PPI and Greek debt drag down RBS
Provisions for mis-selling of payment protection insurance schemes and Greek debt ensured part-nationalised lender Royal Bank of Scotland made a pre-tax loss in 2011, though the core business was profitable at the operating level.
Provisions for mis-selling of payment protection insurance schemes and Greek debt ensured part-nationalised lender Royal Bank of Scotland made a pre-tax loss in 2011, though the core business was profitable at the operating level.
"RBS Core profits - the ongoing bank - were £6bn, comparing well with others and representing a return on equity of 10.5%. The reduction in our balance sheet since 2008 now exceeds £700bn with all other 'safety' measures improving strongly," said Group Chief Executive Stephen Hester.
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