Royal Bank of Scotland made a £1.1bn loss last year, largely due to the £1.1bn cost of taking up the Government’s Asset Protection Scheme.
The loss is an improvement on the £3.6bn loss in 2009, the £24bn loss in 2008. Impairment losses fell by 33 per cent from £13.9bn to £9.3bn.
Between March 2010 and February 2011, the bank lent £52bn to UK businesses, ahead of its £50bn full-year target. Over the same period, RBS lent more than £15bn in gross new mortgages, nearly double its £8bn target. Gross mortgage lending was down by 3 per cent, totalling £18.7bn. RBS held its share of new mortgage lending at 11 per cent.
Group chief executive Stephen Hester says: “Our goals are clear. External events can still blow us off course and caution is needed until these clarify. But the strategy is delivering.
“We are focusing on serving our customers better. We are stripping away excess risk inherited from the past. We are building enduring strength and value in the new RBS.”