RBS has reported a loss of GBP272m for the first quarter of 2009, compared to a profit of GBP348m for the same quarter of 2008.
According to the bank, loss before tax for the first quarter of 2009 was GBP44m, compared to profit before tax of GBP479m for the same quarter of 2008. Net interest income for the first quarter of 2009 was GBP3.44b, a decrease of 3% compared to GBP3.56 billion for the same quarter of 2008.
For the first quarter of 2009, noninterest income excluding credit market write-downs and one-off items was GBP6.26 billion, compared to GBP4.16 billion for the same period of 2008.
It said that group operating profit for the first quarter of 2009 was GBP424m, a decrease of 47% compared to GBP795m for the same quarter of 2008.
Stephen Hester, group CEO at RBS, said: RBS’ first quarter results are reflective of two major and competing factors; the buoyancy of financial markets revenues within GBM, which are encouraging and are a credit to the good market positions of our core franchise in this area; and the negative impact of lower interest rates and economic recession on our net interest margins and impairment losses, which have been building since last year across all businesses and sectors.
