Home » News » RBS report record losses

RBS report record losses



By Hayley Parr

The Royal Bank of Scotland (RBS) has reported pre-tax losses of almost £5.2bn in a “chastening” 2012.

This has been the fifth annual loss since it was rescued by the government in 2008 trebling last year’s loss of £766m.

The government owns 81% of RBS.

It took £450m charge to cover Payment Protection Insurance (PPI) claims to take provision for mis-selling of policies to £2.2bn.

The bank has confirmed in recent statements that it is selling some of its US division, Citizens, on the stock exchange within the next few years.

In a press call on Thursday chief executive Stephen Hester said it there is “another choppy year ahead” although he did add that “the light at the end of the tunnel is coming much closer”.


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

Twitter BAMJ3

%d bloggers like this: