RBS reports £2bn loss as it braces for Brexit fallout
Ulster Bank owner Royal Bank of Scotland (RBS) has reported huge losses of more £2bn for the first half of the year.
The State-backed bank, which is 73% owned by the taxpayer, has put aside £450m to cover payment protection insurance (PPI) claims after the Financial Conduct Authority this week extended the deadline to 2019.
Ulster Bank's operations are now included as part of the RBS results and is separate from the company's business in the Republic. But it does not break down its results for Northern Ireland separately.
RBS was also stung by £630m in restructuring costs and a similar figure for litigation brought by shareholders linked to its bailout. The losses, which have ballooned from £179m last year, also reflect the impact of its £1.2bn payment to the Treasury to buy out a crucial part of its £45bn bailout.
Chief executive Ross McEwan said RBS is "well positioned" for a potential economic slowdown, but RBS warned that Britain's decision to quit the European Union could hit the bank.