REG - Royal Bk Scot.Grp. - Interim Management Statement <Origin Href="QuoteRef">RBS.L</Origin> - Part 4
28/10/2016 07:06
- Part 4: For the preceding part double click ID:nRSb6780Nc
Assets of disposal groups 13 396 3,486
Total assets 852,378 901,624 815,408
Liabilities
Bank deposits 32,172 31,377 28,030
Repurchase agreements and stock lending 6,557 11,611 10,266
Deposits by banks 38,729 42,988 38,296
Customer deposits 358,844 355,719 343,186
Repurchase agreements and stock lending 29,851 29,270 27,112
Customer accounts 388,695 384,989 370,298
Debt securities in issue 28,357 27,148 31,150
Settlement balances 10,719 11,262 3,390
Short positions 19,882 21,793 20,809
Derivatives 275,364 322,390 254,705
Provisions, accruals and other liabilities 15,954 15,627 15,115
Retirement benefit liabilities 526 511 3,789
Deferred tax 647 824 882
Subordinated liabilities 19,162 20,113 19,847
Liabilities of disposal groups 15 252 2,980
Total liabilities 798,050 847,897 761,261
Equity
Non-controlling interests 853 820 716
Owners' equity*
Called up share capital 11,792 11,756 11,625
Reserves 41,683 41,151 41,806
Total equity 54,328 53,727 54,147
Total liabilities and equity 852,378 901,624 815,408
*Owners' equity attributable to:
Ordinary shareholders 46,328 47,066 47,480
Other equity owners 7,147 5,841 5,951
53,475 52,907 53,431
Selected statutory financial statements
Condensed consolidated statement of changes in equity for the period ended 30 September 2016 (unaudited)
Share
capital and Total Non
statutory Paid-in Retained Other owners' controlling Total
reserves equity earnings reserves* equity interests equity
£m £m £m £m £m £m £m
At 1 January 2016 41,485 2,646 (4,020) 13,320 53,431 716 54,147
(Loss)/profit attributable to ordinary (978) (978) 37 (941)
shareholders and other equity owners
Other comprehensive income
- amount recognised in equity (1,047) 3,748 2,701 120 2,821
- amount transferred from equity to profit or loss (1,198) (1,198) (1,198)
- recycled to profit or loss on
disposal of businesses (1) (41) (41) (41)
- tax 285 (297) (12) (12)
Dividend access share dividend (1,193) (1,193) (1,193)
Preference share and other dividends paid (343) (343) (343)
Shares and securities issued during the period (2) 405 2,046 (10) 2,441 2,441
Redemption of preference shares (3) (1,160) (1,160) (1,160)
Redemption of paid-in equity (4) (110) (21) (131) (131)
Share-based payments - gross (13) (13) (13)
Movement in own shares held (29) (29) (29)
Equity withdrawn (20) (20)
At 30 September 2016 41,861 4,582 (8,500) 15,532 53,475 853 54,328
30 September
2016
Total equity is attributable to: £m
Non-controlling interests 853
Preference shareholders 2,565
Paid-in equity holders 4,582
Ordinary shareholders 46,328
54,328
*Other reserves consist of:
Merger reserve 10,881
Available-for-sale reserve 188
Cash flow hedging reserve 1,565
Foreign exchange reserve 2,898
15,532
Notes:
(1) No tax impact.
(2) AT1 capital notes totalling £2.0 billion issued in August 2016.
(3) In September 2016, non-cumulative US dollar preference shares were redeemed at their original issue price of US$1.5 billon. The nominal value of £0.3 million was transferred from share capital to capital redemption reserve and ordinary owners' equity was reduced by £0.4 billion in respect of the movement in exchange rates since issue.
(4) Paid-in equity reclassified to liabilities as a result of the call of RBS Capital Trust C in May 2016 (redeemed in July 2016).
Notes
1. Basis of preparation
The consolidated financial statements should be read in conjunction with RBS's 2015 Annual Report and Accounts which were
prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting
Standards Board (IASB) and interpretations issued by the IFRS Interpretations Committee of the IASB as adopted by the
European Union (EU) (together IFRS).
Accounting policies
RBS's principal accounting policies are set out on pages 267 to 280 of the 2015 Annual Report and Accounts. Amendments to
IFRSs effective for 2016 have not had a material effect on RBS's Q3 2016 results.
