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RBS said yes to 90% of cases as lending grew

The Royal Bank of Scotland says it accepted 90% of mortgage applications in Q3 2010 as it reported gross lending of £5.3bn – an 8% rise compared with Q2.

In its interim management report last Friday, the bank also revealed its net UK mortgage balances increased by 6% to £2.6bn.

But it reported an operating loss of £1.4bn, compared with a £1.2bn profit in Q2.

Stephen Hester, chief executive of RBS, says interest rate and regulatory challenges will hamper progress but the bank remains focussed on its goals.Lloyds Banking Group and HSBC also released their interim management statements last week.

HSBC did not include any figures but says its pre-tax profits for the year are well ahead of 2009 and it has increased its mortgage market share through targeted marketing.

Lloyds group revealed it has voluntarily accelerated repayments of its Bank of England loans.

It says demand for new lending remains subdued but gross mortgage lending during Q3 was up on the same period last year.

Eric Daniels, outgoing group chief executive of Lloyds group, says: “I am pleased to report that we had a good Q3 in our core business as we continue to deliver against the group guidance we provided at the interims.”

Daniels’ replacement has been confirmed as Santander chief executive António Horta-Osório who will take over in March 2011 when Daniels’ leaves.



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