RBS profits plunge 59% as it sets aside $788 million to defend itself from the coronavirus pandemic

Reuters

• RBS said it expects to take a hit of about $788 million to stem potential losses from the coronavirus pandemic, as its first quarter profits fell 59% on Friday.
• The state-backed lender intends to wind down its customer-facing digital account Bó, which was launched only last November.
• RBS joins a succession of other European lenders whose first quarter profits plunged as the coronavirus pandemic continues to hammer away at industry performance.
• Visit Business Insider's homepage for more stories.

Royal Bank of Scotland became the latest major lender to issue a coronavirus stricken set of first quarter results Friday, reporting a 59% fall in profits compared to the same time last year.

The state-backed lender posted a first quarter net profit of £288 million ($361 million), down about 59% compared to the same period last year, yet ahead of the £200 million ($251 million) average of analyst estimates compiled by the bank.

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• A top economic health researcher says the coronavirus reveals the biggest weaknesses of our healthcare system

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