|
Form 20-F X
|
Form 40-F ___
|
|
Yes
|
___ |
No X
|
| Exhibit No. 1 |
Total Voting Rights dated 30 June 2014
|
|
Exhibit No. 2
|
Notification of Major Interest in Shares dated 02 July 2014
|
|
Exhibit No. 3
|
Additional Listing dated 02 July 2014
|
|
Exhibit No. 4
|
Director/PDMR Shareholding dated 08 July 2014
|
|
Exhibit No. 5
|
Form 8.3 - [Tamar European Industrial Fund Ltd] dated 11 July 2014
|
|
Exhibit No. 6
|
Preliminary Interim Results 2014 dated 25 July 2014
|
|
Exhibit No. 7
|
Form 8.3 - Balfour Beatty plc dated 28 July 2014
|
|
Exhibit No. 8
|
Form 8.3 - Balfour Beatty plc dated 29 July 2014
|
|
Exhibit No. 9
|
Form 8.3 - Balfour Beatty dated 30 July 2014
|
|
Share Class and nominal value
|
Number of Shares issued
|
Voting rights per share
|
Total Voting rights -
|
|
30-June-14
|
|||
|
Ordinary shares of £1
|
6,299,664,531
|
4
|
25,198,658,124
|
|
11% Cumulative Preference Shares of £1
|
500,000
|
4
|
2,000,000
|
|
5.5% Cumulative Preference Shares of £1
|
400,000
|
4
|
1,600,000
|
|
Total:
|
6,300,564,531
|
25,202,258,124
|
|
1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: ii
|
The Royal Bank of Scotland Group plc
|
|||
|
2. Reason for the notification (please tick the appropriate box or boxes):
|
||||
|
An acquisition or disposal of voting rights
|
||||
|
An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached
|
||||
|
An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments
|
||||
|
An event changing the breakdown of voting rights
|
x
|
|||
|
Other (please specify):
|
||||
|
3. Full name of person(s) subject to the notification obligation: iii
|
The Solicitor for the affairs of Her Majesty's Treasury
|
|||
|
4. Full name of shareholder(s) (if different from 3.):iv
|
||||
|
5. Date of the transaction and date on which the threshold is crossed or reached: v
|
30 June 2014
|
|||
|
6. Date on which issuer notified:
|
02 July 2014
|
|||
|
7. Threshold(s) that is/are crossed or reached: vi, vii
|
Crossed percentage threshold of 63%
|
|||
|
8. Notified details:
|
|||||||||||||||||
|
A: Voting rights attached to shares viii, ix
|
|||||||||||||||||
|
Class/type of
shares
if possible using
the ISIN CODE
|
Situation previous to the triggering transaction
|
Resulting situation after the triggering transaction
|
|||||||||||||||
|
Number of Shares
|
Number of Voting Rights
|
Number of shares
|
Number of voting rights
|
% of voting rights x
|
|||||||||||||
|
Direct
|
Direct xi
|
Indirect xii
|
Direct
|
Indirect
|
|||||||||||||
|
GB00B7T77214
|
3,964,483,519
|
15,857,934,076
|
3,964,483,519
|
15,857,934,076
|
62.92%
|
||||||||||||
|
B: Qualifying Financial Instruments
|
|||||||||||||||||
|
Resulting situation after the triggering transaction
|
|||||||||||||||||
|
Type of financial
instrument
|
Expiration
date xiii
|
Exercise/
Conversion Period xiv
|
Number of voting rights that may be acquired if the
instrument is exercised/ converted.
|
% of voting
rights
|
|||||||||||||
|
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi
|
|||||||||||||||||
|
Resulting situation after the triggering transaction
|
|||||||||||||||||
|
Type of financial instrument
|
Exercise price
|
Expiration date xvii
|
Exercise/
Conversion period xviii
|
Number of voting rights instrument refers to
|
% of voting rights xix, xx
|
||||||||||||
|
Series 1 class B shares
|
£5.00 (subject to adjustment)
|
-
|
Anytime
|
Up to 20,400,000,000 (depending on extent of conversion into ordinary shares)
|
Nominal
|
Delta
|
|||||||||||
|
Up to 44.7%
|
|||||||||||||||||
|
Total (A+B+C)
|
|||||||||||||||||
|
Number of voting rights
|
Percentage of voting rights
|
||||||||||||||||
|
36,257,934,076
|
79.51%
|
||||||||||||||||
|
9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable: xxi
|
||
|
UKFI Financial Investments Limited, a company wholly-owned by Her Majesty's Treasury, is entitled to exercise control over the voting rights which are the subject of this notification (pursuant to certain management arrangements agreed with Her Majesty's Treasury).
The solicitor for the affairs of Her Majesty's Treasury is acting as nominee for Her Majesty's Treasury.
|
||
|
Proxy Voting:
|
||
|
10. Name of the proxy holder:
|
||
|
11. Number of voting rights proxy holder will cease to hold:
|
||
|
12. Date on which proxy holder will cease to hold voting rights:
|
||
|
13. Additional information:
|
||
|
14. Contact name:
|
Nike Kojakovic, UKFI
|
|
|
15. Contact telephone number:
|
+44 (0)207 070 5942
|
|
|
PDMR
|
No. of Shares purchased
|
Purchase price
|
|
Christopher Sullivan
|
38
|
£3.33
|
|
(a) Identity of the person whose positions/dealings are being disclosed:
|
The Royal Bank of Scotland Group Plc
|
|
(b) Owner or controller of interests and short positions disclosed, if different from 1(a):
The naming of nominee or vehicle companies is insufficient
|
-
|
|
(c) Name of offeror/offeree in relation to whose relevant securities this form relates:
Use a separate form for each offeror/offeree
|
Tamar European Industrial Fund Ltd
|
|
(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:
|
N/A
|
|
(e) Date position held/dealing undertaken:
|
10/07/2014
|
|
(f) Has the discloser previously disclosed, or are they today disclosing, under the Code in respect of any other party to this offer?
|
NO
|
|
|
(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)
|
|
Class of relevant security:
|
Ordinary NPV shares
|
|||
|
Interests
|
Short positions
|
|||
|
Number
|
%
|
Number
|
%
|
|
|
(1) Relevant securities owned and/or controlled:
|
2,259,716
|
1.61
|
0
|
0.00
|
|
(2) Derivatives (other than options):
|
0
|
0.00
|
0
|
0.00
|
|
(3) Options and agreements to purchase/sell:
|
0
|
0.00
|
0
|
0.00
|
|
TOTAL:
|
2,259,716
|
1.61
|
0
|
0.00
|
|
|
(a) Rights to subscribe for new securities (including directors' and other executive options)
|
|
Class of relevant security in relation to which subscription right exists:
|
|
|
Details, including nature of the rights concerned and relevant percentages:
|
|
|
(a) Purchases and sales
|
|
Class of relevant security
|
Purchase/sale
|
Number of securities
|
Price per unit
|
|
Ordinary NPV
|
Sale
|
4,500
|
0.3775
|
|
|
(a) Derivatives transactions (other than options)
|
|
Class of relevant security
|
Product description
e.g. CFD
|
Nature of dealing
e.g. opening/closing a long/short position, increasing/reducing a long/short position
|
Number of reference securities
|
Price per unit
|
|
|
(a) Writing, selling, purchasing or varying
|
|
Class of relevant security
|
Product description e.g. call option
|
Writing, purchasing, selling, varying etc.