Pensions
In Q4 2015, RBS changed its accounting policy for the recognition of surpluses in its defined benefit pension schemes: in
particular, the policy for determining whether or not it has an unconditional right to a refund of surpluses in its
employee pension funds. Where RBS has a right to a refund, this is not deemed unconditional if pension fund trustees can
unilaterally enhance benefits for plan members. The amended policy was applied retrospectively and prior periods restated.
For further details, refer to pages 267 to 268 of RBS's 2015 Annual Report and Accounts.
Critical accounting policies and key sources of estimation uncertainty
The judgements and assumptions that are considered to be the most important to the portrayal of RBS's financial condition
are those relating to pensions, goodwill, provisions for liabilities, deferred tax, loan impairment provisions and fair
value of financial instruments. These critical accounting policies and judgements are described on pages 276 to 279 of
RBS's 2015 Annual Report and Accounts.
Going concern
Having reviewed RBS's forecasts, projections and other relevant evidence, the directors have a reasonable expectation that
RBS will continue in operational existence for the foreseeable future. Accordingly, the results for the period ended 30
September 2016 have been prepared on a going concern basis.
2. Pensions
In June 2016, the triennial funding valuation of the Main Scheme of The Royal Bank of Scotland Group Pension Fund was
agreed which showed that at 31 December 2015 the value of liabilities exceeded the value of assets. In March 2016, to
mitigate this anticipated deficit, RBS made a cash payment of £4.2 billion. The next triennial valuation is due to occur at
the end of 2018 with agreement on any additional contributions by the end of March 2020.
As at 30 September 2016, the Main Scheme had an unrecognised surplus under IAS19 valuation principles. The surplus is
unrecognised because the trustee's power to enhance member benefits could consume that surplus meaning that RBS does not
control its ability to realise an asset. The existence of the asset, albeit unrecognised, limits RBS's exposure to changes
in actuarial assumptions and investment performance.
Notes
3. Provisions for liabilities and charges
Regulatory and legal actions
Interest
Payment rate Other Foreign Litigation
protection hedging customer exchange and other Property
insurance products redress (1) investigations regulatory and other Total
£m £m £m £m £m £m £m
At 1 January 2016 996 149 672 306 3,985 1,258 7,366
Transfer from accruals and other liabilities - - - - - 19 19
Transfer - - 21 (35) 85 (71) -
Currency translation and other movements - - - 10 126 28 164
Charge to income statement - - 11 - 34 79 124
Releases to income statement - - (8) - (1) (19) (28)
Provisions utilised (85) (41) (63) - (24) (69) (282)
At 31 March 2016 911 108 633 281 4,205 1,225 7,363
Transfer from accruals and other liabilities - - 35 - 5 14 54
Transfer 50 - (50) - - - -
Currency translation and other movements - - 8 23 336 20 387
Charge to income statement 400 - 117 - 779 233 1,529
Releases to income statement - - (5) - (12) (95) (112)
Provisions utilised (114) (30) (50) - (141) (146) (481)
At 30 June 2016 1,247 78 688 304 5,172 1,251 8,740
Transfer from accruals and other liabilities - - - - 17 - 17
Currency translation and other movements - - - 5 94 19 118
Charge to income statement - - 16 - 469 191 676
Releases to income statement - - (12) - (48) (8) (68)
Provisions utilised (102) (10) (69) - (105) (176) (462)
At 30 September 2016 1,145 68 623 309 5,599 1,277 9,021
Note:
(1) Closing provision predominantly relates to investment advice, packaged accounts (including costs) and tracker mortgages.
There are uncertainties as to the eventual cost of redress in relation to certain of the provisions contained in the table
above. Assumptions relating to these are inherently uncertain and the ultimate financial impact may be different from the
amount provided. RBS will continue to monitor the position closely and refresh the underlying assumptions.
4. Litigation, investigations and reviews
RBS's 2016 interim results issued on 5 August 2016 included comprehensive disclosures about RBS's litigation,
investigations and reviews in Note 15. Set out below are the material developments in these matters since the 2016 interim
results were published. RBS generally does not disclose information about the establishment or existence of a provision for
a particular matter where disclosure of the information can be expected to prejudice seriously RBS's position in the
matter.
