RBS shares rise sharply as results beat expectations

The bank's losses are down from £24.3bn in 2008, with its core business operating profit rising 89% to £8.3bn. Its investment banking arm, global banking and markets, made a £5.7bn operating profit for the full year compared with a £1.8bn loss in the previous 12 months. Impairments rose sharply to £13.9bn from £7.4bn in 2008, but now appear likely to have peaked, says chief executive Stephen Hester. Fourth quarter impairments were 5% lower than the third quarter of 2009 and risk elements in lending at year end were unchanged compared with £35bn at the end of September. Chief execut...