Royal Bank of Scotland on Thursday said it swung to a £446 million ($688.6 million) net loss in the first three months of the year, as the bank was hit by a wave of restructuring and litigation charges.

The bank, which is 80% owned by the UK government, said revenues fell 14% to £4.33 billion compared with the same quarter last year. RBS's bottom line was hit by £1.3 billion of restructuring and litigation costs as the lender continues to deal with a slew of legacy issues.