Litigation
Other securitisation and securities related litigation in the US
On 27 September 2016, RBS Securities Inc. (RBSSI) settled the two mortgage-backed securities (MBS) litigations that the
National Credit Union Administration Board has been litigating on behalf of US Central Federal Credit Union and Western
Corporate Federal Credit Union. The settlement amount of US$1.1 billion was substantially covered by provisions existing
at 30 June 2016.
Notes
4. Litigation, investigations and reviews (continued)
RBS continues to litigate various other MBS-related civil claims identified in its 2016 interim results, including those of
the Federal Housing Finance Agency, and to respond to investigations by the civil and criminal divisions of the U.S.
Department of Justice and various other members of the RMBS Working Group of the Financial Fraud Enforcement Task Force
(including several state attorneys general). MBS litigation and investigations may require provisions in future periods
that in aggregate could be materially in excess of existing provisions.
London Interbank Offered Rate (LIBOR)
As previously disclosed, certain members of the Group have been named as defendants in a number of class actions and
individual claims filed in the US with respect to the setting of LIBOR and certain other benchmark interest rates. On 16
August 2016, a class action complaint was filed in the United States District Court for the Southern District of New York
against certain Group companies (including RBSG plc and The Royal Bank of Scotland N.V.) and a number of other financial
institutions. The complaint alleges that the defendants conspired to manipulate the Australian Bank Bill Swap Reference
Rate (BBSW) and asserts claims under the U.S. antitrust laws, the Commodity Exchange Act, RICO (Racketeer Influenced and
Corrupt Organizations Act), and the common law. RBS anticipates making a motion to dismiss the complaint.
FX antitrust litigation
On 26 September 2016, a class action complaint was filed in the United States District Court for the Southern District of
New York asserting claims on behalf of "indirect purchasers" of FX instruments. The complaint defines "indirect
purchasers" as persons who were indirectly affected by FX instruments that others entered into directly with defendant
banks or on exchanges. It is alleged that certain RBS companies and other defendant banks caused damages to the "indirect
purchasers" by conspiring to restrain trade in the FX spot market. The complaint seeks damages and other relief under
federal, California, and New York antitrust laws. RBS anticipates making a motion to dismiss the complaint.
Investigations and reviews
Connecticut Department of Banking
As previously disclosed, in June 2016, RBSSI, a U.S. broker-dealer, reached an agreement in principle to resolve
investigations by the office of the Attorney General of Connecticut on behalf of the Connecticut Department of Banking,
concerning RBSSI's underwriting and issuance of mortgage-backed securities and the potential consequences to RBSSI of The
Royal Bank of Scotland plc's (RBS plc's) May 2015 FX-related guilty plea. The agreement became final on 3 October 2016
through the publication by the Department of Banking of two agreed consent orders without RBSSI admitting or denying the
Department of Banking's allegations. As required by the RMBS consent order, in addition to making certain undertakings,
RBSSI has paid US$120 million to the State of Connecticut to resolve the investigation. The amount was covered by a
provision that had previously been established. Pursuant to the FX consent order, RBSSI agreed, among other things, to
certify to the Department of Banking its compliance with various obligations undertaken in connection with RBS plc's
FX-related guilty plea and FX-related resolutions with the Commodity Futures Trading Commission and Board of Governors of
the Federal Reserve System.
FCA review of RBS's treatment of SMEs
The FCA published an update on 4 October 2016 confirming that it had received the final Skilled Person's report and that
there were a number of steps for the FCA to complete before being in a position to share its final findings. RBS has been
given the opportunity to review that report.
Notes
4. Litigation, investigations and reviews (continued)
UK retail banking
On 9 August 2016, the Competition & Markets Authority (CMA) published its final report on retail banking. The CMA concluded
that there are a number of competition concerns in the provision of personal current accounts (PCAs), business current
accounts and SME lending, particularly around low levels of customers searching and switching, resulting in banks not being
put under enough competitive pressure, and new products and new banks not attracting customers quickly enough.
The final report set out remedies to address these concerns. These include remedies to make it easier for customers to
compare products, ensure customers benefit from technological advantages around open banking, improve the current account
switching service and provide PCA overdraft customers with greater control over their charges, along with additional
measures targeted at SME customers.
The CMA has also been reviewing the undertakings given by certain banks following the Competition Commission's 2002
investigation into SME banking (SME Undertakings). On 9 August 2016, the CMA announced its final decision, which is thatthe
SME Undertakings should be revoked, with the exception of the prohibition on the ability of certain named banks, including
RBS, to bundle (i.e. sell together) business current accounts and SME lending.
