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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.


Manager focus: Andrew della Casa

Investors in the Wine Investment Fund received a lump sum payment of five years’ annualised double-digit returns in 2008, proving the asset class has a low correlation with equity and bond markets, says the manager, Andrew della Casa. In August the fund paid out 108.6% to investors who had invested five years before, at a […]

Tracker funds decline in popularity

After a surge of investment in the fourth quarter of 2008, net sales of tracker funds fell in the first quarter of 2009, according to quarterly statistics from the Investment Management Association.Retail sales of tracker funds in the first quarter saw an outflow of £31.7m, compared with an inflow of £279.4m in the fourth quarter […]

Off balance

The admission by Barclays that it incorrectly categorised the risk of one its biggest-selling funds will do little to calm the nerves of the public, most of whom probably now rate bankers below estate agents when it comes to those they trust least.


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