Royal Bank of Scotland on Thursday posted a £3.47 billion ($5.39 billion) net loss for 2014 after writing down the value of part-owned US unit Citizens Financial Group by £4 billion.

The 80% state-owned bank said its seventh consecutive loss, narrower than last year's £9 billion, was the result of several one-off charges. In addition to revaluing Citizens, RBS had £2.2 billion in conduct and litigation charges and £1.3 billion in restructuring costs.