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-	Cautious consumers' repayments on credit cards, loans and overdrafts outstripped new borrowing by �305m in February, figures show.	+	Blackberry manufacturer Research in Motion (RIM) has reported a quarterly loss, due in part to falling revenues on the back of weak smartphone shipments.
-	This safety-first approach had led to a contraction in borrowing through loans and overdrafts for more than three years, major banks said.	+	The Canadian company made a net loss for the three months to 3 March of $125m (�78m), compared with a profit of $934m a year earlier.
-	The figures, from the British Bankers' Association (BBA), showed a slowdown in activity in the mortgage market.	+	Revenues fell to $4.2bn from $5.2bn.
-	It said remortgaging levels were at their lowest for 13 years.	+	The firm also suggested it would refocus on the corporate market rather than on individual consumers.
-	'Difficult economic times'	+
-	Despite their cautious approach, consumers still spent �7bn on credit cards in February - a similar level as the previous six months, the figures show.	+	It also announced the resignation of former co-chief executive Jim Balsillie.
-	Repayments outstripped new borrowing on credit cards by �39m in February. The repayment in unsecured lending was driven by weak demand, and continued payback, of loans and overdrafts.	+	Chief technology officer David Yacht will also be standing down.
-	Unsecured lending by the banks contracted by 1.8% in the 12 months to February.	+	Shares in the company fell as much as 9% in after-hours trading following the trading statement. They have fallen by 80% over the past year.
-	"Businesses and households continue to be cautious about their finances in the face of difficult economic times and this shows up in a reluctance to take on new credit, or where possible, seeking to pay back bank borrowing," said BBA statistics director David Dooks.	+	Shipments of BlackBerry smartphones in the quarter fell to 11.1 million, down 21% from the previous three-month period.
-	Mortgage dip	+
-	In the housing market, gross mortgage lending by the banks stood at �7.9bn in February, which was 1.9% lower than the same month a year earlier.	+	Shipments of the company's PlayBook tablets hit 500,000, largely due to substantial discounting.
-	With interest rates set to stay at low levels for some time, the number of remortgaging approvals dropped to its lowest level for 13 years at 18,147. Lenders have also become more choosy about who they accept for remortgaging.	+	For the full financial year, the company made a net profit of $1.2bn, down from $3.4bn in the previous year.
-	The number of mortgages approved for house purchases also fell to 33,103 in February. The average mortgage approved was �146,600.	+	The results were worse than analysts had expected and RIM shares fell sharply in after-hours trading.
		+	Corporate focus
-	The BBA said that there had been a jump in activity at the start of the year as first-time buyers tried to get on the property ladder before a 1% stamp duty charge for homes valued between �125,000 and �250,000 is reintroduced on Saturday.	+	RIM has struggled to keep up with rivals in the smartphone market, such as Apple's iPhone and handsets running on Google's Android operating system.
-	However, activity returned to more "normal" levels in February, said the group which represents the High Street banks.	+	It has also struggled to gain a foothold in the tablet market.

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Revision as of 00:47, 31 January 2013

Blackberry manufacturer Research in Motion (RIM) has reported a quarterly loss, due in part to falling revenues on the back of weak smartphone shipments.

The Canadian company made a net loss for the three months to 3 March of $125m (�78m), compared with a profit of $934m a year earlier.

Revenues fell to $4.2bn from $5.2bn.

The firm also suggested it would refocus on the corporate market rather than on individual consumers.

It also announced the resignation of former co-chief executive Jim Balsillie.

Chief technology officer David Yacht will also be standing down.

Shares in the company fell as much as 9% in after-hours trading following the trading statement. They have fallen by 80% over the past year.

Shipments of BlackBerry smartphones in the quarter fell to 11.1 million, down 21% from the previous three-month period.

Shipments of the company's PlayBook tablets hit 500,000, largely due to substantial discounting.

For the full financial year, the company made a net profit of $1.2bn, down from $3.4bn in the previous year.

The results were worse than analysts had expected and RIM shares fell sharply in after-hours trading. Corporate focus

RIM has struggled to keep up with rivals in the smartphone market, such as Apple's iPhone and handsets running on Google's Android operating system.

It has also struggled to gain a foothold in the tablet market.