|
Number of securities to which option relates
|
Exercise price per unit
|
Type
e.g. American, European etc.
|
Expiry date
|
Option money paid/ received per unit
|
|
|
(a) Exercising
|
|
Class of relevant security
|
Product description
e.g. call option
|
Number of securities
|
Exercise price per unit
|
|
|
(a) Other dealings (including subscribing for new securities)
|
|
Class of relevant security
|
Nature of dealing
e.g. subscription, conversion
|
Details
|
Price per unit (if applicable)
|
|
|
(a) Indemnity and other dealing arrangements
|
|
Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
If there are no such agreements, arrangements or understandings, state "none"
|
|
None
|
|
Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state "none"
|
|
None
|
|
Is a Supplemental Form 8 (Open Positions) attached?
|
NO
|
|
Date of disclosure:
|
11 July 2014
|
|
Contact name:
|
Richard Hopkins
|
|
Telephone number:
|
020 7672 0354
|
|
Page
|
|
|
Trading update
|
1
|
|
Contacts
|
6
|
|
Preliminary summary consolidated income statement
|
7
|
|
Preliminary summary consolidated balance sheet
|
8
|
|
Analysis of results
|
9
|
|
Segment performance
|
15
|
|
●
|
Operating performance in the first half of 2014 was good, with all customer-facing businesses reporting improved operating profits compared with H1 2013. Operating profit(1) of £2,601 million included £514 million of restructuring costs (compared with £271 million in H1 2013) and £250 million of litigation and conduct costs, with £150 million added to provisions for Payment Protection Insurance and £100 million to interest rate swap redress provisions.
|
|
●
|
Operating profit(1), excluding restructuring and litigation and conduct costs ('adjusted operating profit'), improved to £3,365 million, compared with £1,599 million in H1 2013.
|
|
●
|
Total income declined 6% to £9,978 million. Growth of 3% in Personal & Business Banking (PBB) and 2% in Commercial & Private Banking (CPB) was more than offset by lower income, down 10%, in Corporate & Institutional Banking (CIB), reflecting its smaller balance sheet and reduced risk profile. Net interest margin improved to 2.17%, up 20 basis points compared with H1 2013, with continuing benefits from deposit repricing in PBB and CPB outweighing modest erosion of asset margins.
|
|
●
|
Total expenses were 8% lower at £7,108 million, including £514 million of restructuring costs and £250 million of litigation and conduct costs. Operating expenses, excluding restructuring and litigation and conduct costs ('adjusted operating expenses'), were down 8% to £6,344 million. Overall headcount has fallen by 8,000 over the past 12 months.
|
|
●
|
Impairment losses declined by £1,881 million to £269 million. All core businesses showed significant reductions in impairment losses as UK and Irish credit conditions continued to improve. In RBS Capital Resolution (RCR) there was a net write-back of provisions, reflecting disposals at favourable prices. At 30 June 2014, risk elements in lending represented 8.3% of gross loans to customers, compared with 9.4% at 31 December 2013.
|
|
●
|
Profit before tax was £2,652 million compared with £1,374 million in the first half of 2013, including a gain of £191 million from the sale of the remaining interest in Direct Line Insurance Group in Q1 2014 and a write-down of goodwill of £130 million in Q2 2014. Own credit adjustment was a charge of £51 million compared with a credit of £376 million in H1 2013 which also included a gain of £191 million on redemption of own debt compared with £20 million in H1 2014.
|
|
●
|
The tax charge was £733 million, representing 27.6% of profit before tax, and included a £76 million write-off of deferred tax assets.
|
|
●
|
The Common Equity Tier 1 capital ratio strengthened to 10.1% from 8.6% at the end of 2013, principally driven by reductions in risk-weighted assets in CIB and RCR and the retained profit for the period. RBS remains on track to achieve its medium-term capital targets.
|
|
●
|
After charging the initial £320 million Dividend Access Share retirement dividend, profit attributable to ordinary and B shareholders was £1,425 million. Tangible net asset value per ordinary and B share was 376p at 30 June 2014 compared with 363p at the end of 2013.
|
|
●
|
Operating profit(1) in Q2 2014 was £1,318 million, compared with £174 million in Q2 2013 and £1,283 million in Q1 2014. Restructuring costs totalled £385 million and litigation and conduct costs £250 million. Adjusted operating profit rose to £1,953 million, compared with £893 million in Q2 2013 and £1,412 million in Q1 2014.
|
|
●
|
Total income was 10% lower than in Q2 2013 at £4,925 million, with a 4% improvement in UK PBB more than offset by the 13% reduction in CIB, reflecting its smaller balance sheet and lower risk levels. Within CIB, Rates, Currencies and Credit income was £765 million, down 10% from Q2 2013 and 25% from Q1 2014. Citizens Financial Group benefited from a net gain of $283 million on the sale of its Illinois branch network.
|
|
●
|
Adjusted operating expenses were £3,065 million, down 11% from Q2 2013 and 7% from Q1 2014.
|
|
|
●
|
Impairments amounted to a net release of £93 million compared with losses of £1,117 million in Q2 2013 and £362 million in Q1 2014, benefiting from improvements in bad debt flows and latent provision releases totalling £258 million.
|
|
|
●
|
Profit before tax totalled £1,010 million, after a write-down of goodwill of £130 million and a charge of £190 million for own credit. Profit attributable to ordinary and B shareholders was £230 million.
|
|
|
●
|
Funded assets fell to £736 billion, down £107 billion from June 2013, principally driven by the reduction in CIB's balance sheet and the run-off of RCR and Non-Core assets.
|
|
|
○
|
In UK PBB gross new mortgage lending totalled £9.8 billion in H1 2014, a market share of 9.9%. Repayments remain high, with the low interest rate environment enabling higher levels of principal repayment.
|
|
|
○
|
In CPB Commercial Banking, loans and advances in the growable book increased to £64.9 billion, up £2 billion from the prior year, but this was offset by a £2.8 billion decline in the non-growable book, which comprises real estate finance, businesses in restructuring and excess single-name concentrations.
|
|
|
○
|
Overall SME applications were 11% higher in H1 2014 than in the prior year and gross new lending was up 31% at £5.0 billion.
|
|
|
●
|
Risk-weighted assets (RWAs) fell to £392 billion at the end of June 2014, down £22 billion from the end of March 2014.
|
|
|
●
|
The CET1 ratio was 10.1%(2) at the end of June 2014, up from 8.6% at the end of 2013 and 9.4% at the end of March 2014 reflecting the attributable profit for the period and lower RWAs.
|
|
|
●
|
The bank's liquid asset buffer was £138 billion at the end of June 2014, up slightly from the first quarter but down from £146 billion at the end of 2013, leaving ample headroom to accommodate lending growth in H2 2014.
|
|
|
●
|
Over the course of H1 2014 RCR reduced funded assets by £8 billion, or 28%, to £21 billion. RWA equivalent(3) decreased by £21 billion, or 33%, to £44 billion.
