RBS reports £1.13b loss for 2010; still good news

In the “bad news is still good news” category, one personal and business bank account provider recently reported that it only lost £1.13 billion last year – an improvement from its £3.6 billion loss in 2009.

Partly nationalised banking group RBS stated that its income rose 10 per cent over the course of 2010 to over £33 billion.  The growth was attributed to the solid performance of its retail banking branches and commercial operations.

Impairments decreased by 33 per cent compared with 2009 ‘s £9.3 billion figure.  RBS stated that it ended 2010 with a 10.7 per cent Group Core Tier 1 ratio.

£1.1 billion of the bank’s losses were partly due to an Asset Protection Scheme after-tax charge, RBS pointed out.  The 83 per cent nationalised banking group has two years of restructuring under its belt now, with three to go for its overall strategic plan.

Stephen Hester, chief executive for RBS Group, stated that the bank made large strides in their risk reduction efforts in 2010.  Additionally Mr Hester stated that the group returned early to operating profit as well.

The group chief executive added that RBS still had its work cut out, however.  Significant obstacles still need to be overcome, said Mr Hester, adding that the group’s aim is to continue to progress in 2011.

In related news, RBS has recently appointed a new Global Transactions Services head for its China market.

Frank Hamer will be responsible for developing the operations of the group’s GTS division in China.  The overall division provides commercial cards, trade services, and liquidity and cash management globally to corporate clients in more than 40 different countries worldwide.

Mr Hamer will be based in Shanghai and will report directly to Asia Pacific GTS head Alan Goodyear.

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