RBS has 'satisfactory' six months

RBS is raising £12bn from shareholders

Royal Bank of Scotland (RBS) has said its results for the first six months of the year should be "satisfactory".

In a trading update, the bank revealed no further credit crunch write-downs to the £5.9bn it announced in April.

RBS is currently undergoing the UK's biggest rights issue to raise an estimated £12bn from shareholders in order to bolster its balance sheet.

The bank was updating investors and analysts ahead of the release of its interim results on 8 August.

"The global economic outlook is placing strains on a number of business sectors," said RBS in a statement.

But it pointed out that its loan portfolio was "robust", with losses on UK personal loans falling.

On Monday, RBS said shareholders had agreed to buy more than 95% of the shares offered in the rights issue.