Royal Bank of Scotland makes £1.4 billion loss
RBS has reported an operating loss of £1.4 billion for quarter three, compared to a £1.2 billion profit in the previous quarter. The bank says that charges on its own debt dragged profit down and lead to the loss.
Shares fell 0.6p, to 46.67p, having hit a high of 0.49p in opening deals. The bank - which is 83% owner by the taxpayer - said that its underlying performance was better and without the £858 million charge the group reported an operating profit of £726 million.
Chief executive office Stephen Hester said: "Our third quarter results demonstrate that we continue to make progress in our recovery. We are delivering what we set out to achieve."
In recent weeks RBS have started to offer some really competitive mortgage rates - in particular some great five year fixes - although you will need a large deposit to access them. Despite their commitment to first-time buyers, RBS are still offering some shockingly bad mortgages for first time buyers with a 10% deposit - such as their five year fix at 6.89%.
November 5, 2010
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