Royal Bank of Scotland (RBS) has reported an £857 million loss for the first quarter of the year. The bank, which has been majority nationalised following its record corporate losses of £24.1 billion, was forced into a £4.9 billion write down of toxic debts after a series of failed investments and bad loans . Had it not been for those write downs, the bank would have made a profit of £4 billion between January and March. Much of that profit derived from the bank's investment banking unit, which recorded a 97 per cent increase in profits to £2 billion. Unfortunately, in addition to the write downs, RBS's other units couldn't match the performance of its global banking division, whilst its US retail and commercial business made a loss in the first quarter.
RBS isn't the only bank to be suffering from increased impairment charges. Lloyds Banking Group, another group in which the government has a significant stake, has revealed that its impairment charges are set to be 50 per cent higher this year compared to last year. Meanwhile, Barclays has also revealed an increase in its bad debts, which rose by 79 per cent to £2.3 billion in the first quarter.
Royal Bank of Scotland Posts Another Loss
Financial Services > e-banking > Banking news
Royal Bank of Scotland Posts Another Loss
Fri, 08 May 2009
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