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Bank charges: RBS lost £5.2m last year

Royal Bank of Scotland (RBS) made a loss of around £5.2 million before tax last year.

This is the fifth year in a row the bank has reported a loss since it was bailed out during the financial crisis in 2008.

RBS said in its annual profits report that 2012 was a ‘chastening’ year for the bank as it aimed to correct past mistakes.

Part of the loss incurred by RBS is as a result of claims on mis-sold payment protection insurance (PPI). By the end of 2012, it had increased its provisions of PPI claims to £2.2 billion following a further charge of £450 million during the fourth quarter.

It also set aside £700 million in provisions for mis-sold interest rate hedging products after the Financial Services Authority found that UK banks had not been adhering to regulations when selling these.

RBS is around 80 per cent owned by the taxpayer after the government bailed it out.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801548643-ADNFCR



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