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Bank Loans: RBS announces £1.4bn loss

The Royal Bank of Scotland (RBS) has announced huge third quarter losses after incurring charges related to its state bail-out package.

RBS posted a loss of £1.4 billion in the third-quarter of the year, compared to its positive second quarter profit of £257 million.

However, the 83 per cent taxpayer-owned company was subject to an £825 million charge linked to a government insurance scheme and reported an operational profit of £726 million.

Group chief executive Stephen Hester claimed that the results showed that the bank was continuing to make "good progress".

He said: "The core bank is becoming stronger. As we focus on serving customers better, profitability is also improving and rebalancing towards a more sustainable mix of business contributions.

"At the same time, the legacy risks and losses in non-core are being worked out effectively and our ambitious restructuring efforts continue apace."

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt ADNFCR-2776-ID-800221005-ADNFCR



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