Royal Bank of Scotland has posted a pre-tax loss of £2.2bn in the fourth quarter, taking full year 2012 losses to £5.2bn, but despite the results the bank said the government is much closer to selling its stake.
The taxpayer-backed lender was hit with a number of one-off payouts in the fourth quarter, setting aside an extra £650m for interest-rate hedging products and £450m for PPI redress In total the lender has now set aside £700m for the interest rate hedging redress and £2.2bn for PPI. The bank was also hit with a £390m fine from the FSA and US regulators for LIBOR manipulation in the fourth quarter, which weighed on the bank's losses. However, RBS' core operating profit for 2012 stood at £6.3bn, compared to £6bn in 2011, while its group operating profit was £3.5bn, up on £1.8bn in 201...
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