By Daniel Hunter

The Royal Bank of Scotland (RBS) have announced their annual results, showing losses for the fourth consecutive year.

Since their bailout in 2008, RBS have yet to record profits in full year financial results, and 2011 saw their losses reach £2 billion, compared with £1.1 billion in 2010.

Despite these losses Chancellor George Osborne said RBS is "cleaning up the mess after the biggest bank bailout in history".

The results also come just weeks after RBS boss, Stephen Hester, was forced, by public opinion, to turn down a bonus just shy of £1 million.

"We all understand that a company that is making losses at the bottom line tests the patience of those who depend on it," he said in the results.

2011 saw RBS shares fall 48%, and they are now worth about 27 pence.

Main Highlights

- a 2011 Group operating profit of £1,892 million, up 11%

- Core RBS 2011 operating profit £6,095 million, return on tangible equity 10.5%

- Retail and Commercial (ex Ulster Bank) operating profit up 9%, return on equity of 16.6%

- Group pre-tax loss of £766 million after charges for PPI and Greece

- Significant further strengthening and de-risking of balance sheet

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