REG - Royal Bk Scot.Grp. - Restatement Document <Origin Href="QuoteRef">RBS.L</Origin> - Part 1
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Royal Bank of Scotland Group PLC
21 July 2014
Restatement Document
Q2 2014
Contents
Page
Introduction 1
Customer franchises 4
Appendix 1 Consolidated income statement
Consolidated income statement reconciliations 13
Appendix 2 Components of customer franchises
Introduction 18
Personal & Business Banking 21
Commercial & Private Banking 25
Corporate & Institutional Banking 29
Central items 33
Appendix 3 Allocation of previous divisions to new customer franchises
Introduction 35
UK Retail 36
UK Corporate 40
Wealth 44
International Banking 48
Ulster Bank 52
Citizens Financial Group 56
Markets 64
Non-Core 68
4
Forward-looking statements
Certain sections in this document contain 'forward-looking statements' as that term is defined in the United States Private
Securities Litigation Reform Act of 1995, such as statements that include the words 'expect', 'estimate', 'project',
'anticipate', 'believes', 'should', 'intend', 'plan', 'could', 'probability', 'risk', 'target', 'goal', 'objective',
'will', 'endeavour', 'outlook', 'optimistic', 'prospects' and similar expressions or variations on such expressions. The
forward-looking statements contained in this document speak only as of the date of this announcement, and RBS does not
undertake to update any forward-looking statement to reflect events or circumstances after the date hereof or to reflect
the occurrence of unanticipated events.
The Royal Bank of Scotland Group plc ("RBS")
Divisional Reorganisation and Reporting Changes
This announcement provides further details of the changes to the RBS structure announced in February 2014 and includes
restated financial results for the year ended 31 December 2013 on the basis of the new segments. To aid comparison of RBS's
second quarter 2014 results with prior periods, restated financial information for the periods ended 31 March 2014 and 30
June 2013 is also contained within.
While these restatements affect the segmental results, they do not affect RBS's overall statutory income statement, balance
sheet, other primary statements or regulatory capital measures.
Divisional Reorganisation
Organisational change
On 27 February 2014, RBS announced a refreshed strategic direction with the ambition of building a bank which earns its
customers' trust by serving them better than any other bank.
Business structure
RBS is now structured to deliver this ambition by organising itself around the needs of its customers, so as to combine
customer groups with similar needs into franchises able to deliver co-ordinated services.
The reorganised bank will be a UK-focused retail and corporate bank with an international footprint to drive its corporate
business. The previously reported operating divisions are now realigned into three franchises:
· Personal & Business Banking (PBB) serves individual and mass affluent customers together with small businesses (generally up to £2 million turnover), with more business bankers moving back into branches. PBB comprises two reportable segments, UK Personal & Business Banking, including Williams & Glyn, (UK PBB) and Ulster Bank.
· Commercial & Private Banking (CPB) serves commercial and mid-corporate customers and high net worth individuals, deepening relationships with commercial clients, operating overseas through its market-leading trade and foreign exchange services, while connecting our private banking brands more effectively to successful business owners and entrepreneurs. CPB comprises two reportable segments, Commercial Banking and Private Banking.
· Corporate & Institutional Banking (CIB) serves our corporate and institutional clients primarily in the UK and Western Europe, as well as those US and Asian multinationals with substantial trade and investment links in the region, with debt financing, risk management and trade services, focusing on core product capabilities that are of most relevance to our clients. CIB is a single reportable segment.
In addition to the segments noted above, RBS will continue to manage and report Citizens Financial Group (CFG) and RBS
Capital Resolution (RCR) separately until disposal or wind-down. Residual unallocated costs will continue to be reported
within Central items.
RBS's first quarter 2014 results announcement provided details of transfers between Non-Core, the divisions and RCR which
were effective 1 January 2014; no restatements were made in respect of these transfers. The realignment of previously
reported operating divisions into three franchises does not impact RCR.
