The Royal Bank of Scotland Group (RBS) has posted a net loss of £528 million for the first quarter of 2011.

This compares with a loss of £248 million in the first three months of last year.

RBS, which is 84%-owned by the government, reported a first quarter operating profit of £1.053 billion, compared with a profit of £55 million in the fourth quarter of 2010.

This included an Asset Protection Scheme cost of £469 million.