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Friday August 8, 2008

RBS loses £691m in six months

Royal Bank of Scotland has announced the second-biggest loss in UK banking history. In the first six months of this year, the bank lost £691m before tax. In the same period last year, the bank made a profit of £5bn.

The loss was significantly smaller than many alanlysts had expected. Some had predicted as much as £1.7bn.

RBS was forced to write down £5.9bn after the credit crunch hit its assets and mortgages, and chief executive Fred Goodwin was not optimistic for the future, warning of "a deteriorating financial outlook".

FIRST POSTED AUGUST 8, 2008
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