As per the Bank’s quarterly statement, its net loss jumped by 188% to £1.52bn compared to a net loss of £528m during the same period in 2011.
The UK government owned bank said that the major reason behind its increased losses was accounting charges which increases its outstanding debt to £2.46bn.
RBS chief executive Stephen Hester said that the bank continued on the recovery path, delivering stable returns from Core businesses while improving further its strong capital, liquidity and funding position.
According to Hester, the Core Tier 1 capital ratio rose to 10.8%, reduced its short-term wholesale funding by £23bn to £80bn and loan:deposit ratio improved to 106%.
For the latest quarter period, its operating profit summed up to £1.18bn, against a profit of £1.13bn during the corresponding quarter previous year, mainly backed by retail banking operations.
For the quarter ended on 31 March 2012, the bank’s revenue declined to £7.13bn from £8.11bn during the same quarter earlier year.
RBS also increased the amount of £125m it was setting aside to compensate customers who were missold payment protection insurance bringing the total amount it provisioned for Payment Protection Insurance (PPI) to £1.2bn.
The bank has launched a restructuring plan in order to back on profitability track, under which it will curtail nearly 3,500 jobs within three years.
