Bloomberg reports that the net loss was $2.22bn compared with a $1.97bn profit in the year-earlier period.
RBS CEO Stephen Hester said: 'The RBS restructuring programme continues to make excellent progress as we take the action needed to make the bank safer and stronger. Our funding and capital position has been transformed, we have repaid all emergency loans from the Government and central banks, and we recently exited the Asset Protection Scheme without ever making a claim. At the same time, we are working to make sure the needs of our customers are central in our decision making.
'Economic pressures are restraining customer activity levels and as a result banks are running hard to stand still in this environment. Nevertheless, resilient Core bank performance at RBS provides resources for customers and for our cleanup, whilst signposting shareholder value in the future'.
In the meantime, Bloomberg also reports that Daiwa Securities has posted a third straight quarterly profit as income from trading and underwriting fees rose.
Net income was $92m for the three months ended September 30th.
'JAL’s IPO and healthy bond trading boosted results in the quarter', Takehito Yamanaka, a Tokyo-based analyst at Credit Suisse Group AG, said before the report. 'Earnings levels are still low but cost cutting is helping to keep a profit trend'.
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