REG - Royal Bk Scot.Grp. - Half Year Report - Part 1 <Origin Href="QuoteRef">RBS.L</Origin> - Part 6
05/08/2016 07:07
- Part 6: For the preceding part double click ID:nRSE3368Ge
increased by £5 million, or 6%, compared with Q1 2016 reflecting asset volume growth and the impact of transfers(1).
· A net impairment charge of £9 million was reported in Q2 2016, a £7 million increase on Q1 2016.
· Net loans and advances of £8.5 billion increased by £0.5 billion compared with Q1 2016. Customer deposits increased £2.5 billion in Q2 2016 to £24.1 billion, largely reflecting the transfer of the Luxembourg branch from Capital Resolution(1).
Q2 2016 compared with Q2 2015
· Q2 2016 operating profit was stable at £51 million compared with Q2 2015. Adjusted operating profit of £53 million compared with £52 million in Q2 2015 as increased income and lower adjusted operating expenses were broadly offset by increased impairments.
· Total income increased by 3% to £95 million as increased lending volumes more than outweighed margin pressures. Adjusted operating expenses of £33 million were 20% lower than Q2 2015 reflecting lower allocated services and functions costs.
Note:
(1) Luxembourg portfolio transfer in Q2 2016 included: total income of £1 million, operating expenses of £0.3 million and customer deposits of £2.4 billion.
Corporate & Institutional Banking
Half year ended Quarter ended
30 June 30 June 30 June 31 March 30 June
2016 2015 2016 2016 2015
Income statement £m £m £m £m £m
Net interest income from banking activities 43 30 24 19 16
Net fees and commissions 17 150 6 11 35
Income from trading activities 620 643 374 246 303
Other operating income/(loss) 1 4 - 1 (11)
Own credit adjustments 137 108 73 64 62
Non-interest income 775 905 453 322 389
Total income 818 935 477 341 405
Direct expenses
- staff costs (131) (188) (64) (67) (79)
- other costs (21) (53) (7) (14) (27)
Indirect expenses (488) (504) (238) (250) (247)
Restructuring costs
- direct (10) (41) (10) - (41)
- indirect (23) (270) (11) (12) (179)
Litigation and conduct costs (56) (367) (38) (18) (33)
Operating expenses (729) (1,423) (368) (361) (606)
Operating profit/(loss) before impairment releases/(losses) 89 (488) 109 (20) (201)
Impairment releases/(losses) - 5 - - (3)
Operating profit/(loss) 89 (483) 109 (20) (204)
Total income - adjusted (1) 681 827 404 277 343
Operating expenses - adjusted (2) (640) (745) (309) (331) (353)
Operating profit/(loss) - adjusted (1,2) 41 87 95 (54) (13)
Analysis of income by product
Rates 371 397 258 113 161
Currencies 266 199 122 144 109
Financing 105 228 55 50 87
Other (61) (75) (31) (30) (50)
Total excluding own credit adjustments 681 749 404 277 307
Own credit adjustments 137 108 73 64 62
Businesses transferred to Commercial Banking - 78 - - 36
Total income 818 935 477 341 405
Performance ratios
Return on equity (3) 0.8% (11.8%) 4.3% (2.6%) (10.2%)
Return on equity - adjusted (1,2,3) (0.5%) 0.6% 3.5% (4.4%) (1.9%)
Net interest margin 0.74% 0.32% 0.81% 0.66% 0.28%
Cost:income ratio 89% 152% 77% 106% 150%
Cost:income ratio - adjusted (1,2) 94% 90% 76% 119% 103%
Notes:
(1) Excluding own credit adjustments.
(2) Excluding restructuring costs and litigation and conduct costs.
(3) Return on equity is based on operating profit after tax adjusted for preference share dividends divided by average notional equity based on 15% of the monthly average of segmental RWAes assuming 28% tax rate.
