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05/11/2010
Wipe Out For RBS Profits
Despite growing operating profits, RBS bank has reported a pre-tax loss of £1.38bn in the July-to-September quarter.
The loss was incurred due to the £825m charge in relation to its use of the Government's toxic asset protection scheme.
As it continued to benefit from lower bad debts, figures show the bailed out bank made a third quarter profit of £726m, up from £250m in the second quarter.
Stephen Hester, RBS Chief Executive said: "The accounting treatment of some balance sheet items is volatile and can sometimes obscure our underlying story.
"Nevertheless, I believe that our results today show clear and measured progress toward our three strategic goals.”
However, in the third quarter, HSBC has reported falling revenues and a lower profit growth.
They reported easing growth in emerging markets, but that further falls in bad debts helped overall profits remain "well ahead" of a year earlier in the quarter.
RBS, which is 83% owned by the taxpayer, show operating profits in their retail arm rise 12% to £1.1bn. This was partly boosted by higher margins on mortgage business.
The bank lent another £7.6bn to small businesses, but reported that demand for credit was weak.
A tougher quarter was also had by RBS's investment banking business, with more difficult conditions leaving revenues in Global Banking and Markets (GBM) down by a fifth.
(BMcN/GK)
The loss was incurred due to the £825m charge in relation to its use of the Government's toxic asset protection scheme.
As it continued to benefit from lower bad debts, figures show the bailed out bank made a third quarter profit of £726m, up from £250m in the second quarter.
Stephen Hester, RBS Chief Executive said: "The accounting treatment of some balance sheet items is volatile and can sometimes obscure our underlying story.
"Nevertheless, I believe that our results today show clear and measured progress toward our three strategic goals.”
However, in the third quarter, HSBC has reported falling revenues and a lower profit growth.
They reported easing growth in emerging markets, but that further falls in bad debts helped overall profits remain "well ahead" of a year earlier in the quarter.
RBS, which is 83% owned by the taxpayer, show operating profits in their retail arm rise 12% to £1.1bn. This was partly boosted by higher margins on mortgage business.
The bank lent another £7.6bn to small businesses, but reported that demand for credit was weak.
A tougher quarter was also had by RBS's investment banking business, with more difficult conditions leaving revenues in Global Banking and Markets (GBM) down by a fifth.
(BMcN/GK)
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