather a "likely significant economic downturn" linked to the deadly outbreak. Rival UK-based banks Barclays, HSBC and Lloyds have taken far larger charges this week against economic shock arising from the coronavirus crisis, which has so far killed more than 230,000 people and infected in excess of 3.2 million worldwide. Economists widely forecast that COVID-19 will spark a massive slump in the British economy and send unemployment surging -- which ramps up the risk that banking customers will be unable to repay loans. "Many countries' governments, including the UK government, have implemented restrictions aimed at limiting the rate of its spread which have had immediate impacts on people, businesses and economies," RBS said in its statement. It added: "We remain available to support as required; our systems remain robust and we have ensured that more than 90% of our branch network remains open, alongside our telephone, internet and mobile app channels." At the height of the global financial crisis, RBS was bailed out with billions of pounds of taxpayers' cash. Despite a turnaround, the British government still owns more than 60 percent of the bank. rfj/lc
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  • UK lender RBS says Q1 profit dives on virus impact
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