LONDON, February 23, 2012 /PRNewswire/ --
The Royal Bank of Scotland Group today released its full-year 2011 results posting a £6bn operating profit in its on-going core business which it says compares favorably with its main competitors. Its investment banking business, which has since been restructured, posted a profit of £1.6bn, significantly down on last time.
In an interview with financial broadcaster merchantcantos.com, CEO Stephen Hester said the bank's strategy was still intact but that the business had to adapt and adjust to the on-going troubles in the Eurozone and the more difficult operating and regulatory environment predicted for 2012.
But he pointed out that the bank had now taken £700 billion off its balance sheet, "more than anyone has ever accomplished", and re-iterated that the risk reduction would continue stating that, "we have to continue to defuse this huge time bomb of risk on our balance sheet that three years ago nearly brought the company down."
Countering criticism on the bank's lending performance Mr. Hester noted the bank lent 48p in every pound to the UK's SME sector in 2011 - way ahead of its natural market share.
The interview and transcript are available now on http://www.cantos.com/company/The%20Royal%20Bank%20of%20Scotland%20Group.
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SOURCE Royal Bank of Scotland Group