|
|
●
|
Operating loss in H1 2014 was £48 million, with an operating profit of £66 million recorded in the second quarter of the year, driven by net impairment releases of £128 million.
|
|
●
|
The combined effect of the small operating loss and RWA equivalent reduction was net CET1 capital accretion of £2 billion.
|
|
(1)
|
Operating profit before tax, own credit adjustments, gain on redemption of own debt, strategic disposals, write-down of goodwill and RFS Holdings minority interest ('operating profit'). Statutory operating profit before tax is expected to be £2,652 million for the half year ended 30 June 2014.
|
|
(2)
|
The CET1 ratio includes the benefit of the retained profit for the period. This is subject to approval by the Prudential Regulation Authority, which is expected to be obtained prior to the publication of the Interim Results on 1 August 2014.
|
|
(3)
|
RWA equivalent (RWAe) is an internal metric that measures the equity capital employed in segments. RWAe converts both performing and non-performing exposures into a consistent capital measure, being the sum of the regulatory RWAs and the regulatory capital deductions, the latter converted to RWAe by applying a multiplier of 10.
|
|
Measure
|
2013
|
H1 2014
|
Medium-term
|
Long-term
|
|
|
Efficiency
|
Cost:income ratio
|
95%
|
71%
|
~55%
|
~50%
|
|
Adjusted cost:income ratio(2)
|
72%
|
64%
|
|||
|
Returns
|
Return on tangible equity
|
Negative
|
7%
|
~9-11%
|
~12%+
|
|
Capital strength(3)
|
Common Equity Tier 1 ratio
|
8.6%
|
10.1%
|
≥12%
|
≥12%
|
|
(1)
|
This table contains forecasts with significant contingencies. Please refer to 'Forward-looking statements'.
|
|
(2)
|
Excluding restructuring costs and litigation and conduct costs.
|
|
(3)
|
CRR end-point basis.
|
|
For analyst enquiries:
|
||
|
Richard O'Connor
|
Head of Investor Relations
|
+44 (0) 20 7672 1758
|
|
For media enquiries:
|
||
|
Group Media Centre
|
+44 (0) 131 523 4205
|
|
Date:
|
Friday 25 July 2014
|
|
|
Time:
|
9.00 am UK time
|
|
|
Webcast:
|
www.rbs.com/results
|
|
|
Dial in details:
|
International - +44 (0) 1452 568 172
UK Free Call - 0800 694 8082
US Toll Free - 1 866 966 8024
|
|
Half year ended
|
Quarter ended
|
||||
|
30 June
|
30 June
|
30 June
|
31 March
|
||
|
2014
|
2013 (1)
|
2014
|
2014 (1)
|
||
|
£m
|
£m
|
£m
|
£m
|
||
|
Net interest income
|
5,496
|
5,442
|
2,798
|
2,698
|
|
|
Non-interest income
|
4,482
|
5,166
|
2,127
|
2,355
|
|
|
Total income
|
9,978
|
10,608
|
4,925
|
5,053
|
|
|
Staff and non-staff expenses
|
(6,344)
|
(6,859)
|
(3,065)
|
(3,279)
|
|
|
Restructuring costs
|
(514)
|
(271)
|
(385)
|
(129)
|
|
|
Litigation and conduct costs
|
(250)
|
(620)
|
(250)
|
-
|
|
|
Operating expenses
|
(7,108)
|
(7,750)
|
(3,700)
|
(3,408)
|
|
|
Operating profit before impairment losses
|
2,870
|
2,858
|
1,225
|
1,645
|
|
|
Impairment (losses)/recoveries
|
(269)
|
(2,150)
|
93
|
(362)
|
|
|
Operating profit
|
2,601
|
708
|
1,318
|
1,283
|
|
|
Own credit adjustments
|
(51)
|
376
|
(190)
|
139
|
|
|
Gain on redemption of own debt
|
20
|
191
|
-
|
20
|
|
|
Strategic disposals (2)
|
191
|
-
|
-
|
191
|
|
|
Write down of goodwill
|
(130)
|
-
|
(130)
|
-
|
|
|
RFS Holdings minority interest
|
21
|
99
|
12
|
9
|
|
|
Profit before tax
|
2,652
|
1,374
|
1,010
|
1,642
|
|
|
Tax charge (3)
|
(733)
|
(678)
|
(371)
|
(362)
|
|
|
Profit from continuing operations
|
1,919
|
696
|
639
|
1,280
|
|
|
Profit from discontinued operations, net of tax
|
35
|
138
|
26
|
9
|
|
|
Profit for the period
|
1,954
|
834
|
665
|
1,289
|
|
|
Non-controlling interests
|
(42)
|
(117)
|
(23)
|
(19)
|
|
|
Other owners' dividends
|
(167)
|
(182)
|
(92)
|
(75)
|
|
|
Dividend access share dividend
|
(320)
|
-
|
(320)
|
-
|
|
|
Profit attributable to ordinary and B shareholders
|
1,425
|
535
|
230
|
1,195
|
|
|
(1)
|
As set out in the Q2 Restatement Document dated 21 July 2014, comparative financial information has been restated to reflect: the changes to the RBS structure announced in February 2014, the allocation to reporting segments of a number of one-off and other items previously reported below the operating profit line; and revisions to the allocation of Central and Treasury costs to reflect the centralisation of services and functions and its internal reorganisation. These restatements do not affect statutory income statement, balance sheet, other primary statements or regulatory capital measures.
|
|
(2)
|
The gain of £191 million resulted from the sale of the bank's remaining stake in Direct Line Insurance Group in Q1 2014.
|
|
(3)
|
The tax charge reflects profits in high tax jurisdictions including the US and includes a £76 million write-off of deferred tax assets in Q2 2014.
|
|
30 June
|
31 March
|
31 December
|
|
|
2014
|
2014
|
2013
|
|
|
£bn
|
£bn
|
£bn
|
|
|
Cash and balances at central banks
|
69
|
70
|
83
|
|
Reverse repurchase agreements and stock borrowing
|
82
|
78
|
76
|
|
Loans and advances (net)
|
414
|
419
|
418
|
|
Debt securities and equity shares
|
121
|
130
|
122
|
|
Other assets (1)
|
50
|
49
|
41
|
|
Funded assets
|
736
|
746
|
740
|
|
Derivatives
|
275
|
278
|
288
|
|
Total assets
|
1,011
|
1,024
|
1,028
|
|
Repurchase agreements and stock lending
|
83
|
89
|
85
|
|
Deposits
|
440
|
437
|
450
|
|
Debt securities in issue
|
59
|
62
|
68
|
|
Short positions
|
39
|
38
|
28
|
|
Subordinated liabilities
|
25
|
24
|
24
|
|
Other liabilities (1)
|
34
|
38
|
28
|
|
Liabilities excluding derivatives
|
680
|
688
|
683
|
|
Derivatives
|
270
|
275
|
286
|
|
Total liabilities
|
950
|
963
|
969
|
|
Equity
|
61
|
61
|
59
|
|
Total liabilities and equity
|
1,011
|
1,024
|
1,028
|
|
Memo items
|
|||
|
Tangible equity (2)
|
43
|
43
|
41
|
|
Tangible net asset value per ordinary and B share (3,4)
|
376p
|
376p
|
363p
|
|
(1)
|
Includes disposal groups.
