Business News - RBS posts loss of $1.32 billion

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RBS posts loss of $1.32 billion

EDINBURGH, Scotland (UPI) -- The Royal Bank of Scotland said Friday it lost $1.32 billion in the first half of 2008.

Bank President Fred Goodwin apologized for the bank's performance, The Daily Mail of London reported.

"It has been a chastening experience and reporting a pre-tax loss of $1.32 billion is something I and my colleagues regret very much," Goodwin said.

The loss was the equivalent of $7.1 million a day, the Mail reported. A year ago, the bank posted a pre-tax profit of $9.79 billion, the report said.

Copyright 2008 by United Press International

This news arrived on: 08/08/2008

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