ROYAL BANK ADS (RBS)

[mlkrborn]

LONDON (ShareCast) - More huge write-offs sent Royal Bank of Scotland (LSE: RBS.L - news) deep into loss over the past three months.

The state-controlled bank that on Tuesday announced another £33bn cash injection from the government lost £2.1bn in the three months to September compared to a profit of £1.9bn. Nine-month losses now total £2.06bn against a profit £1.8bn this time last year.

Impairment charges in the last quarter totalled £3.49bn against £5bn in the previous quarter and £1.4bn this time last year. Net income for the quarter fell to £8.8bn from £9.96bn.

"The Group's strategy has been embedded in five-year plans across divisions, and the more recent 2010 budgets provide encouraging support for these plans," chief executive Stephen Hester said.

The bank also defended its record on lending and said it is on course to hit targets of £25 bn of lending (£9bn of mortgage lending and £16bn of business lending) to creditworthy customers on commercial terms. This was a condition of it joining the UK government's toxic asset protection scheme.

"RBS is unambiguous in its view that these commitments are being met. However, as is normal in recessions, our customers are generally seeking to repair their balance sheets, not to increase borrowing. As a result, the demand for our lending is muted, especially from business customers," it said.