In the new reporting structure, US Retail & Commercial (US R&C) is now referred to as CFG and Wealth is now referred to as
Private Banking.
The Royal Bank of Scotland Group plc ("RBS")
Reporting Changes
In order to present a more complete picture of funding, operational and business costs of the franchises and operating
segments, the following reporting changes have been implemented:
One-off and other items
To improve the transparency of the operating performance of the reporting segments, a number of previously centrally
reported items (Payment Protection Insurance costs, Interest Rate Hedging Products redress and related costs, regulatory
and legal actions, Restructuring costs, amortisation of purchased intangible assets and bank levy) have now been allocated
to the reporting segments. Only the following one-off and other items will be now reported as central items:
· Own credit adjustments
· Gain/(loss) on redemption of own debt
· Write-down of goodwill
· Strategic disposals
· RFS Holdings minority interest
Revised allocation of costs
As part of its internal reorganisation, RBS has centralised all services and functions. The costs relating to Services and
Functions previously reported as direct expenses in the divisions are now reallocated to businesses using appropriate
drivers and reported as indirect expenses in the segmental income statements.
The costs and drivers of functions and services will be discussed in RBS's second quarter 2014 results announcement.
Treasury allocations
The basis of allocation of Treasury costs has been amended to align the recovery of funding and hedging costs across RBS
and for the transfer of certain assets and their associated costs out of Treasury.
Revised segmental return on equity
For the purposes of computing segmental return on equity, notional equity is calculated as a percentage of the monthly
average of segmental risk-weighted assets (RWAs). Previously, notional equity was allocated at 10% of RWAs after capital
deductions (RWAe). This has been revised to 12% of RWAs across all businesses.
Interim results 2014
RBS's results for the first half of 2014 will be announced on Friday 1 August 2014. These results will be reported on the
new structure and reporting basis as described above.
In conjunction with this Q2 Restatement Document, a financial supplement showing restated financial information for the
last nine quarters will be available at www.investors.rbs.com/restatement.
For further information please contact:
Richard O'Connor
Head of Investor Relations
+ 44 (0)20 7672 1758
Group Media Centre
+44 (0) 131 523 4205
Document roadmap
Pages 4 to 11 show the income statements, key metrics and balance sheets for the new customer franchises. These reflect the
re-presentation of certain one-off and other items that were previously reported below operating profit and the impact of
changes to the allocation of costs from Services and Functions.
Appendix 1 shows the adjustments to the consolidated income statement as previously reported to the new restated basis.
This reflects the re-presentation of one-off and other items, including Restructuring costs and Litigation and conduct
costs that were previously reported below operating profit. As discussed under 'Reporting Changes' on page 2, only a
limited number of items are now shown below operating profit.
Operating results on a statutory basis are not affected by the changes described in this document. Reconciliations between
the revised basis and the statutory basis are included on pages 13 to 16.
Appendix 2 summarises the performance of each of the new reportable segments and shows how the previously reported
divisions have been allocated to the new reportable segments. These tables include more detailed key metrics (ROE,
cost:income ratio) and balance sheet items.
Appendix 3 shows the adjustments to the previously reported divisional results to the new restated basis and shows how
these divisions have been allocated to the new reportable segments. These tables include more detailed key metrics
(cost:income ratio) and balance sheet items.
Customer franchises
Total RBS
Quarter ended 31 March 2014
PBB CPB CIB
Ulster Commercial Private Central Total
UK PBB Bank Total Banking Banking Total items (1) CFG RCR RBS
£m £m £m £m £m £m £m £m £m £m £m
Income statement (2)
Net interest income 1,124 154 1,278 488 170 658 179 103 488 (8) 2,698
Non-interest income 339 47 386 282 103 385 1,172 102 229 81 2,355
Total income 1,463 201 1,664 770 273 1,043 1,351 205 717 73 5,053
Direct expenses
- staff (225) (63) (288) (133) (80) (213) (272) (585) (251) (38) (1,647)
- other (130) (17) (147) (63) (18) (81) (113) (1,024) (249) (18) (1,632)
Indirect expenses (520) (63) (583) (212) (101) (313) (588) 1,507 - (23) -
Restructuring costs
- direct - - - - - - (15) (114) - - (129)
- indirect 10 (2) 8 (1) - (1) (24) 17 - - -
Total expenses (865) (145) (1,010) (409) (199) (608) (1,012) (199) (500) (79) (3,408)
Operating profit/(loss) before impairment losses 598 56 654 361 74 435 339 6 217 (6) 1,645
Impairment (losses)/recoveries (88) (47) (135) (40) 1 (39) (6) (1) (73) (108) (362)
Operating profit/(loss) 510 9 519 321 75 396 333 5 144 (114) 1,283
Memo:
Profit attributable to ordinary and B shareholders (4) 1,195
Total expenses - adjusted (5) (875) (143) (1,018) (408) (199) (607) (973) (102) (500) (79) (3,279)
Operating profit/(loss) - adjusted (5) 500 11 511 322 75 397 372 102 144 (114) 1,412
For the notes to this table refer to the following page.
Customer franchises
Total RBS
Quarter ended 31 March 2014
PBB CPB CIB
Ulster Commercial Private Central Total
Key metrics UK PBB Bank Total Banking Banking Total items CFG RCR RBS
Return on equity (6) 26.0% 0.9% 16.7% 12.6% 15.3% 13.1% 5.6% nm 5.1% (7.3%) 8.9%
Return on equity - adjusted (5,6) 25.5% 1.1% 16.4% 12.7% 15.3% 13.1% 6.2% nm 5.1% (7.3%) 9.7%
Net interest margin 3.61% 2.29% 3.37% 2.68% 3.70% 2.89% 0.85% nm 2.94% (0.08%) 2.12%
Cost:income ratio 59% 72% 61% 53% 73% 58% 75% nm 70% 108% 67%
Cost:income ratio - adjusted (5) 60% 71% 61% 53% 73% 58% 72% nm 70% 108% 65%
Loan impairment charge as a % of gross loans and advances 0.3% 0.7% 0.3% 0.2% - 0.2% - nm 0.5% 1.2% 0.1%
Capital and balance sheet (7) £bn £bn £bn £bn £bn £bn £bn £bn £bn £bn £bn
Loans and advances to customers (gross, excluding reverse repos) 128.4 26.6 155.0 86.2 16.8 103.0 70.7 0.7 53.2 34.0 416.6
Loan impairment provisions (2.9) (3.4) (6.3) (1.3) (0.1) (1.4) (0.2) (0.1) (0.5) (15.7) (24.2)
Net loans and advances to customers 125.5 23.2 148.7 84.9 16.7 101.6 70.5 0.6 52.7 18.3 392.4
Total funded assets 132.8 26.0 158.8 89.6 21.1 110.7 286.6 90.4 75.7 24.3 746.5
Risk elements in lending 4.5 4.7 9.2 3.4 0.3 3.7 0.1 0.1 1.3 23.0 37.4
Customer deposits (excluding repos) 144.6 21.1 165.7 87.6 36.6 124.2 57.1 1.0 54.9 1.5 404.4
Loan:deposit ratio (excluding repos) 87% 110% 90% 97% 45% 82% 123% nm 96% nm 97%
Provision coverage (8) 65% 72% 68% 37% 45% 38% 199% nm 41% 68% 65%
Risk-weighted assets (Basel 3) 48.5 28.7 77.2 63.5 12.0 75.5 140.2 19.6 61.3 40.5 414.3
nm = not meaningful
Notes:
(1) Central items includes unallocated costs which principally comprise profits on the sale of the Treasury AFS portfolio (quarter ended 31 March 2014 - £203 million, year ended 31 December 2013 - £724 million, half year ended 30 June 2013 - £460 million and quarter ended 30 June 2013 - £105 million) and profit and loss on hedges that do not qualify for hedge accounting.
