UK bank RBS posts giant half-year loss

UK bank RBS posts giant half-year loss Royal Bank of Scotland Group PLC on Friday reported a half-year loss of 802 million pounds (US$1.5 billion), forced deep into the red by 5.9 billion pounds (US$11.4 billion) in write-downs as the U.S. subprime credit crisis exacted more pain fully a year after it began. The loss for Britain's second largest bank compared to a fat 3.6 billion pound profit it made in January to June of 2007, the bank's best-ever half-year. It is the first time in 40 years that RBS has posted a loss. Total income also fell over the same period to 13.7 billion pounds (US$26.5 billion), from 14.7 billion pounds. The Edinburgh-based bank's results were largely due to 5.9 billion pounds (US$11.4 billion) from losses on assets exposed to the credit crisis, which gathered force in August, 2007. Many mark its... [read full story]