02:36 ET<\/span>
\n<\/span><\/p>\nRoyal Bank of Scotland (RBS) has reported a loss of \u00a31.13bn for the full-year 2010, due in part to a \u00a31.1bn tax charge – a bigger loss than analysts had been expecting.<\/p>\n
However, this is an improvement on the \u00a33.6bn loss the bank made in 2009, and the \u00a324.3bn loss it made in 2008.<\/p>\n
Money put aside for bad loans fell 33% against a year earlier, to \u00a39.3bn.<\/p>\n
The government still owns an 84% stake in RBS after bailing the bank out during the financial crisis of 2008.<\/p>\n
Last week, Barclays bank reported profits of \u00a36.1bn for 2010.<\/p>\n
‘Step change’<\/span><\/p>\nFor the final three months of 2010, RBS made a profit of \u00a312m, compared with a loss of \u00a3765m in the final quarter of 2009.<\/p>\n
The bank described 2010 as a “step change in our financial performance”.<\/p>\n
“The return to operating profit reflects both the internal rebuilding process at RBS and the external recovery in market and economic conditions,” said chairman Philip Hampton.<\/p>\n
“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.”<\/p>\n
Earlier this month, RBS said it would pay its investment bankers bonuses of about \u00a3950m for 2010 – down from \u00a31.3bn the previous year.<\/p>\n
Chief executive Stephen Hester will receive a \u00a32.04m bonus – all in shares – with his salary frozen at the 2008 level of \u00a31.2m.<\/p>\n
Last year, Mr Hester declined to take his bonus of \u00a31.6m. <\/p>\n
Bank report<\/span><\/p>\nRBS bought Dutch bank ABN Amro before the credit crunch in 2007, but the deal was a disaster and was a major factor in forcing the government to bail out the bank to the tune of \u00a345bn.<\/p>\n
The government paid an average of 50.2 pence for each of the 90.6 billion RBS shares it bought to save the bank from collapse.<\/p>\n
RBS shares closed at 47.3p on Wednesday.<\/p>\n
The government has said it will sell its stake in RBS, but is unlikely to do so until the Independent Commission on Banking reports its findings.<\/p>\n
The head of the commission, Sir John Vickers, will give an update on his findings next month before publishing the final report in September.<\/p>\n<\/p><\/div>\n<\/p>\n
See the article here:
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RBS reports 2010 loss of \u00a31.13bn - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/02\/24\/rbs-reports-2010-loss-of-1-13bn\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"RBS reports 2010 loss of \u00a31.13bn - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"24 February 2011 Last updated at 02:36 ET Royal Bank of Scotland (RBS) has reported a loss of \u00a31.13bn for the full-year 2010, due in part to a \u00a31.1bn tax charge - a bigger loss than analysts had been expecting. However, this is an improvement on the \u00a33.6bn loss the bank made in 2009, and the \u00a324.3bn loss it made in 2008. 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