(2) Excluding residual one-off and other items as discussed on page 2. Items previously reported below operating profit including restructuring costs and litigation and conduct costs, are now allocated to the individual businesses and reflected in their results.
(3) Litigation and conduct costs in 2013 mainly relate to: Payment Protection Insurance (PPI) in PPB; Interest Rate Hedging Products redress and related costs (IRHP) allocated 50% to CPB and 50% to CIB; and regulatory and legal actions principally relating to LIBOR and mortgage-backed securities in CIB.
(4) See Appendix 1 for reconciliations of restated operating profit/(loss) to profit/(loss) attributable to ordinary and B shareholders.
(5) Excluding restructuring costs and litigation and conduct costs.
(6) Divisional return on equity is based on divisional operating profit after tax divided by average notional equity (based on 12% of the monthly average of divisional RWAs; previously - 10% of RWAe).
(7) Includes disposal groups.
(8) Provision coverage represents loan impairment provisions as a percentage of risk elements in lending.
Customer franchises
Total RBS
Year ended 31 December 2013
PBB CPB CIB
Ulster Commercial Private Central Total
UK PBB Bank Total Banking Banking Total items (1) CFG Non-Core RBS
£m £m £m £m £m £m £m £m £m £m £m
Income statement (2)
Net interest income 4,490 619 5,109 1,962 658 2,620 684 783 1,892 (96) 10,992
Non-interest income 1,323 240 1,563 1,195 419 1,614 4,324 126 1,073 (250) 8,450
Total income 5,813 859 6,672 3,157 1,077 4,234 5,008 909 2,965 (346) 19,442
Direct expenses
- staff (933) (239) (1,172) (515) (318) (833) (984) (2,612) (1,091) (190) (6,882)
- other (524) (63) (587) (272) (83) (355) (690) (4,308) (986) (202) (7,128)
Indirect expenses (1,949) (263) (2,212) (886) (475) (1,361) (2,893) 6,790 (111) (213) -
Restructuring costs
- direct (118) (27) (145) (18) (18) (36) (85) (358) (16) (16) (656)
- indirect (109) (12) (121) (37) (9) (46) (117) 290 - (6) -
Litigation and conduct costs (3) (860) (90) (950) (247) (206) (453) (2,441) - - - (3,844)
Total expenses (4,493) (694) (5,187) (1,975) (1,109) (3,084) (7,210) (198) (2,204) (627) (18,510)
Operating profit/(loss) before impairment losses 1,320 165 1,485 1,182 (32) 1,150 (2,202) 711 761 (973) 932
Impairment losses (501) (1,774) (2,275) (652) (29) (681) (680) (64) (156) (4,576) (8,432)
Operating profit/(loss) 819 (1,609) (790) 530 (61) 469 (2,882) 647 605 (5,549) (7,500)
Memo:
Loss attributable to ordinary and B shareholders (4) (8,995)
Total expenses - adjusted (5) (3,406) (565) (3,971) (1,673) (876) (2,549) (4,567) (130) (2,188) (605) (14,010)
Operating profit/(loss) - adjusted (5) 1,906 (1,480) 426 832 172 1,004 (239) 715 621 (5,527) (3,000)
Impairments pertaining to the creation of RCR (2) (892) (894) (123) - (123) (355) - - (3,118) (4,490)
For the notes to this table refer to page 5.
