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Royal Bank of Scotland has said it is setting aside £100m to deal with “the more uncertain economic outlook”.

RBS is among the first big banks to make such a provision in the run-up to the UK’s exit from the EU.

Chief executive Ross McEwan told journalists during a conference call: “We have to be prepared for our customers no matter what happens.”

The move came as the bank reported a 14% rise in third-quarter profits to £448m, from £392m a year earlier.

However, the profits rise was less than analysts had expected. Shares fell 5% in early trading.

The bank also allocated a further £200m in the July-to-September period to cover costs for the mis-selling of payment protection insurance (PPI).

RBS is still 62% publicly owned after being bailed out by the government at the height of the financial crisis.

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