Royal Bank Chief Warns of Tough Times Despite Profit Bad-Debt Battle to Take Several Years
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Summary
A WARNING from Royal Bank of Scotland chief executive Stephen Hester yesterday that the bank faces battling bad debts for several more years overshadowed a GBP15m profit for the bank for the first half of 2009 and sent its shares down 12per cent.
Just days after Lloyds Banking Group said losses on its loans were tailing off and HSBC and Barclays reported multi-billion pound profits, Hester cautioned: "There are a couple of years where financial results look poor."See the full content of this document
Extract
Royal Bank Chief Warns of Tough Times Despite Profit Bad-Debt Battle to Take Several Years
He added: "It will be two or three years for all the impairments to come out."
RBS took impairments from bad debts and writedowns on credit market instruments of GBP7.5bn over the first s...See the full content of this document
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