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Summary Box: RBS loss widens, CEO claims progress

Friday - 5/4/2012, 3:57pm  ET

By The Associated Press

(AP) - BIG LOSS: The Royal Bank of Scotland reported a loss of 1.52 billion pounds ($2.43 billion), nearly three times the year-ago loss.

MILESTONES: The partly nationalized bank will finish repaying 75 billion pounds ($121 billion) of government-backed loans this month, and has made progress in shedding noncore businesses and reducing bad loan provisions. Taxpayers still hold an 82 percent stake in the bank.

OPERATING PROFIT: RBS reported an operating profit of 1.18 billion pounds ($1.89 billion) but that was wiped out by a 2.5 billion pounds ($4 billion) accounting charge on the value of the company's debt.


(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)