|
|
(2)
|
Tangible equity is equity attributable to ordinary and B shareholders less intangible assets.
|
|
(3)
|
Tangible net asset value (TNAV) per ordinary and B share represents total tangible equity divided by the number of ordinary shares in issue and effect of convertible B shares.
|
|
(4)
|
Retained earnings and positive movements in available-for-sale financial assets were largely offset by currency translation losses, due to the strengthening of sterling, leaving TNAV flat compared with 31 March 2014.
|
|
Half year ended
|
Quarter ended
|
||||
|
30 June
|
30 June
|
30 June
|
31 March
|
||
|
2014
|
2013
|
2014
|
2014
|
||
|
Net interest income
|
£m
|
£m
|
£m
|
£m
|
|
|
Net interest income (1)
|
5,468
|
5,435
|
2,784
|
2,684
|
|
|
Average interest-earning assets (1)
|
507,268
|
556,294
|
502,347
|
512,244
|
|
|
Net interest margin
|
|||||
|
- RBS
|
2.17%
|
1.97%
|
2.22%
|
2.12%
|
|
|
- Personal & Business Banking
|
3.39%
|
3.15%
|
3.40%
|
3.37%
|
|
|
- Commercial & Private Banking
|
2.90%
|
2.69%
|
2.91%
|
2.89%
|
|
|
- Citizens Financial Group
|
2.94%
|
2.90%
|
2.93%
|
2.94%
|
|
|
(1)
|
Net interest income for the half year ended 30 June 2014 was decreased by £28 million (H1 2013 - £38 million; Q2 2014 - £14 million; Q1 2014 - £14 million) to record interest on financial assets and liabilities designated as at fair value through profit or loss and increased by nil (H1 2013 - £31 million, Q2 2014 - nil; Q1 2014 - nil) in respect of non-recurring adjustments. Average interest-earning assets have also been adjusted.
|
|
·
|
Net interest income improved by 1% to £5,468 million. The increase was consistent across all businesses, with notable improvements in PBB (£97 million, 4%) and CPB (£90 million, 7%).
|
|
·
|
Net interest margin (NIM) increased by 20 basis points to 2.17%, driven by deposit repricing initiatives across a number of businesses. The benefit of reduced funding costs outweighed lower yields on assets.
|
|
·
|
Net interest income improved by 4% to £2,784 million principally driven by improved margins and an additional day in the quarter.
|
|
·
|
NIM increased by 10 basis points to 2.22%, driven by lower funding costs, reflecting repricing initiatives across a number of businesses, RCR run-down and a small number of one-off recoveries.
|
|
Half year ended
|
Quarter ended
|
||||
|
30 June
|
30 June
|
30 June
|
31 March
|
||
|
2014
|
2013
|
2014
|
2014
|
||
|
Non-interest income
|
£m
|
£m
|
£m
|
£m
|
|
|
Net fees and commissions
|
2,118
|
2,248
|
1,063
|
1,055
|
|
|
Income from trading activities
|
1,482
|
1,890
|
626
|
856
|
|
|
Other operating income
|
882
|
1,028
|
438
|
444
|
|
|
Total non-interest income
|
4,482
|
5,166
|
2,127
|
2,355
|
|
|
·
|
Non-interest income declined by £684 million or 13%, principally reflecting a 22% reduction in income from trading activities, in line with CIB's smaller balance sheet and reduced risk profile.
|
|
·
|
A net gain of £170 million ($283 million) was recorded on Citizens' sale of its Illinois branch network.
|
|
·
|
Gains on the disposal of available-for-sale securities in Treasury were down £245 million to £215 million for H1 2014 (Q2 2014 - £15 million; Q1 2014 - £200 million).
|
|
·
|
Non-interest income declined by £228 million or 10%, principally reflecting the seasonality of CIB income and lower disposal income in RCR. This was partly offset by the net gain on sale from Citizens' branch sale.
|
|
Half year ended
|
Quarter ended
|
||||
|
30 June
|
30 June
|
30 June
|
31 March
|
||
|
2014
|
2013
|
2014
|
2014
|
||
|
Operating expenses
|
£m
|
£m
|
£m
|
£m
|
|
|
Staff expenses
|
3,340
|
3,585
|
1,693
|
1,647
|
|
|
Premises and equipment
|
1,079
|
1,079
|
485
|
594
|
|
|
Other
|
1,292
|
1,479
|
605
|
687
|
|
|
Restructuring costs
|
514
|
271
|
385
|
129
|
|
|
Litigation and conduct costs
|
250
|
620
|
250
|
-
|
|
|
Administrative expenses
|
6,475
|
7,034
|
3,418
|
3,057
|
|
|
Depreciation and amortisation
|
551
|
716
|
282
|
269
|
|
|
Write-down of other intangible assets
|
82
|
-
|
-
|
82
|
|
|
Operating expenses
|
7,108
|
7,750
|
3,700
|
3,408
|
|
|
Memo item
|
|||||
|
Adjusted operating expenses (1)
|
6,344
|
6,859
|
3,065
|
3,279
|
|
|
Performance ratios
|
|||||
|
Staff costs as a % of total income
|
33%
|
34%
|
34%
|
33%
|
|
|
Cost:income ratio
|
71%
|
73%
|
75%
|
67%
|
|
|
Cost:income ratio - adjusted (1)
|
64%
|
65%
|
62%
|
65%
|
|
|
(1)
|
Excluding restructuring costs and litigation and conduct costs.
|
|
·
|
Operating expenses were £642 million, 8%, lower. Adjusted operating expenses decreased by £515 million or 8% to £6,344 million. Much of the decrease was achieved in CIB through headcount reductions and tight control of discretionary expenditure. Overall operating expense trends are starting to show the benefits of the reshaping of the bank's cost base.
|
|
·
|
Litigation and conducts costs totalled £250 million, with an additional provision of £150 million for Payment Protection Insurance redress recorded in UK PBB and a further £100 million relating to interest rate hedging product redress booked within Commercial Banking and CIB.
|
|
·
|
Restructuring costs increased by £243 million to £514 million, including significant charges in relation to Williams & Glyn and to the restructuring of the property portfolio.
|
|
·
|
Operating expenses were up £292 million, 9% reflecting higher restructuring and litigation and conduct costs. Adjusted operating expenses decreased by £214 million or 7%. This was principally driven by lower staff costs in CIB, operational cost saving initiatives in CPB and lower costs in PBB. This was only partly offset by higher staff costs in RCR.
