View more on these topics

RBS slumps to third-quarter loss of £1.4bn

Royal Bank of Scotland made a loss of £1.4bn in the three months to the end of September, significantly down on the taxpayer-backed bank’s second quarter profit of £1.2bn.

It blames the loss on restructuring costs and an £825m charge relating to the Government’s Asset Protection Scheme

Income was £7.9bn, down slightly from £8.2bn in the previous quarter. Gross mortgage lending rose by 8 per cent to £5.3bn and acceptance rates remain at 90 per cent. The group’s share of the mortgage market remains at 14 per cent.

The bank has a core tier-one capital ration of 10.2 per cent, significantly more than the 7 per cent required under Basel III.

It has a loan to deposit ratio of 126 per cent, which it aims to reduce to 100 per cent by 2013.

Chief executive Stephen Hester says: “Our results demonstrate we continue to make good progress in our recovery. We are delivering what we set out to achieve. While economic challenges, especially interest-rate-driven, and regulatory costs will impact the level of improvements targeted and their speed, RBS remains focused on achieving balanced progress across all our key objectives.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com