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RBS reports full-year loss of £1.97 billion

State-backed Royal Bank of Scotland (RBS) on Friday reported its eighth straight full-year loss of 1.97 billion pounds ($2.75 billion).

The loss was 43 percent smaller than the bank's loss of 3.47 billion pounds for the previous year.

A logo sits above an automated teller machine (ATM) outside a Royal Bank of Scotland Group (RBS) bank branch in London, U.K.
Simon Dawson | Bloomberg via Getty Images
A logo sits above an automated teller machine (ATM) outside a Royal Bank of Scotland Group (RBS) bank branch in London, U.K.

RBS, which has not turned a profit since its 2008 government bailout during the financial crisis, said its restructuring costs reached 2.9 billion pounds.

RBS's conduct and litigation costs totalled 3.6 billion pounds.

Once, briefly, the world's largest bank by assets, RBS has spent the eight years since its 45-billion-pound bailout cutting costs and reorganising its businesses.

Under Chief Executive Ross McEwan's leadership, RBS has also been reducing its international businesses, abandoning the global ambitions it once held.

RBS is still 73 percent owned by the British government.

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