Corporate & Institutional Banking
30 June 31 March 31 December
2016 2016 2015
£bn £bn Change £bn Change
Capital and balance sheet
Loans and advances to customers (gross, excluding
reverse repos) 21.6 18.6 16% 16.1 34%
Loans and advances to banks (excluding reverse repos) (1) 6.3 5.2 21% 5.7 11%
Reverse repos 43.1 40.4 7% 38.6 12%
Securities 30.1 29.5 2% 23.7 27%
Cash and eligible bills 10.3 12.2 (16%) 14.3 (28%)
Other 14.2 10.1 41% 4.9 190%
Total assets 284.0 255.9 11% 215.3 32%
Funded assets 125.6 116.0 8% 103.3 22%
Customer deposits (excluding repos) 8.3 6.7 24% 5.7 46%
Bank deposits (excluding repos) 7.7 6.5 18% 6.7 15%
Repos 38.2 35.9 6% 35.2 9%
Debt securities in issue 2.6 3.1 (16%) 3.3 (21%)
Loan:deposit ratio (excluding repos) 260% 279% (1,900bp) 284% (2,400bp)
Leverage exposure 189.1 184.8 2% 165.9 14%
Risk-weighted assets
- Credit risk
- non-counterparty 4.6 5.1 (10%) 5.0 (8%)
- counterparty 14.7 13.6 8% 11.3 30%
- Market risk 13.4 13.4 - 13.8 (3%)
- Operational risk 4.0 4.0 - 3.0 33%
Total risk-weighted assets 36.7 36.1 2% 33.1 11%
Note:
(1) Excludes disposal groups.
Serving our Customers
Corporate & Institutional Banking (CIB) continued to focus on customers in a challenging market environment. This was
reflected in the Q2 2016 adjusted income performance which, at £404 million, is the highest quarterly result since the
announcement of the new strategy in Q1 2015:
● Customer activity continued to be robust as CIB remained close to its customers throughout the recent market volatility caused by the EU Referendum.
● A simpler operating model is being implemented that takes cost and complexity out of the business. Adjusted operating expenses fell by 11% compared with H1 2015, excluding the impact of transfers(1) to Commercial Banking. Within this direct expenses were down 30%, driven by lower front office FTE. Going forward, cost reductions will be increasingly focused on indirect, rather than direct, expenses.
Corporate & Institutional Banking
Financial Performance
H1 2016 compared with H1 2015
● An operating profit of £89 million was reported in H1 2016, compared with a loss of £483 million in H1 2015, driven by lower litigation and conducts costs and lower restructuring costs. Adjusted operating profit in the first half of the year was £41 million, compared with £87 million in H1 2015 reflecting lower adjusted income partly offset by lower adjusted expenses.
● Total income decreased by £117 million to £818 million in H1 2016. Excluding the impact of transfers(1),adjusted income fell from £749 million to £681 million. This was due to reduced activity in Financing, down £123 million reflecting the strategically reduced footprint, particularly in the US and challenging market conditions in EMEA. Rates and Currencies both maintained robust levels of customer flow throughout the period, with income of £371 million and £266 million respectively.
● Operating expenses decreased from £1,423 million to £729 million in H1 2016 due to a lower level of litigation and conduct costs and restructuring costs. Adjusted expenses fell by 11% to £640 million, excluding transfers(1) to Commercial Banking, as headcount continued to be reduced and discretionary expenditure tightly controlled.
● RWAs remained stable at £36.7 billion, adjusting for the impact of transfers(1) to Commercial Banking, despite increased market volatility during the first half of 2016, including a c.£2 billion increase following the EU Referendum result.
Q2 2016 compared with Q1 2016
● An operating profit of £109 million, compared with an operating loss of £20 million in Q1 2016, reflecting higher income. Adjusted operating profit of £95 million compared with a loss of £54 million in Q1 2016 with the improvement due to higher income and a reduction in adjusted expenses.