At this stage there remains uncertainty around the financial impact of the proposed remedies and it is not practicable to
estimate the potential impact on RBS, which may be material.
FCA wholesale sector competition review
On 18 October 2016, the FCA published its final report following its market study into investment and corporate banking. It
found that whilst many clients feel well served by primary capital market services there were some areas where improvements
could be made to encourage competition, particularly for smaller clients. It set out a package of remedies, including
prohibiting the use of restrictive contractual clauses and ending league table misrepresentation by asking league table
providers to review their recognition criteria. The FCA is to undertake further consultation with regards to the
prohibition on restrictive contractual clauses. Subject to this consultation, the FCA expects to publish the final rules
regarding these restrictive contractual clauses in early 2017.
Enforcement proceedings and investigations in relation to Coutts & Co Ltd
As previously disclosed, the Swiss Financial Market Supervisory Authority (FINMA) is taking enforcement proceedings against
Coutts & Co Ltd (Coutts), a member of RBS incorporated in Switzerland, with regard to certain client accounts held with
Coutts relating to allegations in connection with the Malaysian sovereign wealth fund 1MDB. The proceedings are at an
advanced stage. Coutts is also cooperating with investigations, one of which is at an advanced stage and may conclude in
the near term, and enquiries from authorities in other jurisdictions in relation to the same subject matter. The outcomes
of such proceedings, investigations and enquiries are uncertain but may include financial penalties and/or regulatory
sanctions.
5. Post balance sheet events
Other than matters disclosed, there have been no further significant events between 30 September 2016 and the date of
approval of this announcement.
Appendix 1
Parent company information
Appendix 1 Parent company information
Balance sheet at 30 September 2016
30 September 31 December
2016 2015
£m £m
Assets
Investments in Group undertakings 44,712 52,129
Loans to subsidiaries 28,782 22,416
Debt securities 418 1,119
Derivatives 576 217
Prepayments, accrued income and other assets 4 3
Total assets 74,492 75,884
Liabilities
Deposits from subsidiaries 935 907
Debt securities in issue 8,210 5,049
Derivatives 99 65
Provisions, accruals and other liabilities 1,057 183
Subordinated liabilities 10,394 9,366
Total liabilities 20,695 15,570
Owners' equity 53,797 60,314
Total liabilities and equity 74,492 75,884
Owners' equity
Called-up share capital 11,792 11,625
Paid-in equity 4,478 2,438
Share premium account 25,663 25,425
Cash flow hedging reserve 118 32
Capital redemption reserve 4,542 4,542
Retained earnings 7,204 16,252
53,797 60,314
Investments in Group undertakings
Investments in Group undertakings are carried at cost less impairment. Movements during the period were as follows:
2016£m
At 1 January 52,129
Currency translation and other adjustments 29
Redemption of preference shares issued by RBS plc (1,446)
Impairment of investment in RBS plc (6,000)
At 30 September 44,712
In Q3 2016 RBS reviewed the value of RBSG plc's (the parent company's) investments in subsidiaries and in light of the
deterioration in the economic outlook reduced the carrying value of the investments by £6.0 billion to £44.7 billion.
Distributable reserves
Owners' equity includes £7.2 billion of distributable reserves at 30 September 2016 (31 December 2015 - £16.3 billion). The
decrease in the period includes a £6.0 billion impairment to the carrying value of investments in subsidiaries in Q3 as
described above, the redemption in Q3 of preference shares issued to third parties (£1.2 billion), the Dividend Access
Share payment in Q1 (£1.2 billion) and other dividends paid (£0.3 billion).
