Royal Bank of Scotland (RBS) has slashed its
net loss from £3.6bn ($5.8bn) in fiscal 2009 to £1.12bn for the 12
months to 31 December.

RBS’ Retail & Commercial unit increased
its income by 6% in fiscal 2010, driven by steady improvement in
net interest margin over the course of the year.

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Net interest margin at RBS’ UK retail unit
improved by 32 basis points to 3.91% while in the US, the margin
increased by 48 basis points to 2.85%.

Operating profit at RBS’ UK division increased
six-fold from £229m to £1.37bn while in the US, the retail unit
returned to the black, posting a profit of £306m (2009:-£113m).

RBS’ Ireland-based business division, Ulster
Bank, remained troubled with losses doubling from £368m to
£761m.

Fiscal 2010 highlights included:

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  • An improvement in RBS’ loan to deposit ratio to 117% from 135%
    at the end of 2009;
  • Group expenses fell by 4% to £16.7bn;
  • In the UK, RBS achieved a new mortgage lending market share of
    11%, compared to its 8% share of stock;
  • UK retail savings balances grew by £8bn or 13% with 1.8 million
    accounts opened, outperforming the market total deposit growth of
    3%;
  • Total UK retail deposits increased by 10% to £96.1bn;
  • Impairments were 33% lower in 2010 at £9.26bn;
  • UK retail impairments fell declined by 30% to £1.16bn;

Less positive was an 11% decline in UK
non-interest income to £1.33bn; RBS pinned the fall on
restructuring of current account overdraft fees in the final
quarter of 2009.

At RBS’ Wealth division, operating
profit fell by 27.6% to £304m while the bank’s insurance
division slipped to a loss of £295m (2009: £59m profit).

RBS’ total group assets declined by 4.5% to
£1.45trn.