Royal Bank of Scotland posts royal loss of $ 3bn

Posted By: Staff
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London, Nov 6: Barely standing after a near collapse in 2008, Royal Bank of Scotland Group PLC posted a net loss of 1.8 billion pounds (3 billion dollars) for the quarter ending Sep 30.

On Friday, Nov 6, the government controlled bank said that its total income stood at 7.1 billion pounds as opposed to 8.6 billion pounds recorded in the corresponding quarter of previous year.

However, the underlying profits were encouraging and lending to companies surged 5 percent during the three months.

Despite the disappointing numbers, chief executive Stephen Hester expressed confidence that the bank will recover even though full recovery may take years.

"The results also show the headwinds we face and the legacy we are purposefully working out of,'' he said, reiterating that 'the journey will take some years'.

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