Britain's RBS sells non-performing loan portfolios

* Sells portfolio to Deutsche Bank (Xetra: 514000 - news) , Apollo for 400 mln stg

* Second portfolio sale to Cerberus for 225 mln stg (Recasts, adds sale of further portfolio to Cerberus)

LONDON, July 23 (Reuters) - Royal Bank of Scotland (LSE: RBS.L - news) has agreed two separate disposals of non-performing loans as part of a continued sale of unwanted assets that has so far seen 1 trillion pounds ($1.55 trillion) shed from its balance sheet.

The state-backed lender said it will sell a 1.14 billion pound loan portfolio to an entity funded by Deutsche Bank and funds affiliated with Apollo Global Management for 400 million pounds in cash.

The portfolio generated a loss of 70 million pounds last year. It was valued by the bank at 376 million pounds and RBS said it made a 24 million pound profit from the sale.

RBS also said on Thursday that it had agreed to sell a separate 549 million pound loan portfolio to an entity affiliated with Cerberus Capital Management for 225 million pounds in cash.

The carrying value of the second portfolio -- its value on RBS's books -- is about 223 million pounds and the bank said it would make a 1 million pound profit after costs.

RBS, which is 78 percent-owned by the government, was bailed out at a cost of 45.8 billion pounds during the 2007/09 financial crisis. ($1 = 0.6406 pounds) (Reporting by Matt Scuffham; Editing by David Goodman)