Customer franchises
Total RBS
Year ended 31 December 2013
PBB CPB CIB
Ulster Commercial Private Central Total
Key metrics UK PBB Bank Total Banking Banking Total items CFG Non-Core RBS
Return on equity (6) 9.8% (33.2%) (5.7%) 4.9% (3.1%) 3.7% (12.9%) nm 5.7% (73.2%) (14.5%)
Return on equity - adjusted (5,6) 22.8% (30.6%) 3.1% 7.7% 8.7% 7.9% (1.1%) nm 5.8% (72.9%) (9.1%)
Net interest margin 3.56% 1.88% 3.21% 2.64% 3.47% 2.81% 0.80% nm 2.91% (0.19%) 2.01%
Cost:income ratio 77% 81% 78% 63% 103% 73% 144% nm 74% (181%) 95%
Cost:income ratio - adjusted (5) 59% 66% 60% 53% 81% 60% 91% nm 74% (175%) 72%
Loan impairment charge as a % of gross loans and advances 0.4% 5.6% 1.4% 0.8% 0.2% 0.7% 1.0% nm 0.3% 12.5% 2.0%
Capital and balance sheet (7) £bn £bn £bn £bn £bn £bn £bn £bn £bn £bn £bn
Loans and advances to customers (gross, excluding reverse repos) 127.8 31.4 159.2 85.0 16.8 101.8 69.1 0.4 50.6 36.7 417.8
Loan impairment provisions (3.0) (5.4) (8.4) (1.5) (0.1) (1.6) (0.9) (0.2) (0.3) (13.8) (25.2)
Net loans and advances to customers 124.8 26.0 150.8 83.5 16.7 100.2 68.2 0.2 50.3 22.9 392.6
Total funded assets 132.2 28.0 160.2 87.9 21.0 108.9 268.6 102.8 71.3 28.0 739.8
Risk elements in lending 4.7 8.5 13.2 4.3 0.3 4.6 1.6 - 1.0 19.0 39.4
Customer deposits (excluding repos) 144.9 21.7 166.6 90.7 37.2 127.9 64.8 1.1 55.1 2.2 417.7
Loan:deposit ratio (excluding repos) 86% 120% 91% 92% 45% 78% 105% nm 91% nm 94%
Provision coverage (8) 63% 64% 63% 38% 43% 38% 59% nm 26% 73% 64%
Risk-weighted assets (Basel 2.5) 51.2 30.7 81.9 65.8 12.0 77.8 120.4 20.1 56.1 29.2 385.5
For the notes to this table refer to page 5.
Customer franchises
Total RBS
Half year ended 30 June 2013
PBB CPB CIB
Ulster Commercial Private Central Total
UK PBB Bank Total Banking Banking Total items (1) CFG Non-Core RBS
£m £m £m £m £m £m £m £m £m £m £m
Income statement (2)
Net interest income 2,200 302 2,502 936 317 1,253 314 451 939 (17) 5,442
Non-interest income 629 142 771 613 214 827 2,394 221 570 383 5,166
Total income 2,829 444 3,273 1,549 531 2,080 2,708 672 1,509 366 10,608
Direct expenses
- staff (469) (124) (593) (254) (173) (427) (580) (1,304) (572) (109) (3,585)
- other (200) (27) (227) (145) (30) (175) (284) (2,002) (482) (104) (3,274)
Indirect expenses (947) (125) (1,072) (401) (228) (629) (1,325) 3,182 (48) (108) -
Restructuring costs
- direct (70) (15) (85) (14) (1) (15) (37) (110) (3) (21) (271)
- indirect (39) (6) (45) (15) (4) (19) (46) 112 - (2) -
Litigation and conduct costs (3) (160) (25) (185) (25) - (25) (410) - - - (620)
Total expenses (1,885) (322) (2,207) (854) (436) (1,290) (2,682) (122) (1,105) (344) (7,750)
Operating profit before impairment losses 944 122 1,066 695 95 790 26 550 404 22 2,858
Impairment (losses)/recoveries (256) (503) (759) (282) (7) (289) (223) 3 (51) (831) (2,150)
Operating profit/(loss) 688 (381) 307 413 88 501 (197) 553 353 (809) 708
Memo:
Profit attributable to ordinary and B shareholders (4) 535
Total expenses - adjusted (5) (1,616) (276) (1,892) (800) (431) (1,231) (2,189) (124) (1,102) (321) (6,859)
Operating profit/(loss) - adjusted (5) 957 (335) 622 467 93 560 296 551 356 (786) 1,599
For the notes to this table refer to page 5.