|
|
Half year ended
|
Quarter ended
|
||||||||
|
30 June
|
30 June
|
30 June
|
31 March
|
||||||
|
2014
|
2013
|
2014
|
2014
|
||||||
|
Impairment losses/(recoveries)
|
£m
|
£m
|
£m
|
£m
|
|||||
|
Loans
|
271
|
2,161
|
(89)
|
360
|
|||||
|
Securities
|
(2)
|
(11)
|
(4)
|
2
|
|||||
|
Total impairment losses
|
269
|
2,150
|
(93)
|
362
|
|||||
|
Loan impairment losses
|
|||||||||
|
- individually assessed
|
113
|
1,472
|
(42)
|
155
|
|||||
|
- collectively assessed
|
348
|
734
|
221
|
127
|
|||||
|
- latent
|
(180)
|
(36)
|
(258)
|
78
|
|||||
|
Customer loans
|
281
|
2,170
|
(79)
|
360
|
|||||
|
Bank loans
|
(10)
|
(9)
|
(10)
|
-
|
|||||
|
Loan impairment losses/(recoveries)
|
271
|
2,161
|
(89)
|
360
|
|||||
|
RBS excluding RCR/Non-Core
|
290
|
1,258
|
36
|
254
|
|||||
|
RCR
|
(19)
|
n/a
|
(125)
|
106
|
|||||
|
Non-Core
|
n/a
|
903
|
n/a
|
n/a
|
|||||
|
RBS
|
271
|
2,161
|
(89)
|
360
|
|||||
|
Customer loan impairment charge as a % of
|
|||||||||
|
gross loans and advances (1)
|
|||||||||
|
RBS excluding RCR/Non-Core
|
0.2%
|
0.6%
|
-
|
0.3%
|
|||||
|
RCR
|
(0.1%)
|
n/a
|
(1.7%)
|
1.2%
|
|||||
|
Non-Core
|
n/a
|
3.9%
|
n/a
|
n/a
|
|||||
|
30 June
|
31 March
|
31 December
|
|||
|
2014
|
2014
|
2013
|
|||
|
Loan impairment provisions
|
£22.4bn
|
£24.2bn
|
£25.2bn
|
||
|
Risk elements in lending (REIL)
|
£34.1bn
|
£37.4bn
|
£39.4bn
|
||
|
Provision coverage (2)
|
66%
|
65%
|
64%
|
|
(1)
|
Excludes reverse repurchase agreements and includes disposals groups.
|
|
(2)
|
Provision coverage represents loan impairment provisions as a percentage of risk elements in lending.
|
|
·
|
Loan impairment losses declined sharply by £1,890 million or 87%, including £180 million of releases of latent provisions (H1 2013 - £36 million). Asset quality continued to improve in the UK and Ireland.
|
|
·
|
Loan impairments in RCR amounted to a net recovery of £19 million.
|
|
·
|
Provision coverage strengthened to 66% compared with 64% at the end of 2013. REIL were £5.3 billion lower and represented 8.3% of gross customer loans, compared with 9.4% at the end of 2013.
|
|
·
|
A net recovery of £89 million was recorded in Q2 2014, compared with losses of £360 million in Q1 2014.
|
|
·
|
Improvement in loan impairment losses was driven by the release of latent provisions in CPB and CIB and by a strong credit performance in RCR (a net recovery of £125 million compared with losses of £106 million in Q1 2014).
|
|
·
|
REIL fell by £3.3 billion. As a percentage of gross loans to customers, REIL declined to 8.3% from 9.0% at 31 March 2014.
|
|
30 June
|
31 March
|
31 December
|
|
|
Balance sheet
|
2014
|
2014
|
2013
|
|
Funded balance sheet (1)
|
£736bn
|
£746bn
|
£740bn
|
|
Total assets
|
£1,011bn
|
£1,024bn
|
£1,028bn
|
|
Net loans and advances to customers (2)
|
£387bn
|
£392bn
|
£393bn
|
|
Customer deposits (3)
|
£401bn
|
£404bn
|
£418bn
|
|
Loan:deposit ratio - RBS excluding RCR/Non-Core (4)
|
93%
|
93%
|
89%
|
|
Loan:deposit ratio - RBS (4)
|
96%
|
97%
|
94%
|
|
(1)
|
Funded balance sheet represents total assets less derivatives.
|
|
(2)
|
Excludes reverse repurchase agreements and stock borrowing, and includes disposal groups.
|
|
(3)
|
Excludes repurchase agreements and stock lending, and includes disposal groups.
|
|
(4)
|
Net of provisions, including disposal groups and excluding repurchase agreements. Excluding disposal groups, the loan:deposit ratio for the Bank at 30 June 2014 was 96% (31 March 2014 - 97%; 31 December 2013 - 94%).
|
|
·
|
Funded assets decreased by £10 billion to £736 billion principally attributable to lower debt securities in CIB coupled with RCR run-down.
|
|
·
|
Net loans and advances to customers decreased by £5 billion to £387 billion principally driven by RCR run-down and disposals, the impact of stronger sterling on dollar denominated loans, partly offset by good mortgage balance growth in UK PBB.
|
|
·
|
Customer deposits decreased by £3 billion driven by lower balances in Citizens adversely impacted by foreign exchange movements, deposit repricing in Private Banking and lower balances in CIB. This was partly offset by increased deposit balances in UK PBB.
|
|
·
|
Funded assets decreased by £4 billion to £736 billion principally driven by RCR run-down.
|
|
·
|
Net loans and advances to customers decreased by £6 billion principally driven by RCR run-down and the impact of currency movements.
|
|
·
|
Customer deposits fell by £17 billion reflecting a managed run down of surplus liquidity. The customer funding surplus decreased to £14 billion, while the loan:deposit ratio increased by 2 percentage points to 96%.
|
|
End-point CRR basis (1)
|
|||
|
30 June
|
31 March
|
31 December
|
|
|
2014
|
2014
|
2013 (2)
|
|
|
Risk asset ratios
|
%
|
%
|
%
|
|
CET1 (3)
|
10.1
|
9.4
|
8.6
|
|
Tier 1
|
10.1
|
9.4
|
8.6
|
|
Total
|
12.4
|
11.4
|
10.6
|
|
Total RWAs
|
£392bn
|
£414bn
|
£429bn
|
|
(1)
|
Capital Requirements Regulation (CRR), as implemented by the Prudential Regulation Authority in the UK, with effect from 1 January 2014.
|
|
(2)
|
Estimated end-point CRR basis.
|
|
(3)
|
Common Equity Tier 1.
|
|
·
|
The CRR end-point CET 1 ratio improved to 10.1%(1) from 9.4%, principally driven by retained earnings and continuing reduction in RWAs and expected loss, after charging the initial DAS dividend of £320 million.
|
|
·
|
RWAs decreased by £22 billion principally reflecting the £12 billion fall in CIB driven by risk reductions and £5 billion of run-off and disposals in RCR.
|
|
·
|
The CRR end-point CET 1 ratio improved to 10.1%(1) from 8.6%, principally driven by retained earnings and continuing reduction in RWAs and expected loss.
|
|
·
|
RWAs decreased by £37 billion principally attributable to the risk reductions in CIB and run-off and disposals in RCR.
|
|
(1)
|
The CET1 ratio includes the benefit of the retained profit for the period. This is subject to approval by the PRA, which is expected to be obtained prior to the publication of the Interim Results on 1 August 2014.
