Royal Bank of Scotland in Q3 loss of $1.63 billion

LONDON (AP) - Part-nationalized Royal Bank of Scotland says it fell back into the red in the third quarter with a net loss of 1.15 billion pounds ($1.63 billion).

The bank said Friday that the loss was largely attributable to an 825 million pound charge to reflect a drop in protection under the government Asset Protection Scheme.

The charge wiped out an operating profit of 726 million pounds.

RBS said impairments for bad loans declined 21 percent from the second quarter to 1.95 billion pounds.

The government holds an 83 percent interest in the bailed-out bank.