Customer franchises
Total RBS
Half year ended 30 June 2013
PBB CPB CIB
Ulster Commercial Private Central Total
Key metrics UK PBB Bank Total Banking Banking Total items CFG Non-Core RBS
Return on equity (6) 16.4% (14.9%) 4.3% 7.6% 8.9% 7.8% (1.6%) nm 6.6% (18.7%) 1.7%
Return on equity - adjusted (5,6) 22.8% (13.1%) 8.8% 8.6% 9.4% 8.7% 2.5% nm 6.7% (18.2%) 4.2%
Net interest margin 3.50% 1.82% 3.15% 2.53% 3.33% 2.69% 0.72% nm 2.90% (0.06%) 1.97%
Cost:income ratio 67% 73% 67% 55% 82% 62% 99% nm 73% 94% 73%
Cost:income ratio - adjusted (5) 57% 62% 58% 52% 81% 59% 81% nm 73% 88% 65%
Loan impairment charge as a % of gross loans and advances 0.4% 3.1% 0.9% 0.7% 0.1% 0.6% 0.6% nm 0.2% 3.5% 0.5%
Capital and balance sheet (7) £bn £bn £bn £bn £bn £bn £bn £bn £bn £bn £bn
Loans and advances to customers (gross, excluding reverse repos) 127.4 32.9 160.3 85.8 17.1 102.9 77.0 0.6 53.3 47.2 441.3
Loan impairment provisions (3.4) (4.4) (7.8) (1.5) (0.1) (1.6) (0.6) - (0.3) (11.4) (21.7)
Net loans and advances to customers 124.0 28.5 152.5 84.3 17.0 101.3 76.4 0.6 53.0 35.8 419.6
Total funded assets 131.2 30.3 161.5 88.8 21.3 110.1 328.1 123.3 74.1 45.4 842.5
Risk elements in lending 5.4 8.6 14.0 4.4 0.3 4.7 1.5 - 1.1 20.9 42.2
Customer deposits (excluding repos) 139.9 23.1 163.0 91.0 38.9 129.9 79.3 2.1 60.1 2.8 437.2
Loan deposit ratio (excluding repos) 89% 123% 94% 93% 44% 78% 96% nm 88% nm 96%
Provision coverage (8) 62% 52% 56% 35% 39% 35% 45% nm 23% 55% 52%
Risk-weighted assets (Basel 2.5) 52.4 33.9 86.3 67.2 12.5 79.7 143.3 22.2 58.2 46.3 436.0
For the notes to this table refer to page 5.
Customer franchises
Total RBS
Quarter ended 30 June 2013
PBB CPB CIB
Ulster Commercial Private Central Total
UK PBB Bank Total Banking Banking Total items (1) CFG Non-Core RBS
£m £m £m £m £m £m £m £m £m £m £m
Income statement (2)
Net interest income 1,118 152 1,270 484 159 643 142 226 469 20 2,770
Non-interest income 320 88 408 325 110 435 1,094 209 278 253 2,677
Total income 1,438 240 1,678 809 269 1,078 1,236 435 747 273 5,447
Direct expenses
- staff (235) (67) (302) (127) (88) (215) (247) (663) (286) (51) (1,764)
- other (96) (12) (108) (77) (17) (94) (154) (1,035) (233) (49) (1,673)
Indirect expenses (484) (65) (549) (205) (112) (317) (657) 1,606 (27) (56) -
Restructuring costs
- direct (47) (14) (61) (7) (1) (8) (24) (53) (2) (1) (149)
- indirect (22) (4) (26) (9) (2) (11) (20) 59 - (2) -
Litigation and conduct costs (3) (160) (25) (185) - - - (385) - - - (570)
Total expenses (1,044) (187) (1,231) (425) (220) (645) (1,487) (86) (548) (159) (4,156)
Operating profit/(loss) before impairment losses 394 53 447 384 49 433 (251) 349 199 114 1,291
Impairment (losses)/recoveries (126) (263) (389) (155) (2) (157) (144) 3 (32) (398) (1,117)
Operating profit/(loss) 268 (210) 58 229 47 276 (395) 352 167 (284) 174
Memo:
Profit attributable to ordinary and B shareholders (4) 142
Total expenses - adjusted (5) (815) (144) (959) (409) (217) (626) (1,058) (92) (546) (156) (3,437)
Operating profit/(loss) - adjusted (5) 497 (167) 330 245 50 295 34 346 169 (281) 893
For the notes to this table refer to page 5.
