Royal Bank of Scotland posts narrowing annual losses
[LONDON] Britain's state-rescued Royal Bank of Scotland on Friday announced a 43 per cent reduction in annual net losses to around £2.0 billion (S$3.9 billion).
The loss after tax stood at £1.979 billion last year compared with a net loss of £3.47 billion in 2014, RBS said in an earnings statement.
RBS, bailed out at the height of the financial crisis in 2008, continued to be hit by hefty costs linked to legal action it is facing over US mortgage-backed securities and to compensation due for mis-selling an insurance product.
Total litigation and conduct costs increased to almost £3.57 billion last year, while the bank warned of possible further financial hits.
"We continue to deal with a range of uncertainties," RBS said in its outlook, noting that "substantial incremental provisions" may be added to the group's balance sheet in 2016.
It pointed also to uncertainties surrounding the June referendum on Britain's EU membership.
RBS is around 73 per cent owned by the British government after the vast state-rescue.
AFP
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
JPMorgan talking with investors about two synthetic risk transfers
HSBC says growing Chinese wealth fuels client investments in US
Money laundering accused Su Baolin to plead guilty after being handed 3 more charges
UBS flags 'serious' concern about new Swiss capital requirements
Lloyds bank says quarterly profits sink on higher costs
US seeks 36 months’ jail for Binance founder Zhao