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RBS posts significant loss for last quarter

RBS posts significant loss for last quarter

Category: Economy

Updated: 06/11/2009
First Published: 06/11/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The Royal Bank of Scotland Group has posted heavy losses for the third quarter of 2009, reporting a pre-tax loss of £2.2 billion.

The Group said it had written off a further £3.3 billion in bad debts and other investments during the three month period, compared to the £1.9 billion profit it made during the third quarter of 2008.

This follows the £4.7 billion it wrote off during the second quarter of the year.

"In general I am upbeat, though realistic. We have a tough job but we are making good progress," said Stephen Hester, chief executive at RBS.

"While not without risk of a setback, economies and markets do seem to be recovering. In turn that should mean RBS can move forward from here with purpose and, in time, growing momentum."

RBS said it had carried out £45.5 billion of new lending to UK companies during 2009 so far, and had increased its lending to small and medium sized businesses by five per cent in the third quarter.

In its statement, the group also revealed that its core banking activities had made an operating profit of £1.2 billion.

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