RBS announces first quarter loss of £528 mln

6th May 2011, Comments 0 comments

Royal Bank of Scotland said Friday that its net losses more than doubled to £528 million (594 million euros, $866 million) in the first quarter as the state-rescued bank was hit by exceptional charges.

The loss after tax for the three months to March 31 compared with a net loss of £248 million in the first quarter of 2010, RBS said in an earnings statement.

RBS is 83-percent owned by the British government after a state-bailout triggered by the 2008 global financial crisis.

© 2011 AFP

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