RBS says cost of summer floods “nudged higher”

Reuters - Thursday, December 6 11:06 am

LONDON (Reuters) - Royal Bank of Scotland , said on Thursday it expected the cost of Britain’s flooding this summer to be slightly higher than the indication it gave in August of losses around 250 million pounds.

“The flood cost probably nudged up slightly from where it was — a few tens of millions of pounds up,” RBS CEO Fred Goodwin told analysts on a conference call.

RBS had said in an interim statement in August that losses totalled 125 million pounds in June, adding the bank was likely to see very similar levels in July.

RBS owns insurance brands including Direct Line and Churchill.

(Reporting by Clara Ferreira-Marques, editing by Will Waterman)