Appendix 2
Segmental income statement reconciliations
Appendix 2 Segmental income statement reconciliations
PBB CPB Central
Ulster Commercial Private RBS Capital Williams items & Total
UK PBB BankRoI Banking Banking International CIB Resolution & Glyn other RBS
Nine months ended 30 September 2016 £m £m £m £m £m £m £m £m £m £m
Income statement
Total income - statutory 3,951 439 2,548 496 278 1,289 (69) 620 (178) 9,374
Own credit adjustments - (3) - - - (82) (142) - (67) (294)
Loss on redemption of own debt - - - - - - - - 127 127
Strategic disposals - - - - - - 81 - (245) (164)
Total income - adjusted 3,951 436 2,548 496 278 1,207 (130) 620 (363) 9,043
Operating expenses - statutory (2,784) (443) (1,458) (390) (110) (1,110) (915) (353) (1,277) (8,840)
Restructuring costs - direct 50 32 13 1 1 16 35 57 894 1,099
- indirect 86 4 49 22 2 50 35 - (248) -
Litigation and conduct costs 420 95 16 2 (1) 62 257 - 889 1,740
Operating expenses - adjusted (2,228) (312) (1,380) (365) (108) (982) (588) (296) 258 (6,001)
Impairment (losses)/releases (67) 66 (123) (5) (11) - (383) (31) 1 (553)
Operating profit/(loss) - adjusted 1,656 190 1,045 126 159 225 (1,101) 293 (104) 2,489
Additional information
Return on equity (1) 17.0% 3.1% 8.5% 7.0% 15.4% 1.6% nm nm nm (8.5%)
Return on equity - adjusted (1,2) 26.4% 9.5% 9.4% 8.9% 15.6% 2.4% nm nm nm (0.6%)
Cost income ratio 70% 101% 57% 79% 40% 86% nm 57% nm 94%
Cost income ratio - adjusted (2) 56% 72% 54% 74% 39% 81% nm 48% 71% 66%
Nine months ended 30 September 2015*
Income statement
Total income - statutory 3,946 434 2,457 486 272 1,341 801 625 77 10,439
Own credit adjustments - - - - - (186) (180) - (58) (424)
Strategic disposals - - - - - - 14 - 121 135
Total income - adjusted 3,946 434 2,457 486 272 1,155 635 625 140 10,150
Operating expenses - statutory (2,606) (322) (1,291) (439) (120) (1,938) (2,955) (252) (669) (10,592)
Restructuring costs - direct 7 19 12 - - 44 359 - 1,876 2,317
- indirect 73 2 3 78 5 418 844 - (1,423) -
Litigation and conduct costs 365 (9) 59 2 - 373 607 - 47 1,444
Operating expenses - adjusted (2,161) (310) (1,217) (359) (115) (1,103) (1,145) (252) (169) (6,831)
Impairment (losses)/releases (20) 131 (42) (1) - 5 369 5 (47) 400
Operating profit/(loss) - adjusted 1,765 255 1,198 126 157 57 (141) 378 (76) 3,719
Additional information
Return on equity (1) 20.8% 13.1% 12.3% 2.0% 18.2% (10.1%) nm nm nm 2.4%
Return on equity - adjusted (1,2) 28.3% 13.8% 13.2% 7.9% 18.8% (0.5%) nm nm nm 12.4%
Cost income ratio 66% 74% 53% 90% 44% 145% nm 40% nm 101%
Cost income ratio - adjusted (2) 55% 71% 50% 74% 42% 95% nm 40% nm 67%
*Restated - refer to page 31 of the main document for further details.
For the notes to this table refer to page 3.
Appendix 2 Segmental income statement reconciliations
PBB CPB Central
Ulster Commercial Private RBS Capital Williams items & Total
UK PBB BankRoI Banking Banking International CIB Resolution & Glyn other RBS
Quarter ended 30 September 2016 £m £m £m £m £m £m £m £m £m £m
Income statement
Total income - statutory 1,336 146 849 165 93 471 103 209 (62) 3,310
Own credit adjustments - - - - - 55 42 - 59 156
Gain on redemption of own debt - - - - - - - - (3) (3)
Strategic disposals - - - - - - 30 - 1 31
Total income - adjusted 1,336 146 849 165 93 526 175 209 (5) 3,494
Operating expenses - statutory (742) (131) (474) (112) (39) (381) (437) (111) (484) (2,911)
Restructuring costs - direct (1) 8 12 - - 6 23 12 409 469
- indirect 26 3 9 3 - 27 10 - (78) -
Litigation and conduct costs (1) 3 6 - (1) 6 231 - 181 425
Operating expenses - adjusted (718) (117) (447) (109) (40) (342) (173) (99) 28 (2,017)
Impairment (losses)/releases (27) 39 (20) (3) - - (120) (14) 1 (144)
