24 Feb 2012

Further loss reported by RBS

7:32 am on 24 February 2012

The Royal Bank of Scotland has reported its fourth year of losses since a bailout by the state in 2008.

The bank posted an attributable loss of £2 billion in 2011, up from a loss of £1.1 billion in 2010.

On a pre-tax basis, last year's loss was £766m compared with £399m in 2010.

The BBC reports the difference between the attributable loss and the pre-tax loss was down to a tax charge of £1.25 billion.

Last year, the company's share price fell 48% and are now under 30 pence. Shares gained 5% on Thursday.

Despite that performance, the bank paid £785 million in bonuses to staff in total last year.

Following political pressure, chief executive Stephen Hester last month turned down his bonus of nearly £1 million.

RBS is 82% owned by the state after a bailout of £45.5 billion in late 2008 at the height of the financial crisis.

During 2011, the bank's profitability was boosted in the third quarter by an increase in the value of its debt.