|
|
Half year ended
|
Quarter ended
|
||||
|
30 June
|
30 June
|
30 June
|
31 March
|
||
|
2014
|
2013
|
2014
|
2014
|
||
|
£m
|
£m
|
£m
|
£m
|
||
|
Operating profit/(loss)(1) before impairment
|
|||||
|
losses by segment
|
|||||
|
UK Personal & Business Banking
|
1,142
|
944
|
544
|
598
|
|
|
Ulster Bank
|
112
|
122
|
56
|
56
|
|
|
Personal & Business Banking
|
1,254
|
1,066
|
600
|
654
|
|
|
Commercial Banking
|
666
|
695
|
305
|
361
|
|
|
Private Banking
|
145
|
95
|
71
|
74
|
|
|
Commercial & Private Banking
|
811
|
790
|
376
|
435
|
|
|
Corporate & Institutional Banking
|
269
|
26
|
(70)
|
339
|
|
|
Central items
|
79
|
550
|
73
|
6
|
|
|
2,413
|
2,432
|
979
|
1,434
|
||
|
Citizens Financial Group
|
525
|
404
|
308
|
217
|
|
|
RCR
|
(68)
|
n/a
|
(62)
|
(6)
|
|
|
Non-Core
|
n/a
|
22
|
n/a
|
n/a
|
|
|
RBS operating profit(1) before impairment losses
|
2,870
|
2,858
|
1,225
|
1,645
|
|
|
Impairment losses/(recoveries) by segment
|
|||||
|
UK Personal & Business Banking
|
148
|
256
|
60
|
88
|
|
|
Ulster Bank
|
57
|
503
|
10
|
47
|
|
|
Personal & Business Banking
|
205
|
759
|
70
|
135
|
|
|
Commercial Banking
|
31
|
282
|
(9)
|
40
|
|
|
Private Banking
|
-
|
7
|
1
|
(1)
|
|
|
Commercial & Private Banking
|
31
|
289
|
(8)
|
39
|
|
|
Corporate & Institutional Banking
|
(39)
|
223
|
(45)
|
6
|
|
|
Central items
|
(12)
|
(3)
|
(13)
|
1
|
|
|
185
|
1,268
|
4
|
181
|
||
|
Citizens Financial Group
|
104
|
51
|
31
|
73
|
|
|
RCR
|
(20)
|
n/a
|
(128)
|
108
|
|
|
Non-Core
|
n/a
|
831
|
n/a
|
n/a
|
|
|
RBS impairment losses
|
269
|
2,150
|
(93)
|
362
|
|
|
Operating profit/(loss)(1) by segment
|
|||||
|
UK Personal & Business Banking
|
994
|
688
|
484
|
510
|
|
|
Ulster Bank
|
55
|
(381)
|
46
|
9
|
|
|
Personal & Business Banking
|
1,049
|
307
|
530
|
519
|
|
|
Commercial Banking
|
635
|
413
|
314
|
321
|
|
|
Private Banking
|
145
|
88
|
70
|
75
|
|
|
Commercial & Private Banking
|
780
|
501
|
384
|
396
|
|
|
Corporate & Institutional Banking
|
308
|
(197)
|
(25)
|
333
|
|
|
Central items
|
91
|
553
|
86
|
5
|
|
|
2,228
|
1,164
|
975
|
1,253
|
||
|
Citizens Financial Group
|
421
|
353
|
277
|
144
|
|
|
RCR
|
(48)
|
n/a
|
66
|
(114)
|
|
|
Non-Core
|
n/a
|
(809)
|
n/a
|
n/a
|
|
|
RBS operating profit(1)
|
2,601
|
708
|
1,318
|
1,283
|
|
|
(1)
|
Operating profit before own credit adjustments, gain on redemption of own debt, strategic disposals and RFS Holdings minority interest.
|
|
Half year ended
|
Quarter ended
|
||||
|
30 June
|
30 June
|
30 June
|
31 March
|
||
|
2014
|
2013
|
2014
|
2014
|
||
|
£m
|
£m
|
£m
|
£m
|
||
|
Income statement
|
|||||
|
Net interest income
|
2,599
|
2,502
|
1,321
|
1,278
|
|
|
Net fees and commissions
|
703
|
693
|
338
|
365
|
|
|
Other non-interest income
|
72
|
78
|
51
|
21
|
|
|
Non-interest income
|
775
|
771
|
389
|
386
|
|
|
Total income
|
3,374
|
3,273
|
1,710
|
1,664
|
|
|
Direct expenses
|
(836)
|
(820)
|
(401)
|
(435)
|
|
|
Indirect expenses
|
(1,101)
|
(1,072)
|
(518)
|
(583)
|
|
|
Restructuring costs
|
(33)
|
(130)
|
(41)
|
8
|
|
|
Litigation and conduct costs
|
(150)
|
(185)
|
(150)
|
-
|
|
|
(2,120)
|
(2,207)
|
(1,110)
|
(1,010)
|
||
|
Profit before impairment losses
|
1,254
|
1,066
|
600
|
654
|
|
|
Impairment losses
|
(205)
|
(759)
|
(70)
|
(135)
|
|
|
Operating profit
|
1,049
|
307
|
530
|
519
|
|
|
Memo items
|
|||||
|
Total expenses - adjusted (1)
|
(1,937)
|
(1,892)
|
(919)
|
(1,018)
|
|
|
Operating profit - adjusted (1)
|
1,232
|
622
|
721
|
511
|
|
|
Performance ratios
|
|||||
|
Cost:income ratio
|
63%
|
67%
|
65%
|
61%
|
|
|
Cost:income - adjusted (1)
|
57%
|
58%
|
54%
|
61%
|
|
|
30 June
|
31 March
|
31 December
|
|
|
2014
|
2014
|
2013
|
|
|
£bn
|
£bn
|
£bn
|
|
|
Capital and balance sheet
|
|||
|
Funded assets
|
160.2
|
158.8
|
160.2
|
|
Net loans and advances to customers
|
148.8
|
148.7
|
150.8
|
|
Customer deposits
|
166.7
|
165.7
|
166.6
|
|
Risk-weighted assets (2)
|
74.7
|
77.2
|
81.9
|
|
(1)
|
Excluding restructuring costs and litigation and conduct costs.
|
|
(2)
|
Risk-weighted assets at 31 December 2013 are on a Basel 2.5 basis.