● Total income increased by £136 million to £477 million. Adjusted income increased by £127 million to £404 million. Rates performed particularly well, up £145 million to £258 million, reflecting robust levels of customer activity, particularly in June 2016 as CIB maintained close contact with customers during the EU Referendum period.
● Operating expenses increased by £7 million to £368 million. Adjusted expenses fell by 7% to £309 million reflecting the ongoing drive to reduce costs.
● The £9.6 billion increase in funded assets reflects foreign exchange and collateral movements in the final week of Q2 2016 following the EU Referendum and the substantial weakening of sterling.
● RWAs were stable at £36.7 billion as increased market volatility in June 2016 due to the EU Referendum was offset by risk reductions earlier in the period.
Q2 2016 compared with Q2 2015
● Operating profit of £109 million compared with an operating loss of £204 million in Q2 2015 principally reflecting lower restructuring costs and higher income. An adjusted operating profit of £95 million compared with a loss of £13 million in Q2 2015 reflected higher adjusted income and lower adjusted expenses.
● Total income increased by £72 million to £477 million. Excluding the impact of transfers(1),adjusted income improved by £97 million, or 32%, to £404 million. This reflected the strong performance in Rates and Currencies, with income up by £97 million to £258 million and by £13 million to £122 million respectively, partly offset by weaker Financing, down by £32 million to £55 million.
● Operating expenses decreased by £238 million to £368 million. Adjusted operating expenses fell by £33 million, or 10%, excluding transfers(1) to Commercial Banking.
Note:
(1) CIB's results include the following financials for businesses subsequently transferred to Commercial Banking: total income of £78 million for H1 2015 (Q2 2015 - £36 million), expenses of £23 million for H1 2015 (Q2 2015 - £11 million) and RWAs of £5.7 billion as at 30 June 2015.
Capital Resolution
Half year ended Quarter ended
30 June 30 June 30 June 31 March 30 June
2016 2015 2016 2016 2015
£m £m £m £m £m
Income statement
Net interest income 168 281 82 86 124
Net fees and commissions 54 185 24 30 96
Income from trading activities (552) (41) (478) (74) (15)
Other operating income 25 159 16 9 (28)
Own credit adjustments 184 142 76 108 77
Strategic disposals (51) (14) (45) (6) -
Non-interest income (340) 431 (407) 67 130
Total income (172) 712 (325) 153 254
Direct expenses
- staff costs (62) (182) (17) (45) (90)
- other costs (64) (107) (31) (33) (50)
Indirect expenses (289) (510) (135) (154) (250)
Restructuring costs
- direct (12) (169) (5) (7) (153)
- indirect (25) (544) (16) (9) (360)
Litigation and conduct costs (26) (506) (16) (10) (340)
Operating expenses (478) (2,018) (220) (258) (1,243)
Loss before impairment losses (650) (1,306) (545) (105) (989)
Impairment (losses)/releases (263) 319 (67) (196) 174
Operating loss (913) (987) (612) (301) (815)
Total income - adjusted (1) (305) 584 (356) 51 177
Operating expenses - adjusted (1,2) (415) (799) (183) (232) (390)
Operating loss/(profit) - adjusted (1,2) (983) 104 (606) (377) (39)
Analysis of income by portfolio
APAC portfolio (3) 2 51 1 1 26
Americas portfolio 10 47 3 7 24
EMEA portfolio (4) 19 47 9 10 21
Legacy loan portfolio (39) 133 (25) (14) 26
Shipping 31 45 15 16 21
Markets (389) 154 (360) (29) 59
GTS 83 229 35 48 103
Other 31 (38) 23 8 8
Income excluding disposals and own credit adjustments (252) 668 (299) 47 288
Disposal losses (104) (98) (102) (2) (111)
Own credit adjustments 184 142 76 108 77
Total income (172) 712 (325) 153 254
Notes:
(1) Excluding own credit adjustments and strategic disposals.
(2) Excluding restructuring costs, litigation and conduct costs and write-down of goodwill.
