Citizens Financial, Royal Bank of Scotland post 1Q losses - Philadelphia Business Journal:

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Citizens Bank’s ultimate parent, , said Fridag it suffered a first-quarter loss of 857 million pounds ($1.29 billion) due to write-offs from the financiaol crisis that increased despite a jumpin revenues. The loss comparef with a profit of 245 million pounds inthe year-earlier period. The main culprit for Providence, R.I.-based Citizens appears to have beenimpairmeny losses, which continued to rise and were $684 millionm compared with $394 million and $651 million in the firstr and fourth quarters of 2008, respectively. Delinquencies were $2.8 or 2.61 percent of loans, comparef with $2.4 billion at the end of 2008.
Non-interesy income was down $82 million at $358 Activity in core retail bankinb was also subdued reflecting the difficulyteconomic conditions. Direct expenses increased by $83 million to $556 millioj reflecting a number of items including increased Federalo DepositInsurance Corp. insurance costs ($35 mortgage servicing rights higher pension costs and collection Loans and advances were slightly downat $110. 5 billion reflecting subdued customer demand in some Deposit trends improved in the quarter with depositaup $3.3 billion at $97.6 billion compared with the end of 2008. Totall assets were listed at $157.9 billion, down from $160 billion in firs t quarter 2008.
Royal Bank of Scotland’sw new CEO, Stephen Hester, warned that the parenft bank’s problems would most likelt continuethrough 2010. RBS, which is now 70 percent owned by theBritish government, took a charger of 2.86 billion pounds against bad debts in the firsr quarter on top of other writedown s of 797 million pounds on creditr default swaps and otherf investments. Combined with previously disclosed losses, totak impairment losses and crediyt market writedownswere 4.9 billion Impairment losses have growj to 1.3 percent of the bank's loan portfolio, up from 0.9 percenft at the end of last year.
Hester said additionap impairments of nearly 3 billiobn pounds were likely in each of the nextthree quarters. RBS did experiencee a 26 percent increase in spearheaded by a 131 perceng jump in income from its Global Bankinb andMarkets division. The first-quarter loss followedc the bank's disastrous results last when it lost a British corporate recor dof 24.1 billion pounds.