|
|
Half year ended
|
Quarter ended
|
||||
|
30 June
|
30 June
|
30 June
|
31 March
|
||
|
2014
|
2013
|
2014
|
2014
|
||
|
£m
|
£m
|
£m
|
£m
|
||
|
Income statement
|
|||||
|
Net interest income
|
2,276
|
2,200
|
1,152
|
1,124
|
|
|
Net fees and commissions
|
637
|
624
|
304
|
333
|
|
|
Other non-interest income
|
49
|
5
|
43
|
6
|
|
|
Non-interest income
|
686
|
629
|
347
|
339
|
|
|
Total income
|
2,962
|
2,829
|
1,499
|
1,463
|
|
|
Direct expenses
|
(676)
|
(669)
|
(321)
|
(355)
|
|
|
Indirect expenses
|
(975)
|
(947)
|
(455)
|
(520)
|
|
|
Restructuring costs
|
(19)
|
(109)
|
(29)
|
10
|
|
|
Litigation and conduct costs
|
(150)
|
(160)
|
(150)
|
-
|
|
|
(1,820)
|
(1,885)
|
(955)
|
(865)
|
||
|
Profit before impairment losses
|
1,142
|
944
|
544
|
598
|
|
|
Impairment losses
|
(148)
|
(256)
|
(60)
|
(88)
|
|
|
Operating profit
|
994
|
688
|
484
|
510
|
|
|
Memo items
|
|||||
|
Total expenses - adjusted (1)
|
(1,651)
|
(1,616)
|
(776)
|
(875)
|
|
|
Operating profit - adjusted (1)
|
1,163
|
957
|
663
|
500
|
|
|
Performance ratios
|
|||||
|
Cost:income ratio
|
61%
|
67%
|
64%
|
59%
|
|
|
Cost:income ratio - adjusted (1)
|
56%
|
57%
|
52%
|
60%
|
|
|
30 June
|
31 March
|
31 December
|
|
|
2014
|
2014
|
2013
|
|
|
£bn
|
£bn
|
£bn
|
|
|
Capital and balance sheet
|
|||
|
Funded assets
|
133.6
|
132.8
|
132.2
|
|
Net loans and advances to customers
|
126.4
|
125.5
|
124.8
|
|
Customer deposits
|
146.0
|
144.6
|
144.9
|
|
Risk-weighted assets (2)
|
47.0
|
48.5
|
51.2
|
|
(1)
|
Excluding restructuring costs and litigation and conduct costs.
|
|
(2)
|
Risk-weighted assets at 31 December 2013 are on a Basel 2.5 basis.
|
|
Half year ended
|
Quarter ended
|
||||
|
30 June
|
30 June
|
30 June
|
31 March
|
||
|
2014
|
2013
|
2014
|
2014
|
||
|
£m
|
£m
|
£m
|
£m
|
||
|
Income statement
|
|||||
|
Net interest income
|
323
|
302
|
169
|
154
|
|
|
Net fees and commissions
|
66
|
69
|
34
|
32
|
|
|
Other non-interest income
|
23
|
73
|
8
|
15
|
|
|
Non-interest income
|
89
|
142
|
42
|
47
|
|
|
Total income
|
412
|
444
|
211
|
201
|
|
|
Direct expenses
|
(160)
|
(151)
|
(80)
|
(80)
|
|
|
Indirect expenses
|
(126)
|
(125)
|
(63)
|
(63)
|
|
|
Restructuring costs
|
(14)
|
(21)
|
(12)
|
(2)
|
|
|
Litigation and conduct costs
|
-
|
(25)
|
-
|
-
|
|
|
(300)
|
(322)
|
(155)
|
(145)
|
||
|
Profit before impairment losses
|
112
|
122
|
56
|
56
|
|
|
Impairment losses
|
(57)
|
(503)
|
(10)
|
(47)
|
|
|
Operating profit
|
55
|
(381)
|
46
|
9
|
|
|
Memo items
|
|||||
|
Total expenses - adjusted (1)
|
(286)
|
(276)
|
(143)
|
(143)
|
|
|
Operating profit - adjusted (1)
|
69
|
(335)
|
58
|
11
|
|
|
Performance ratios
|
|||||
|
Cost:income ratio
|
73%
|
73%
|
73%
|
72%
|
|
|
Cost:income ratio - adjusted (1)
|
69%
|
62%
|
68%
|
71%
|
|
|
30 June
|
31 March
|
31 December
|
|
|
2014
|
2014
|
2013
|
|
|
£bn
|
£bn
|
£bn
|
|
|
Capital and balance sheet
|
|||
|
Funded assets
|
26.6
|
26.0
|
28.0
|
|
Net loans and advances to customers
|
22.4
|
23.2
|
26.0
|
|
Customer deposits
|
20.7
|
21.1
|
21.7
|
|
Risk-weighted assets (2)
|
27.7
|
28.7
|
30.7
|
|
(1)
|
Excluding restructuring costs and litigation and conduct costs.
|
|
(2)
|
Risk-weighted assets at 31 December 2013 are on a Basel 2.5 basis.
|
|
Half year ended
|
Quarter ended
|
||||
|
30 June
|
30 June
|
30 June
|
31 March
|
||
|
2014
|
2013
|
2014
|
2014
|
||
|
£m
|
£m
|
£m
|
£m
|
||
|
Income statement
|
|||||
|
Net interest income
|
1,343
|
1,253
|
685
|
658
|
|
|
Net fees and commissions
|
620
|
657
|
311
|
309
|
|
|
Other non-interest income
|
150
|
170
|
74
|
76
|
|
|
Non-interest income
|
770
|
827
|
385
|
385
|
|
|
Total income
|
2,113
|
2,080
|
1,070
|
1,043
|
|
|
Direct expenses
|
(581)
|
(602)
|
(287)
|
(294)
|
|
|
Indirect expenses
|
(606)
|
(629)
|
(293)
|
(313)
|
|
|
Restructuring costs
|
(65)
|
(34)
|
(64)
|
(1)
|
|
|
Litigation and conduct costs
|
(50)
|
(25)
|
(50)
|
-
|
|
|
(1,302)
|
(1,290)
|
(694)
|
(608)
|
||
|
Profit before impairment losses
|
811
|
790
|
376
|
435
|
|
|
Impairment (losses)/recoveries
|
(31)
|
(289)
|
8
|
(39)
|
|
|
Operating profit
|
780
|
501
|
384
|
396
|
|
|
Memo items
|
|||||
|
Total expenses - adjusted (1)
|
(1,187)
|
(1,231)
|
(580)
|
(607)
|
|
|
Operating profit - adjusted (1)
|
895
|
560
|
498
|
397
|
|
|
Performance ratios
|
|||||
|
Cost:income ratio
|
62%
|
62%
|
65%
|
58%
|
|
|
Cost:income ratio - adjusted (1)
|
56%
|
59%
|
54%
|
58%
|
|
|
30 June
|
31 March
|
31 December
|
|
|
2014
|
2014
|
2013
|
|
|
£bn
|
£bn
|
£bn
|
|
|
Capital and balance sheet
|
|||
|
Funded assets
|
109.4
|
110.7
|
108.9
|
|
Net loans and advances to customers
|
100.4
|
101.6
|
100.2
|
|
Customer deposits (excluding repos)
|
123.9
|
124.2
|
127.9
|
|
Risk-weighted assets (2)
|
74.8
|
75.5
|
77.8
|
|
(1)
|
Excluding restructuring costs and litigation and conduct costs.
|
|
(2)
|
Risk-weighted assets at 31 December 2013 are on a Basel 2.5 basis.
