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RBS posts £44m loss for Q1

Royal Bank of Scotland has posted a pre-tax loss of £44m for the first quarter compared to profits of £479m the same time last year.

Post-tax losses attributable to ordinary shareholders were £857m.

Impairment losses and credit market write-downs totalled £4.9bn.

RBS group chief executive Stephen Hester says:“We expect credit conditions to continue to deteriorate over the next few quarters consistent with these trends, and that there will be a slow-down in financial market activity compared with the very buoyant conditions seen in Q1.”

While Hester says some commentators are beginning to talk about economic recovery, he says RBS will remain cautious and continue to plan and manage its businesses in the expectation that 2009 and 2010 will both be “very tough years” for the group.


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