(3) Asia-Pacific portfolio.
(4) European, the Middle East and Africa portfolio.
Capital Resolution
30 June 31 March 31 December
2016 2016 2015
£bn £bn £bn
Capital and balance sheet
Loans and advances to customers (gross) 21.0 23.4 25.9
Loan impairment provisions (1.1) (1.0) (2.3)
Net loans and advances to customers 19.9 22.4 23.6
Debt securities in issue 5.3 5.5 6.2
Total assets 208.0 218.8 201.5
Funded assets 44.7 50.2 53.4
Risk elements in lending 2.4 2.2 3.4
Provision coverage (1) 47% 48% 67%
Risk-weighted assets
- Credit risk
- non-counterparty 22.7 25.6 27.3
- counterparty 11.2 13.3 12.0
- Market risk 5.6 5.9 5.7
- Operational risk 2.8 2.8 4
Total risk-weighted assets 42.3 47.6 49.0
Analysis of RWAs by portfolio
APAC portfolio (2) 0.2 0.3 0.5
Americas portfolio 0.3 0.6 1.0
EMEA portfolio (3) 1.1 1.2 1.2
Legacy loan portfolio 2.2 3.1 3.7
Shipping 4.0 4.2 4.5
Markets 19.2 22.4 20.7
GTS 2.5 3.3 3.6
Saudi Hollandi Bank 7.9 7.3 6.9
Other 2.1 2.4 2.9
Total credit and market risk RWAs 39.5 44.8 45.0
Operational risk 2.8 2.8 4.0
Total RWAs 42.3 47.6 49.0
Notes:
(1) Provision coverage represents loan impairment provisions as a percentage of risk elements in lending.
(2) Asia-Pacific portfolio.
(3) European, the Middle East and Africa portfolio.
Capital Resolution
Capital Resolution continues to run down and dispose of non-strategic portfolios and remove risk from the balance sheet and
the first half of the year saw good progress with RWAs falling by £6.7 billon to £42.3 billion. Key highlights include:
· Completion of the sale of our Russia subsidiary.
· Significant balance sheet reduction in GTS with termination dates communicated to all customers.
· Markets derivative mitigation sales and restructure activity.
H1 2016 compared with H1 2015
· RWAs reduced by £26.3 billion to £42.3 billion and funded assets fell to £44.7 billion, a reduction of £34.5 billion, mainly reflecting disposal activity.
· An operating loss of £913 million in H1 2016, compared with a loss of £987 million in H1 2015, due to lower restructuring costs and lower litigation and conducts costs, partially offset by lower income and a net impairment charge compared with releases in H1 2015. Adjusted operating loss in the first half of the year was £983 million, a fall from a profit of £104 million in H1 2015, primarily reflecting a £330 million incremental funding valuation adjustment and a net impairment charge arising from the
Shipping portfolio.
· Income disposal losses in H1 2016 were £104 million, £6 million higher than the £98 million in H1 2015.
· Operating expenses decreased from £2,018 million to £478 million in H1 2016 due to a lower level of litigation and conduct costs and restructuring costs. Adjusted expenses fell by 48% to £415 million principally reflecting the impact of a 1,100 reduction in headcount to 900.
· A net impairment charge of £263 million was recorded in the first half of the year principally comprising charges relating to a number of Shipping assets (£264 million).
Q2 2016 compared with Q1 2016
· RWAs reduced by £5.3 billion to £42.3 billion reflecting disposal activity, partially offset by the adverse impact of FX and rates moves in June following the EU Referendum.
· Funded assets reduced by £5.5 billion to £44.7 billion reflecting disposal activity across all portfolios, partially offset by FX movements.
· Operating losses increased by £311 million to £612 million, principally reflecting an additional funding valuation adjustment of £220 million following the EU Referendum, and higher level of losses as disposal activity increased in Q2 2016. An adjusted operating loss of £606 million increased by £229 million compared with a loss of £377 million in Q1 2016.
