royal bank of scotland net loss triples to £6bn
Last Updated : GMT 11:03:35
Arab Today, arab today
Arab Today, arab today

Royal Bank of Scotland net loss triples to £6bn

Arab Today, arab today

Arab Today, arab today Royal Bank of Scotland net loss triples to £6bn

London - AFP

State-rescued Royal Bank of Scotland said Thursday that net losses almost tripled to £5.97 billion in 2012, when it was hit by compensation payouts, Libor rate-rigging fines and a vast accounting charge. The enormous loss after taxation, equivalent to $9.05 billion or 6.89 billion euros, compared with a shortfall of £1.997 billion in 2011, the lender announced in a results statement. It marked the bank's fifth successive annual net loss. Most significantly, RBS took a huge accounting charge of £4.649 billion against the improving value of the group's own debt. That contrasted with a credit of £1.914 billion in 2011. And the lender also set aside another £450 million to cover compensation for mis-selling payment protection insurance and £650 million for clients mis-sold interest rate hedging products. Pre-tax losses meanwhile ballooned to £5.2 billion compared with £1.2 billion last time around. The Edinburgh-based lender added that it had cut its bonus pool to £607 million, from £789 million in 2011, after recouping cash to pay its recent fines to settle allegations of Libor interest rate rigging. "RBS is four years into its recovery plan and good progress has been made. We are a much smaller, more focused and stronger bank. Our target is for 2013 to be the last big year of restructuring," said RBS chief executive Stephen Hester. He added: "2012 saw landmark achievements for RBS. It was also a chastening year. "Along with the rest of the banking industry we faced significant reputational challenges as we worked with regulators to put right past mistakes. "We are determined to overcome the cultural and reputational baggage of pre-crisis times with the same focus we have applied to the financial clean-up from that era." RBS had already revealed earlier this month that it would pay fines totalling $612 million (453 million euros) to US and British regulators to settle allegations of Libor interest rate rigging. The group, which is more than 80-percent owned by the British government after an enormous bailout at the height of the global financial crisis, became the third bank to admit its part in the Libor affair after Barclays and UBS.  

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

royal bank of scotland net loss triples to £6bn royal bank of scotland net loss triples to £6bn

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

royal bank of scotland net loss triples to £6bn royal bank of scotland net loss triples to £6bn

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today PNG police start removing refugees

GMT 03:00 2017 Friday ,24 November

PNG police start removing refugees
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria congress to go ahead

GMT 02:24 2017 Friday ,24 November

Syria congress to go ahead
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 09:12 2017 Thursday ,23 November

4 in 10 cancers due to modifiable risk

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday