Credit crisis costs RBS $5.6 billion
Reporting on its 2007 performance on February 27, RBS revealed that, in addition to the expected losses announced in December, it has also set aside £456 million attributed to monoline exposures.
The losses also include a £978 million subprime-related loss in RBS' Dutch subsidiary, ABN Amro, which is a much larger amount than the £300 million it had announced in December. RBS acquired 38.3% of ABN Amro in October 2007, as a joint acquisition with the Dutch Fortis Bank and Spain's Banco Santander .
In spite of the losses, RBS has posted a pre-tax profit of £9.9 billion, which is 8% up from £9.2 billion in 2006, including ABN Amro.
See also : RBS and ABN Amro expect subprime-related writedowns
RBS to subsume ABN Amro wholesale brand
Credit crisis losses could reach $400 billion
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