Friday, August 7, 2009

Bad debts jump to £7.5bn

RBS bad debts overshadow return to profit

"The statutory pre-tax profit was £15m but chief executive Stephen Hester focused on the "poor" net attributable loss to shareholders of £1bn which drove the share price down 14% to 45.8p by 8.15am. It is now back below the 50.5p at which the taxpayer breaks even on its 70% stake after recording a £1bn paper profit yesterday". Hester admitted that while the bank was "on track" to increase net mortgage lending by £9bn as planned, the target for £16bn of business lending "remains challenging".

Posted by alan @ 10:05 AM (691 views)
Please complete the required fields.



One thought on “Bad debts jump to £7.5bn

  • Bear Of Little Brain says:

    Stephen Hester? How encouraging.

    From Wiki:
    November 2004, … he was appointed Chief Executive of British Land. In early 2007, eight months before British Land and others REIT’s were caught in the commercial property slump, he said: “I don’t believe we are about to see a market decline, but the period of sharp growth is over.”

    British Land: December 2006, peaked at over £17 per share; today £4.70-ish, pretty much where it was from 2000 to 2003. Doubtless, the terrific rise was entirely down to him…
    The BL chart is here (choose 10 year):
    http://www.britishland.com/share_price_analysis_tools.aspx?tool=chart

    Oh (Wiki again):
    “Hester enjoys tennis, running, shooting and skiing, which for the latter he owns a chalet in Verbier, Switzerland. Hester also enjoys horse riding, as his wife is a master of fox hounds in Warwickshire”
    Make what you will of that. Watched him on Bloomberg. Seems a nice chap. Let’s hope he has enough time to keep an eye on RBS.

    Reply
    Please complete the required fields.



Add a comment

  • Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
  • Please note that any viewpoints published here as comments are user´s views and not the views of HousePriceCrash.co.uk.
  • Please adhere to the Guidelines

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes:

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>