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London: The Royal Bank of Scotland, in which the UK government holds majority stake, has posted an operating loss of 1.53 billion pounds for the September quarter, as the battered entity continued to see higher impairment charges.
The banking major, in which the taxpayers’ have over 80 per cent stake, would be getting more than USD 33 billion fresh funds from the government, to boost its business.
One of the worst hit by the financial crisis, RBS today said it has incurred an operating loss of 1.53 billion pounds in the Q3, less than 3.53 billion in the year-ago period.
In a statement, the bank noted that impairment charges stood at 3.28 billion pounds in the September quarter, mainly reflecting difficult economic environments they operate in.
“Economic recovery is likely to be slow and the pain of economic adjustment will take years to subside. Our business will reflect these issues.
“Finally, regulatory pressures on all banks will continue to increase the cost of doing business and require higher margins and more capital than previously,” RBS Group Chief Executive Stephen Hester said.
Earlier this week, the UK Treasury had said RBS would be shedding assets in addition to revising the terms under the government’s Asset Purchase Scheme (APS) ¿ an initiative aimed at buying bad assets in the system.
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