RBS to make £600m - £900m extra provision for PPI after claims spike
Royal Bank of Scotland said a last minute higher-than-expected spike in claims for payment protection insurance claims would result in an extra charge of £600m to £900m in the third quarter.
Banks
4,067.36
16:44 29/04/24
0.15%
6.05
FTSE 100
8,147.03
16:54 29/04/24
n/a
n/a
FTSE 350
4,481.53
16:44 29/04/24
n/a
n/a
FTSE All-Share
4,435.18
16:59 29/04/24
n/a
n/a
NATWEST GROUP
302.50p
16:49 29/04/24
-1.59%
-4.90p
The deadline for claims expired on August 29 and RBS on Wednesday said it had so far made provisions of £5.3bn of which £4.9bn had been utilised.
“The processing of claims is ongoing and the ultimate provision recognised could be above or below this range,” the bank said in a statement on Wednesday.