RBS shares soar despite £2bn loss

Shares in the Royal Bank of Scotland led the FTSE 100 leader board in early trading despite the group posting a larger than expected loss of £2bn.

The group's shares moved more than 5% higher initially as investors snapped up stocks in the group despite the huge full-year loss it reported. By 11:30am, they had come in marginally to trade up 3.5% or 0.95p, at 28.28p. RBS said the total loss attributable to ordinary and B shareholders was £1.997bn, an increase on the £1.1bn figure for 2010, and more severe than many forecasters had expected. Provisions for mis-selling of PPI and losses from Greek debt contributed to the loss, with the company setting aside £850m for PPI costs and taking a £1.1bn writedown on its sovereign debt ...