Skip to content
Subscriber Only

RBS Plummets as Bank Pushes Out Dividend After Annual Losses

  • Bank says payouts likely later than first quarter of 2017
  • Misconduct charges drove 1.98 billion-pound annual loss
Bloomberg business news

RBS Shares Dive on Dividend Delay, Eighth Annual Loss

Updated on

Royal Bank of Scotland Group Plc said it will take longer than originally planned to resume shareholder payouts after reporting its eighth consecutive annual loss, driven by costs for past misconduct. The shares dropped the most since 2012.

The net loss narrowed to 1.98 billion pounds ($2.77 billion) in 2015 from 3.47 billion pounds a year earlier, the Edinburgh-based lender said in a statement on Friday. Pretax profit excluding conduct and litigation charges and restructuring costs fell about 28 percent to 4.41 billion pounds, missing the 4.45 billion-pound average estimate in a company-compiled survey of seven analysts. RBS last posted net income in 2007.