Royal Bank of Scotland Posts Loss Friday, November 6, 11:23 AM ET
The Royal Bank of Scotland today announced that it lost 1.8 billion pounds, or $3 billion, this quarter due to charges to cover bad debts. In the year ago quarter, the bank made a profit of 871 billion pounds.
Total revenue was 7.09 billion pounds, a decline of 17 percent versus a year ago. Impairment losses for customers that were unable to repay their debts rose to 3.28 billion pounds from 1.28 billion pounds a year earlier. In the second quarter, RBS posted a 4.66 billion impairment charge.
RBS also said that the decline in its net interest margin had been halted due to an improvment in wholesale funding and better pricing for new business.
The bank expects to post an overall loss for its fiscal 2010.
Royal Bank of Scotland shares are up nearly 4.9 percent in New York this morning.
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