RBS reports loss of $363m in first quarter

7 May 2010

Royal Bank of Scotland (RBS) has reported a loss of £248 million ($363 million) in its results for the first three months of the year.

The figure compares positively with the bank's statistics from the same period last year, where a deficit of £902 million was recorded.

However, RBS, which is 83 per cent owned by the British government, is the only publicly traded bank in the UK to still be reporting losses after Lloyds recorded a return to profit last week.

Stephen Hester, chief executive officer of RBS, said that while the results represent an improvement for the firm, concerns about the bank's status still remain.

"We remain conscious of the economic imbalances still to be tackled globally and of the risk of specific events, such as those affecting Greece, with the associated danger of contagion," he said.

A report by Credit Suisse analysts last week estimated that RBS has around £35 billion worth of exposure to the troubled eurozone economies of Greece, Spain and Portugal, reported the Guardian.

By Tony Aynsley

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