· Income disposal losses in Q2 2016 were £102 million as disposal activity increased, compared with £2 million in Q1 2016.
· Operating expenses decreased by £38 million to £220 million. Adjusted expenses fell by £49 million to £183 million.
Q2 2016 compared with Q2 2015
· RWAs reduced by £26.3 billion to £42.3 billion and funded assets fell by £34.5 billion to £44.7 billion mainly reflecting disposal activity.
· An operating loss of £612 million in Q2 2016 compared with a £815 million loss in Q2 2015. The adjusted operating loss of £606 million compared with a loss of £39 million in Q2 2015 reflecting lower income partially offset by lower adjusted expenses.
· Income disposal losses of £102 million were broadly in line with Q2 2015.
· Operating expenses decreased by £1,023 million to £220 million due to lower restructuring costs and lower litigation and conduct costs. Adjusted expenses fell by 53% to £183 million principally reflecting the impact of a 1,100 reduction in headcount.
Williams & Glyn
Half year ended Quarter ended
30 June 30 June 30 June 31 March 30 June
2016 2015 2016 2016 2015
Income statement (1) £m £m £m £m £m
Net interest income 324 326 162 162 163
Net fees and commissions 79 79 39 40 41
Other non-interest income 8 9 5 3 6
Non-interest income 87 88 44 43 47
Total income 411 414 206 205 210
Direct expenses
- staff costs (125) (97) (63) (62) (52)
- other costs (33) (16) (18) (15) (10)
Indirect expenses (39) (48) (18) (21) (23)
Restructuring costs
- direct (45) - (25) (20) -
Operating expenses (242) (161) (124) (118) (85)
Operating profit before impairment losses 169 253 82 87 125
Impairment (losses)/releases (17) 10 (11) (6) (11)
Operating profit 152 263 71 81 114
Operating expenses - adjusted (2) (197) (161) (99) (98) (85)
Operating profit - adjusted (2) 197 263 96 101 114
Analysis of income by product
Retail 231 236 116 115 119
Commercial 180 178 90 90 91
Total income 411 414 206 205 210
Analysis of impairments by sector
Retail 10 12 5 5 7
Commercial 7 (22) 6 1 4
Total impairment losses/(releases) 17 (10) 11 6 11
Loan impairment charge as a % of gross
customer loans and advances by sector
Retail 0.2% 0.2% 0.2% 0.2% 0.3%
Commercial 0.2% (0.5%) 0.3% 0.1% 0.2%
Total 0.2% (0.1%) 0.2% 0.1% 0.2%
Performance ratios
Net interest margin 2.74% 2.90% 2.70% 2.79% 2.87%
Cost:income ratio 59% 39% 60% 58% 40%
Cost:income ratio - adjusted (2) 48% 39% 48% 48% 40%
Notes:
(1) Does not reflect the cost base, funding, liquidity and capital profile of a standalone bank. Operating expenses include charges based on an attribution of support provided by RBS to Williams & Glyn.
(2) Excluding restructuring costs.
Williams & Glyn
30 June 31 March 31 December
2016 2016 2015
Capital and balance sheet (1) £bn £bn Change £bn Change
Loans and advances to customers (gross)
- Retail 12.1 11.7 3% 11.6 4%
- Commercial 8.5 8.7 (2%) 8.7 (2%)
Total loans and advances to customers (gross) 20.6 20.4 1% 20.3 1%
Loan impairment provisions (0.3) (0.3) - (0.3) -
Net loans and advances to customers 20.3 20.1 1% 20.0 2%
Total assets 24.9 24.2 3% 24.1 3%
Funded assets 24.9 24.2 3% 24.1 3%
Risk elements in lending 0.4 0.4 - 0.5 (20%)
Provision coverage (2) 66% 65% 100bp 60% 600bp
Customer deposits (excluding repos) 23.9 24.3 (2%) 24.1 (1%)
Loan:deposit ratio (excluding repos) 85% 83% 200bp 83% 200bp
Risk-weighted assets
- Credit risk (non-counterparty) 8.5 8.3 2% 8.5 -
- Operational risk 1.4 1.4 - 1.4 -
Total risk-weighted assets 9.9 9.7 2% 9.9 -
Notes:
(1) Does not reflect the cost base, funding, liquidity and capital profile of a standalone bank.
