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Royal Bank of Scotland almost doubled its annual profit, declared a special dividend and said it would change its name to NatWest.
Net profit for the year through December rose to £3.13bn, up from £1.62bn on-year.
Pre-tax operating profit rose 26% to £4.23bn, even as the bank's net interest margin contracted to 1.99%, back from 2.09%.
RBS declared a final dividend of 3p per share plus a special dividend of 5p per share.
The bank said that 'in a challenging market' it had exceeded all of its most recent 2019 financial targets, including for cost cutting and lending growth.
On its outlook, RBS said it expected to expect challenges on income, giving ongoing market uncertainty.
Regulatory changes were also expected adversely impact income in the company's personal business by around £200m.
RBS also said it expected to incur £0.8bn-to-£1.0bn of strategic costs during 2020, resulting from a refocussing of NatWest Markets and the continued resizing of the group's cost base.
The bank is targeting lending growth of greater than 3% across its retail and commercial franchises.
As for its medium-term outlook, RBS said it expected to achieve a return on tangible equity of 9-11% 'in the medium to long term' accompanied by 'operating cost take-out'.