RBS narrows full-year loss
Royal Bank of Scotland (RBS) has posted a loss for 2009, but reduced the figure from the record breaking amount it reported in 2008.
The firm posted a loss of £3.6 billion for the 12 months to December 31st, down from the £24.3 billion deficit it made 12 months earlier.
RBS, which is 84 per cent owned by the taxpayer, said that it had not met its target for loaning to businesses, but added that it believes the bad debts that affected its performance last year have now peaked.
The loss is below the £5.7 billion that had been predicted by analysts in a poll conducted by Reuters and group chief executive Stephen Hester said that the bank made ’significant steps’ in its five-year development plan over the course of the year.
Following the announcement, shares in RBS rose on the FTSE 100.
By 10:31 GMT, the company’s stock was up 2.85p to 38.98p.
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