MW:RBS swings to loss, takes provision on Greek debt
LONDON (MarketWatch) -- Royal Bank of Scotland Group PLC UK:RBS -6.05% RBS -10.53% said Friday that it swung to a second-quarter net loss of 897 million pounds ($1.46 billion) from a profit of 257 million pounds a year earlier, due to provisions on Greek debt and a charge to cover mis-sold insurance policies. The group said it took a 733 million pound provision on Greece on top of the previously announced 850 million pound payment protection insurance charge. Core operating profit in the quarter rose 6.5% to 1.68 billion pounds. RBS said impairment charges in the quarter were 2.26 billion pounds -- a 9% drop from a year earlier, but up 16% compared to the first quarter due to further impairments in Ireland and on a small number of large corporates.
