RBS reports pre-tax loss of £2.1bn
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The Royal Bank of Scotland has reported a pre-tax loss of £2.08bn for the three months to September 30.
The figure is down from the £59m pre-tax profit recorded by RBS in the three months to June 30.
Its impairment charges have increased from £1.28bn to £3.3bn and write-offs on bad loans have risen to £10.8bn from £2.7bn in the same period last year.
For Q3, RBS reported total income of £7.1bn, compared to £8.6bn a year earlier.
Stephen Hester, group chief executive of RBS, says: “The release of our third quarter results today provides a timely reminder of why we are confident that we can restore RBS to standalone strength whilst serving customers well. Along the way we must also restore strong profitability and sustain a successful commercial spirit at RBS, without which value for all shareholders and a profitable exit for the UK taxpayer is not possible.
“This week marked a crucial milestone in RBS’s recovery with announcement of the terms of the UK Asset Protection Scheme participation and agreement in principle with the European Commission on state aid compensatory measures. While not all we wanted, we now have the tools to do our job. We greatly appreciate the steadfast support we have been given by the UK government and taxpayers.”
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