Royal Bank of Scotland says losses narrow

7th May 2010, Comments 0 comments

State-rescued lender Royal Bank of Scotland on Friday said its net losses narrowed to 248 million pounds (287 million euros, 364 million dollars) in the first quarter compared with one year earlier.

RBS, which is 83-percent owned by the British government after being rescued at the height of the financial crisis, had reported losses after tax of 902 million pounds in the first three months of 2009.

"Last year we began implementing one of the most significant corporate restructurings ever undertaken," RBS chief executive Stephen Hester said in comments accompanying the results.

"Today we show that we remain on track for the delivery of the plan.... We have made good progress but there is still significant work to be done.

"I welcome the market's recognition of our progress to date, but the challenges we still face are real and should not be underestimated," he added.

© 2010 AFP

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