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  • British banking giant NatWest, formerly known as Royal Bank of Scotland, on Friday posted a second-quarter net loss after taking a £2.0-billion ($2.6 billion, 2.2 billion euro) hit from coronavirus. NatWest said in a results statement that it suffered a loss after taxation of £993 million in the three months to June compared with net profit of £1.3 billion a year earlier. The net loss stood at £705 million in the first half, which contrasted sharply with profit of £2.04 billion last time around. The lender, which received an enormous UK state bailout at the height of the notorious global financial crisis, added that it expects to set aside between £3.5 billion and £4.5 billion for this year to cover the economic fallout from the deadly pandemic. "Our performance in the first half of the year has been significantly impacted by the challenges and uncertainty our economy continues to face as a result of COVID-19," said Chief Executive Alison Rose. "However, NatWest Group has a robust capital position, underpinned by a resilient, capital generative and well diversified business. "Throughout this (COVID-19) crisis we have provided exceptional levels of support to our customers, colleagues and the communities we serve. I am proud that our colleagues have consistently shown they are putting our purpose at the heart of everything they do. "Through our strong balance sheet and prudent approach to risk, we are well placed not only to withstand COVID-19 related impacts but also to provide the right support to those who will need it most in the tough times to come." rfj/rl
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  • UK bank NatWest slides into red on £2.0bn virus hit
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