LONDON, February 24, 2011 /PRNewswire/ -- The Royal Bank of Scotland Group reported full year group operating profits of GBP1.9bn today against a loss for the same period last year, evidence its CEO Stephen Hester said that the "recovery story was going well".
Speaking to the financial broadcaster http://www.cantos.com he pointed out that the bank had met or in some cases exceeded the targets it set itself for the second year of its strategic plan, with the core bank producing a much better balanced set of results, and with the non-core bank reducing the level of risk inherent in the business at a faster pace. But he added there was still a lot left to do.
He urged the on-going investigation by the ICB into the banking industry to remain true to its terms of reference, and looked forward to the time when the bank could exit the Asset Protection Scheme and the moment when the government could start selling its 84% stake in the bank.
In spite of the improved performance he sounded a note of caution about the outlook citing the regulatory and economic uncertainties hanging over the sector.
The interview and transcript are available now on http://www.cantos.com/company/The+Royal+Bank+of+Scotland+Group.
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SOURCE The Royal Bank of Scotland Group plc