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23/02/2012
RBS Reports £2bn Loss In 2011
Royal Bank of Scotland has reported a loss of £2 billion last year, an increase from a loss of £1.1bn in 2010.
The bank also posted a loss of £1.8 billion in the fourth quarter of last year compared to a profit of £12 million in the same period a year earlier.
Stephen Hester, Group Chief Executive, said: "For the group as a whole, and after the effect of several large one off items such as PPI compensation costs, Greek sovereign debt impairments, and integration and restructuring costs, the Group reported a pre-tax loss of £766m."
RBS, said its investment in banking bonuses were 58% lower in 2011 than they were a year earlier. Bonuses at the entire banking group were 43% lower. Mr Hester and the Chairman Mr Philip Hampton did not take their bonuses earlier this year after alot of public pressure.
Mr Hester concluded: "We provided service to more than 30 million customers worldwide. In UK lending support specifically, we provided £94 billion gross lending to corporates (£41 billion to SMEs) exceeding our targets and far exceeding any competitor bank."
(CD/GK)
The bank also posted a loss of £1.8 billion in the fourth quarter of last year compared to a profit of £12 million in the same period a year earlier.
Stephen Hester, Group Chief Executive, said: "For the group as a whole, and after the effect of several large one off items such as PPI compensation costs, Greek sovereign debt impairments, and integration and restructuring costs, the Group reported a pre-tax loss of £766m."
RBS, said its investment in banking bonuses were 58% lower in 2011 than they were a year earlier. Bonuses at the entire banking group were 43% lower. Mr Hester and the Chairman Mr Philip Hampton did not take their bonuses earlier this year after alot of public pressure.
Mr Hester concluded: "We provided service to more than 30 million customers worldwide. In UK lending support specifically, we provided £94 billion gross lending to corporates (£41 billion to SMEs) exceeding our targets and far exceeding any competitor bank."
(CD/GK)
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