Royal Bank of Scotland’s (RBS) shipping exposure is contributing to poor results for the institution that is controlled by UK taxpayers.
In its second quarter results announced today, RBS suffered a £695m ($914m) operating loss, a dramatic switch from Q2 last year where it registered a £224m operating profit.
The bank, which was bailed out by the government, is looking to offload its $5bn shipping portfolio.
In the second quarter this year it suffered an impairment charge of £264m in relation to its shipping portfolio. The bank said today it will prioritise exploring alternative means to achieve divestment.
