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The Royal Bank of Scotland Group has reported an operating loss before tax of £8m in the third quarter of 2019, including a £900m provision in respect of Payment Protection Insurance (PPI).
The bank's operating loss compares to an operating profit of £961m in the same period in 2018.
It reported that income was 'broadly stable' across its retail and commercial businesses, compared with the second quarter of 2019, but was down by 3.1% compared with the same period a year ago, excluding notable items.
RBS said group income was impacted by a particularly challenging quarter in NatWest Markets (NWM), which reported core income of £184m, lower by £147m, or 44.4%, than the third quarter of 2018.
Rates income was impacted by a deterioration in economic sentiment for the global economy and a fall in bond yields, which together with legacy items culminated in a loss of £193m for the quarter.
Costs decreased by £20m compared to the third quarter of 2018, as the bank achieved a £193m cost reduction for the year to date and announced it remained on track to achieve its £300m target for full year 2019.