Royal Bank of Scotland has said many of its businesses are performing well, despite the continuing deterioration in the world's credit markets.
In April the bank announced a record £12 billion share issue to cover a potential £5.9 billion writedown of the value of bad assets. In a trading update this morning, it said writedowns were expected to remain in line with this estimate.
'While the global economic outlook is placing strains on a number of business sectors, the group's loan portfolio remains robust,' it said.
Group chief executive Sir Fred Goodwin said the bank was taking a 'cautious stance' because of economic uncertainty and market conditions.
The bank owns Ulster Bank, including First Active, in Ireland. But the trading statement did not give specific details of Ulster Bank's performance.
RBS shares lost 9% to close at 212.25 pence in London this evening.