(2) Provision coverage represents loan impairment provisions as a percentage of risk elements in lending.
Williams & Glyn
Serving our Customers
· W&G's reported segmental results reflect the contribution made by W&G's ongoing business to RBS. These figures do not reflect the cost base, funding, liquidity and capital profile of W&G as a standalone bank and do not contain certain customer portfolios which are currently reported through other segments within RBS.
· During H1 2016 further progress has been made in a number of areas necessary to becoming a standalone bank including the majority of employee roles having now been filled, the transfer of over 5,000 people onto new W&G's terms and conditions, and the restructure of the commercial business to an operating model fit for a challenger bank.
· In H1 2016 both the retail and commercial businesses of W&G performed well. Gross new lending across the portfolio increased by c.27% compared with H1 2015. Gross lending for mortgages increased by £0.4 billion or 62% to £1.1 billion and for commercial lending by £0.1 billion or 8% to £1.3 billion.
Financial Performance
H1 2016 compared with H1 2015
· Operating profit reduced by £111 million to £152 million compared with H1 2015 whilst adjusted operating profit reduced by £66 million to £197 million.
· Net interest income remained relatively stable as the growth in the balance sheet was offset by the reduction in the net interest margin.
· Adjusted operating expenses increased by £36 million, or 22%, to £197 million principally driven by a £28 million increase in staff costs as an additional 528 FTE were recruited.
· Restructuring costs of £45 million principally related to costs associated with the W&G future IT platform.
· Net impairment losses increased by £27 million from a net release of £10 million in H1 2015 to a charge of £17 million in H1 2016. The H1 2015 impairment charge benefitted from a number of releases in the commercial business.
Q2 2016 compared with Q1 2016
· Operating profit of £71 million reduced by £10 million compared with Q1 2016. Both income and adjusted operating expenses were relatively flat, whilst restructuring costs increased by £5 million to £25 million.
· Net impairment losses were £11 million, an increase of £5 million compared with Q1 2016.
Q2 2016 compared with Q2 2015
· Operating profit of £71 million was £43 million lower than Q2 2015 largely reflecting a £25 million restructuring charge in Q2 2016. Adjusted operating profit reduced by £18 million to £96 million reflecting a £14 million increase in adjusted operating expenses.
Central items
Half year ended Quarter ended
30 June 30 June 30 June 31 March 30 June
2016 2015 2016 2016 2015
£m £m £m £m £m
Central items not allocated (909) (301) (537) (372) 95
Key points
H1 2016 compared with H1 2015
· Central items not allocated represented a charge of £909 million in H1 2016, compared with a £301 million charge in H1 2015, and included litigation and conduct costs of £708 million. Treasury funding costs, including a £668 million charge for volatile
items under IFRS, were a charge of £382 million, compared with a gain of £93 million in H1 2015. Restructuring costs in the half year include £300 million relating to Williams & Glyn (H1 2015 - £259 million charge). In addition, there was a £130 million
loss on redemption of own debt in H1 2016. These were partially offset by an OCA gain of £126 million, as spreads widened, a VAT recovery of £227 million and a £246 million gain on the sale of our stake in VISA Europe.
