Royal Bank of Scotland has failed to find profit for the ninth consecutive year, losing treble its deficit with an annual loss of £7 billion for 2016.
The bank reported losses of £7bn, compared to the loss of £2bn in 2015, as it continued to be plagued by problems stemming from the global financial crisis in 2008. The result extends the bank's streak to nine consecutive years of losses, worth almost £60 billion, or $75 billion.
The loss, the bank said, is caused by £10bn of one-off items, including £5.9bn for potential fines and legal costs.
The loss was driven by GBP5.87 billion taken in litigation and conduct costs, including the GBP3.10 billion provision RBS previously announced it would take over a US Department of Justice investigation into the mis-selling of mortgage-backed securities.
It will include £750m of savings in 2017.
The lender has also had to set aside £3.1 billion ahead of an expected fine from United States authorities linked to mortgage backed securities. Royal Bank of Scotland Group plc has a 52 week low of GBX 148.40 and a 52 week high of GBX 260.90.
On Friday, RBS said it would slash operating expenses by a further 2 billion pounds over four years, with 750 million of savings to be made in the course of 2017.
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Ross McEwan, RBS's chief executive, also revealed that he does not think the bank will turn a profit this year either - meaning it is now looking at spending a decade languishing in the red.
The bank also intends to invest heavily in technology at its NatWest Markets business, replacing hundred of separate product databases with a single scalable platform.
The bank has seen £50bn of losses since the £45.5bn taxpayer bailout during the financial crises.
"Whatever happens it is quite clear that any return to paying a dividend remains some way off, and while today's losses weren't too much of a surprise it would appear investor reaction to the numbers has been relatively cool with the shares slipping back in early trade".
Instead, RBS and the government have suggested the bank gives £750m - which the bank has set aside - towards initiatives created to boost competition in United Kingdom business banking.
The British government now owns 73% of the bank, which is still dealing with the fallout of the financial crisis.