RBS sags to 691 million pound loss

LONDON (Reuters) - Royal Bank of Scotland fell to a first-half loss of 691 million pounds, one of the biggest losses in UK corporate history but not as big as expected, after taking a 5.9 billion writedown on the value of risky assets. RBS, Britain's second-biggest bank, on Friday said it swung to a loss from a 5.1 billion pound profit a year ago after being hit by the writedowns, which were in line with previous guidance but partially offset by an 812 million pound reduction in the debt it carried. RBS had been expected to report a 1.2 billion pound loss, based on the average of five analysts' forecasts. Its underlying profit fell 3 percent to 5.1 billion pounds. (Reporting by Steve... [read full story]