RBS records £2.2bn loss for one quarter

RBS records £2.2 billion loss for third quarter but chief executive remains 'upbeat'

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Friday, 06, Nov 2009 10:10

Royal Bank of Scotland (RBS) has reported a pre-tax loss of £2.2 billion for the three months to the end of September.

The figure compares to a profit of £1.9 billion on the same period last year, with RBS saying economic conditions "remain fragile", with the number of people out of work and companies failing not peaking until next year.

RBS, which is 70 per cent owned by the taxpayer, has written off another £3.3 billion in bad debts and investments.

Stephen Hester, group chief executive, said: "In general I am upbeat, though realistic. We have a tough job but we are making good progress. While not without risk of 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."

Shares surged 4.35 per cent on the back of upbeat comments about the bank's future from Mr Hester.