9 Aug 2008

Loss for RBS in first half year

5:41 pm on 9 August 2008

Royal Bank of Scotland has posted a pre-tax loss of £691 million during the first six months of 2008 - the second biggest loss in UK banking history.

The bank made a profit of £5 billion during the same period last year.

RBS, which owns NatWest bank, said it was hit by £5.9 billion in write-downs after the credit crunch cut the value of many of its mortgages and assets.

RBS shares have more than halved in value over the past year - including a 25% slump since a rights issue was announced in April.