Q2 2016 compared with Q1 2016
· Central items not allocated represented a charge of £537 million in the quarter, compared with a £372 million charge in Q1 2016, and included litigation and conduct costs of £707 million. Q2 2016 included a £246 million gain on the sale of our stake in
Visa Europe, a VAT recovery of £227 million and a £45 million OCA gain as spreads widened. Partially offsetting, Treasury funding costs were a charge of £96 million (compared with a charge of £286 million in Q1 2016) as a £312 million IFRS volatility
charge was partially offset by an FX gain of £201 million. Restructuring costs in the quarter include £162 million relating to Williams & Glyn (Q1 2016 - £138 million). In addition, there was a £130 million loss on redemption of own debt in Q2 2016.
Q2 2016 compared with Q2 2015
· Central items not allocated represented a charge of £537 million in the quarter, compared with a £95 million gain in Q2 2015, and included litigation and conduct costs of £707 million. Q2 2016 included a £246 million gain on the sale of our stake in Visa
Europe, a VAT recovery of £227 million and a £45 million OCA gain as spreads widened. Partially offsetting, Treasury funding costs were a charge of £96 million (compared with a gain of £201 million in Q2 2015) as a £312 million IFRS volatility charge was
partially offset by an FX gain of £201 million. Restructuring costs in the quarter include £162 million relating to Williams & Glyn (Q2 2015 - £126 million). In addition, there was a £130 million loss on redemption of own debt in Q2 2016.
Condensed consolidated income statement for the period ended 30 June 2016 (unaudited)
Half year ended
30 June 30 June
2016 2015*
£m £m
Interest receivable 5,656 6,107
Interest payable (1,323) (1,689)
Net interest income 4,333 4,418
Fees and commissions receivable 1,676 1,958
Fees and commissions payable (392) (363)
Income from trading activities (17) 875
Loss on redemption of own debt (130) -
Other operating income 594 368
Non-interest income 1,731 2,838
Total income 6,064 7,256
Staff costs (2,695) (2,887)
Premises and equipment (652) (745)
Other administrative expenses (2,139) (2,366)
Depreciation and amortisation (354) (712)
Write down of other intangible assets (89) (606)
Operating expenses (5,929) (7,316)
Profit/(loss) before impairment (losses)/releases 135 (60)
Impairment (losses)/releases (409) 321
Operating (loss)/profit before tax (274) 261
Tax charge (340) (287)
Loss from continuing operations (614) (26)
Profit from discontinued operations, net of tax - 358
(Loss)/profit for the period (614) 332
Attributable to:
Non-controlling interests 30 344
Preference share and other dividends 208 167
Dividend access share 1,193 -
Ordinary shareholders (2,045) (179)
(614) 332
Loss per ordinary share (EPS)
Basic loss per ordinary share from continuing and discontinued operations (1) (17.6p) (1.6p)
Basic loss per ordinary share from continuing operations (1) (17.6p) (2.2p)
*Restated - refer to page 66 for further details
Note:
(1) Diluted loss per ordinary share was 0.1p lower than basic. There was no dilutive impact in the prior period.
Condensed consolidated statement of comprehensive income for the period ended 30 June 2016 (unaudited)
Half year ended
30 June 30 June
2016 2015*
£m £m
(Loss)/profit for the period (614) 332
Items that do not qualify for reclassification
(Loss)/gain on remeasurement of retirement benefit schemes (995) 17
Tax 273 (3)
(722) 14
Items that do qualify for reclassification
Available-for-sale financial assets (95) (45)
Cash flow hedges 1,581 (710)
Currency translation 1,071 (573)
Tax (360) 144
2,197 (1,184)
Other comprehensive income/(loss) after tax 1,475 (1,170)
Total comprehensive income/(loss) for the period 861 (838)
Total comprehensive income/(loss) is attributable to:
Non-controlling interests 125 299
Preference shareholders 113 143
Paid-in equity holders 95 24
Dividend access share 1,193 -
Ordinary shareholders (665) (1,304)
861 (838)
*Restated - refer to page 66 for further details
Condensed consolidated balance sheet as at 30 June 2016 (unaudited)
30 June 31 December
2016 2015
£m £m
Assets
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