Royal Bank Of Scotland (RBS) News: Trading Update
May 08, 2009 | Comments 0
Royal Bank of Scotland (LON:RBS) has made a small first-quarter loss, as the part-nationalised lenders bad debts quadrupled. RBS has now taken another 2.1 billion pound ($3.2 billion) writedown on risky assets. The first quarter loss was £44 million; compare that to a £479 million profit a year ago.
reports that RBS’s bad debts in the three months until the end of March 2009 have increased to £2.9 billion, compare that to £656 million a year ago. RBD say that this is a result of corporate and retail impairments increasing in all businesses and sectors.
Royal Bank Of Scotland (RBS) is just the latest of the big European banks to say that bad debts were ratcheting as the economy in all regions worsen, along with increased unemployment. Stephen Hester, chief executive of RBS has said that both 2009 and 2010 will be very tough for the bank.
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Filed Under: Business News
