LONDON – Part-nationalized U.K. lender Royal Bank of Scotland posted a loss for the fourth quarter and the year after it set aside more cash to compensate customers who bought payment protection insurance and to pay fines related to a rate-rigging scandal.
The company, 82 percent owned by British taxpayers, posted a full-year net loss of 5.971 billion pounds ($9 billion) versus a net loss of 1.997 billion pounds in 2011. It set aside another 1.1 billion pounds Thursday to compensate customers who were mis-sold insurance, versus 850 million pounds a year ago.
Chief Executive Stephen Hester says the bank — which was at the heart of Britain's economic crisis of 2008 — would be privatized in the next few years and that RBS was working to clear up past mistakes.
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