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RBS reports annual loss of 1.12bn

Royal Bank of Scotland (RBS) has reported a loss of £1.13bn for the year 2010, a bigger loss than analysts forecast.

However, this is an improvement on the £3.6bn loss the bank made in 2009, and the £24.3bn loss it made in 2008.

Money set aside for bad loans fell by 33% compared the previous year, to £9.3bn.

The government still owns an 84% stake in RBS after bailing the bank out during the financial crisis of 2008.

Last week, Barclays bank reported profits of £6.1bn for 2010

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Post Date: February 24th, 2011