By Carlo Martuscelli

Royal Bank of Scotland Group PLC (RBS.LN) said Wednesday that it expects to book an unexpected charge of 600 million to 900 million pounds ($722.9 million-$1.08 billion) in its third-quarter accounts because of a spike in missold payment protection insurance claims in August.

The U.K. bank said the volume of claims made in the days leading up to the Aug. 29 deadline was significantly higher than expected.

RBS said that in the period to June 30, it made a provision totaling GBP5.3 billion for PPI claims, with GBP4.9 billion utilized. The GBP600 million to GBP900 million is a provisional figure, and the final amount could be above or below this, it added.

Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com

(END) Dow Jones Newswires

September 04, 2019 02:29 ET (06:29 GMT)

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