RBS posts 2010 loss of £1.13bn

| February 24, 2011 | 0 Comments

Royal Bank of Scotland (RBS), which is 84% owned by the taxpayer, has today reported a net attributable loss of £1.13 billion for the 2010 year.

While the loss is down from the £3.6 billion reported for 2009, it was higher than analysts had expected.

The results are also a significant improvement on the £24.1 billion loss it reported for 2008 – which represented the largest annual loss in UK corporate history.

The results come just a week after banking giant Barclays reported profits of £6.1 billion for the 2010 year.

Meanwhile, RBS’ loss was partly attributed to the charge relating to the Government‘s Asset Protection Scheme, which insurers against losses arising from toxic assets.

Commenting on today‘s results, chairman Philip Hampton, said: “The return to operating profit reflects both the internal rebuilding process at RBS and the external recovery in market and economic conditions.”

He continued: “We are still a good way from where we want to be in terms of our performance but 2010 represents another big stride towards that goal.”

The bank is in the midst of its five-year restructuring plans, after being rescued by the Government at the height of the financial crisis.

In related news, it was recently revealed that investment bankers at RBS will share in a bonus pot of around £950 million, down from £1.3 billion the previous year.

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