October 26, 2018 / 6:06 AM / 19 days ago

Britain's RBS reports Q3 profit of $1.23 bln

LONDON, Oct 26 (Reuters) - Britain’s Royal Bank of Scotland on Friday reported a third quarter pre-tax profit of 961 million pounds ($1.23 billion), and said it had taken an additional 100 million pounds in impairment charges to account for economic uncertainty.

The bank reported an attributable profit of 448 million pounds, below the 507 million pounds expected by analysts, according to a bank-compiled average of their estimates. That compares to 392 million pounds earned over the same period in 2017.

Impairments rose to 240 million pounds from 143 million pounds in the same quarter last year, the bank said, attributing the rise to a more uncertain economic outlook as Britain prepares to depart from the European Union in five months time.

RBS also reported a common equity tier one capital ratio of 16.7 percent. That leaves the bank’s capital well above its target of 13 percent, even after it paid its first dividend in a decade and a hefty fine to U.S. authorities earlier this year. ($1 = 0.7803 pounds) (Reporting by Emma Rumney; editing by Lawrence White)

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