Customer franchises
Total RBS
Quarter ended 30 June 2013
PBB CPB CIB
Ulster Commercial Private Central Total
Key metrics UK PBB Bank Total Banking Banking Total items CFG Non-Core RBS
Return on equity (6) 12.8% (16.8%) 1.7% 8.5% 9.4% 8.6% (6.8%) nm 6.3% (14.1%) 0.9%
Return on equity - adjusted (5,6) 23.8% (13.4%) 9.5% 9.1% 10.0% 9.2% 0.6% nm 6.4% (13.9%) 5.0%
Net interest margin 3.56% 1.84% 3.20% 2.63% 3.34% 2.77% 0.67% nm 2.89% 0.15% 2.00%
Cost:income ratio 73% 78% 73% 53% 82% 60% 120% nm 73% 58% 76%
Cost:income ratio - adjusted (5) 57% 60% 57% 51% 81% 58% 86% nm 73% 57% 63%
Loan impairment charge as a % of gross loans and advances 0.4% 3.2% 1.0% 0.7% - 0.6% 0.7% nm 0.2% 3.4% 0.3%
Capital and balance sheet (7) £bn £bn £bn £bn £bn £bn £bn £bn £bn £bn £bn
Loans and advances to customers (gross, excluding reverse repos) 127.4 32.9 160.3 85.8 17.1 102.9 77.0 0.6 53.3 47.2 441.3
Loan impairment provisions (3.4) (4.4) (7.8) (1.5) (0.1) (1.6) (0.6) - (0.3) (11.4) (21.7)
Net loans and advances to customers 124.0 28.5 152.5 84.3 17.0 101.3 76.4 0.6 53.0 35.8 419.6
Total funded assets 131.2 30.3 161.5 88.8 21.3 110.1 328.1 123.3 74.1 45.4 842.5
Risk elements in lending 5.4 8.6 14.0 4.4 0.3 4.7 1.5 - 1.1 20.9 42.2
Customer deposits (excluding repos) 139.9 23.1 163.0 91.0 38.9 129.9 79.3 2.1 60.1 2.8 437.2
Loan deposit ratio (excluding repos) 89% 123% 94% 92% 44% 78% 97% nm 88% nm 96%
Provision coverage (8) 62% 52% 56% 35% 39% 35% 45% nm 23% 55% 52%
Risk-weighted assets (Basel 2.5) 52.4 33.9 86.3 67.2 12.5 79.7 143.3 22.2 58.2 46.3 436.0
For the notes to this table refer to page 5.
Appendix 1
Consolidated income statement
Consolidated income statement reconciliation for the quarter ended 31 March 2014
Re-presentation Reallocation of
As previously of one-off and residual one-off Presentational
reported other items Restated and other items adjustments (1) Statutory
£m £m £m £m £m £m
Interest receivable 3,799 - 3,799 1 - 3,800
Interest payable (1,101) - (1,101) (4) - (1,105)
Net interest income 2,698 - 2,698 (3) - 2,695
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