RBS Posts $1.3B Loss as Impairments Rise

Updated from 2:51 a.m. EDT

Royal Bank of Scotland (RBS Quote) reported a first-quarter loss of 857 million pounds ($1.29 billion), a reversal from year-earlier profit of 245 million pounds, as the bank recorded impairment losses and credit market writedowns of 4.9 billion pounds.

Profit before the impairment losses rose 42% to 4.1 billion pounds.

CEO Stephen Hester, in a statement Friday, said the results "demonstrate the challenging conditions we face and that we expect to continue. Our core customer franchises are facing the reality of a sharp recession following a year in which the credit markets crisis caused our worst ever performance." ...