Nationalised lender Northern Rock has posted losses of £232.4m in 2010.
But the company said it was making progress, with income up and costs reduced during the second half of its financial year.
Despite the loss, Northern Rock says it is paying staff £13.1m bonuses for last year.
The bank was split into two parts in 2010 - assets and banking - to help its eventual sale back to the private sector.
James Ferguson from Arbuthnot Securities told the BBC Northern Rock is a ''very different beast to the bank we saw before''.
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