Royal Bank of Scotland Group Plc said it will take longer than originally planned to resume shareholder payouts after reporting its eighth consecutive annual loss, driven by costs for past misconduct. The shares dropped the most since 2012. The net loss narrowed to 1.98 billion pounds ($2.77 billion) in 2015 from 3.47 billion pounds a year earlier, the Edinburgh-based lender said in a statement on Friday
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The stock drop came amid the delay and uncertainty over the timing and size of a potential settlement with the U.S. Department of Justice and the Federal Housing Finance Agency over $32 billion in residential mortgage-backed securities sold in the run-up to the financial crisis. Chief Financial Officer Ewen Stevenson said on a call with analysts that the firm isn’t yet in “substantive” talks with authorities and doesn’t control the timing of a deal.