Royal Bank of Scotland soaked in red ink, sets aside £450m for mis-selling insurance
(02-28 15:28)
State-rescued Royal Bank of Scotland said Thursday that net losses almost tripled to £5.97 billion (HK$70.2 billion) in 2012, when it was hit by compensation payouts and a fine for rigging London interbank rates.
The vast loss after taxation compared with a shortfall of £1.997 billion in 2011, the lender announced in a results statement, adding that 2012 had been a “chastening’’ year during which it sought to “put right past mistakes.’’
The bank also said in a statement that it is “much closer now to being in the good financial health that would allow shareholders to receive a dividend and the government to start to sell its stake.’’ The state holds 82 percent of the bank.
It set aside a further £450 million to compensate customers mis-sold insurance on loans and mortgages. The total provision adds up to £2.2 billion pounds.
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