Operating profit/(loss) - adjusted 591 68 382 53 53 184 (118) 96 24 1,333
Additional information
Return on equity (1) 27.1% 7.8% 9.5% 11.1% 15.4% 3.1% nm nm nm (4.8%)
Return on equity - adjusted (1,2) 28.3% 9.9% 10.4% 11.8% 15.1% 8.0% nm nm nm 4.6%
Cost income ratio 56% 90% 56% 68% 42% 81% nm 53% nm 88%
Cost income ratio - adjusted (2) 54% 80% 53% 66% 43% 65% 99% 47% nm 58%
Quarter ended 30 June 2016
Income statement
Total income - statutory 1,340 135 846 166 95 477 (325) 206 60 3,000
Own credit adjustments - - - - - (73) (76) - (45) (194)
Loss on redemption of own debt - - - - - - - - 130 130
Strategic disposals - - - - - - 45 - (246) (201)
Total income - adjusted 1,340 135 846 166 95 404 (356) 206 (101) 2,735
Operating expenses - statutory (1,292) (202) (546) (125) (35) (368) (220) (124) (597) (3,509)
Restructuring costs - direct 38 18 - - 1 10 5 25 295 392
- indirect 51 1 41 4 1 11 16 - (125) -
Litigation and conduct costs 421 92 8 2 - 38 16 - 707 1,284
Operating expenses - adjusted (782) (91) (497) (119) (33) (309) (183) (99) 280 (1,833)
Impairment (loss)/releases (24) 14 (89) - (9) - (67) (11) - (186)
Operating profit/(loss) - adjusted 534 58 260 47 53 95 (606) 96 179 716
Additional information
Return on equity (1) (0.4%) (8.2%) 4.9% 8.6% 15.0% 4.3% nm nm nm (11.0%)
Return on equity - adjusted (1,2) 24.2% 9.0% 6.6% 9.9% 15.7% 3.5% nm nm nm 3.2%
Cost income ratio 96% 150% 65% 75% 37% 77% nm 60% nm 117%
Cost income ratio - adjusted (2) 58% 67% 59% 72% 35% 76% nm 48% nm 67%
For the notes to this table refer to page 3.
Appendix 2 Segmental income statement reconciliations
PBB CPB Central
Ulster Commercial Private RBS Capital Williams items & Total
UK PBB BankRoI Banking Banking International CIB Resolution & Glyn other RBS
Quarter ended 30 September 2015* £m £m £m £m £m £m £m £m £m £m
Income statement
Total income - statutory 1,313 164 800 160 87 406 89 211 (47) 3,183
Own credit adjustments - - - - - (78) (38) - (20) (136)
Total income - adjusted 1,313 164 800 160 87 328 51 211 (67) 3,047
Operating expenses - statutory (762) (115) (408) (118) (38) (515) (937) (91) (292) (3,276)
Restructuring costs - direct 5 3 1 (2) - 3 190 - 647 847
- indirect 23 2 (2) 1 2 148 300 - (474) -
Litigation and conduct costs - - - - - 6 101 - 22 129
Operating expenses - adjusted (734) (110) (409) (119) (36) (358) (346) (91) (97) (2,300)
Impairment (losses)/releases (2) 54 (16) (4) 1 - 50 (5) 1 79
Operating profit/(loss) - adjusted 577 108 375 37 52 (30) (245) 115 (163) 826
Additional information
Return on equity (1) 27.2% 16.7% 12.3% 7.4% 18.0% (6.4%) nm nm nm 9.0%
Return on equity - adjusted (1,2) 28.7% 17.5% 12.3% 7.1% 18.8% (2.7%) nm nm nm 16.3%
Cost income ratio 58% 70% 51% 74% 44% 127% nm 43% nm 103%
Cost income ratio - adjusted (2) 56% 67% 51% 74% 41% 109% nm 43% nm 75%
*Restated - refer to page 31 of the main document for further details.
Notes:
(1) RBS's CET 1 target is 13% but for the purposes of computing segmental return on equity (ROE), to better reflect the differential drivers of capital usage, segmental operating profit after tax and adjusted for preference dividends is divided by notional
equity allocated at different rates of 11% (Commercial Banking and Ulster Bank RoI), 12% (RBS International) and 15% for all other segments, of the monthly average of segmental risk-weighted assets incorporating the effect capital deductions (RWAes). RBS
Return on equity is calculated using profit for the period attributable to ordinary shareholders.
(2) Excluding own credit adjustments, (loss)/gain on redemption of own debt, strategic disposals, restructuring costs and litigation and conduct costs.
This information is provided by RNS
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