£691m loss for RBS in first half

Updated at 2:49pm on 9 August 2008 Royal Bank of Scotland has posted a pre-tax loss of £691 million during the first six months of 2008 - it is the second-biggest loss in UK banking history. The bank made a profit of £5 billion during the same period last year. RBS, which owns NatWest bank, said it was hit by £5.9 billion in write-downs after the credit crunch cut the value of many of its mortgages and assets. RBS shares have more than halved in value over the past year - including a 25% slump since a rights issue was announced... [read full story]