|
|
Half year ended
|
Quarter ended
|
||||
|
30 June
|
30 June
|
30 June
|
31 March
|
||
|
2014
|
2013
|
2014
|
2014
|
||
|
£m
|
£m
|
£m
|
£m
|
||
|
Income statement
|
|||||
|
Net interest income
|
999
|
936
|
511
|
488
|
|
|
Net fees and commissions
|
448
|
477
|
227
|
221
|
|
|
Other non-interest income
|
121
|
136
|
60
|
61
|
|
|
Non-interest income
|
569
|
613
|
287
|
282
|
|
|
Total income
|
1,568
|
1,549
|
798
|
770
|
|
|
Direct expenses
|
(389)
|
(399)
|
(193)
|
(196)
|
|
|
Indirect expenses
|
(401)
|
(401)
|
(189)
|
(212)
|
|
|
Restructuring costs
|
(62)
|
(29)
|
(61)
|
(1)
|
|
|
Litigation and conduct costs
|
(50)
|
(25)
|
(50)
|
-
|
|
|
(902)
|
(854)
|
(493)
|
(409)
|
||
|
Profit before impairment losses
|
666
|
695
|
305
|
361
|
|
|
Impairment (losses)/recoveries
|
(31)
|
(282)
|
9
|
(40)
|
|
|
Operating profit
|
635
|
413
|
314
|
321
|
|
|
Memo items
|
|||||
|
Total expenses- adjusted (1)
|
(790)
|
(800)
|
(382)
|
(408)
|
|
|
Operating profit - adjusted (1)
|
747
|
467
|
425
|
322
|
|
|
Performance ratios
|
|||||
|
Cost:income ratio
|
58%
|
55%
|
62%
|
53%
|
|
|
Cost:income ratio - adjusted (1)
|
50%
|
52%
|
48%
|
53%
|
|
|
30 June
|
31 March
|
31 December
|
|
|
2014
|
2014
|
2013
|
|
|
£bn
|
£bn
|
£bn
|
|
|
Capital and balance sheet
|
|||
|
Funded assets
|
88.6
|
89.6
|
87.9
|
|
Net loans and advances to customers
|
83.9
|
84.9
|
83.5
|
|
Customer deposits (excluding repos)
|
88.0
|
87.6
|
90.7
|
|
Risk-weighted assets (2)
|
63.0
|
63.5
|
65.8
|
|
(1)
|
Excluding restructuring costs and litigation and conduct costs.
|
|
|
(2)
|
Risk-weighted assets at 31 December 2013 are on a Basel 2.5 basis.
|
|
|
Half year ended
|
Quarter ended
|
||||
|
30 June
|
30 June
|
30 June
|
31 March
|
||
|
2014
|
2013
|
2014
|
2014
|
||
|
£m
|
£m
|
£m
|
£m
|
||
|
Income statement
|
|||||
|
Net interest income
|
344
|
317
|
174
|
170
|
|
|
Net fees and commissions
|
172
|
180
|
84
|
88
|
|
|
Other non-interest income
|
29
|
34
|
14
|
15
|
|
|
Non-interest income
|
201
|
214
|
98
|
103
|
|
|
Total income
|
545
|
531
|
272
|
273
|
|
|
Direct expenses
|
(192)
|
(203)
|
(94)
|
(98)
|
|
|
Indirect expenses
|
(205)
|
(228)
|
(104)
|
(101)
|
|
|
Restructuring costs
|
(3)
|
(5)
|
(3)
|
-
|
|
|
(400)
|
(436)
|
(201)
|
(199)
|
||
|
Profit before impairment losses
|
145
|
95
|
71
|
74
|
|
|
Impairment (losses)/recoveries
|
-
|
(7)
|
(1)
|
1
|
|
|
Operating profit
|
145
|
88
|
70
|
75
|
|
|
Memo items
|
|||||
|
Total expenses - adjusted (1)
|
(397)
|
(431)
|
(198)
|
(199)
|
|
|
Operating profit - adjusted (1)
|
148
|
93
|
73
|
75
|
|
|
Performance ratios
|
|||||
|
Cost:income ratio
|
73%
|
82%
|
74%
|
73%
|
|
|
Cost:income ratio - adjusted (1)
|
73%
|
81%
|
73%
|
73%
|
|
|
30 June
|
31 March
|
31 December
|
|
|
2014
|
2014
|
2013
|
|
|
£bn
|
£bn
|
£bn
|
|
|
Capital and balance sheet
|
|||
|
Funded assets
|
20.8
|
21.1
|
21.0
|
|
Net loans and advances to customers
|
16.5
|
16.7
|
16.7
|
|
Customer deposits (excluding repos)
|
35.9
|
36.6
|
37.2
|
|
Risk-weighted assets (2)
|
11.8
|
12.0
|
12.0
|
|
(1)
|
Excluding restructuring costs and litigation and conduct costs.
|
|
(2)
|
Risk-weighted assets at 31 December 2013 are on a Basel 2.5 basis.
|
|
Half year ended
|
Quarter ended
|
||||
|
30 June
|
30 June
|
30 June
|
31 March
|
||
|
2014
|
2013
|
2014
|
2014
|
||
|
£m
|
£m
|
£m
|
£m
|
||
|
Income statement
|
|||||
|
Net interest income from banking activities
|
365
|
314
|
186
|
179
|
|
|
Net fees and commissions
|
490
|
556
|
247
|
243
|
|
|
Income from trading activities
|
1,482
|
1,753
|
597
|
885
|
|
|
Other operating income
|
90
|
85
|
46
|
44
|
|
|
Non-interest income
|
2,062
|
2,394
|
890
|
1,172
|
|
|
Total income
|
2,427
|
2,708
|
1,076
|
1,351
|
|
|
Direct expenses
|
(748)
|
(864)
|
(363)
|
(385)
|
|
|
Indirect expenses
|
(1,169)
|
(1,325)
|
(581)
|
(588)
|
|
|
Restructuring costs
|
(191)
|
(83)
|
(152)
|
(39)
|
|
|
Litigation and conduct costs
|
(50)
|
(410)
|
(50)
|
-
|
|
|
(2,158)
|
(2,682)
|
(1,146)
|
(1,012)
|
||
|
Profit/(loss) before impairment losses
|
269
|
26
|
(70)
|
339
|
|
|
Impairment recoveries/(losses)
|
39
|
(223)
|
45
|
(6)
|
|
|
Operating profit/(loss)
|
308
|
(197)
|
(25)
|
333
|
|
|
Memo items
|
|||||
|
Total expenses - adjusted (1)
|
(1,917)
|
(2,189)
|
(944)
|
(973)
|
|
|
Operating profit - adjusted (1)
|
549
|
296
|
177
|
372
|
|
|
Performance ratios
|
|||||
|
Cost:income ratio
|
89%
|
99%
|
107%
|
75%
|
|
|
Cost:income ratio - adjusted (1)
|
79%
|
81%
|
88%
|
72%
|
|
|
30 June
|
31 March
|
31 December
|
|
|
2014
|
2014
|
2013
|
|
|
£bn
|
£bn
|
£bn
|
|
|
Capital and balance sheet
|
|||
|
Funded assets
|
278.7
|
286.6
|
268.6
|
|
Net loans and advances to customers
|
69.0
|
70.5
|
68.2
|
|
Customer deposits (excluding repos)
|
55.5
|
57.1
|
64.8
|
|
Risk-weighted assets (2)
|
127.8
|
140.2
|
120.4
|
|
(1)
|
Excluding restructuring costs and litigation and conduct costs.
|
|
(2)
|
Risk-weighted assets at 31 December 2013 are on a Basel 2.5 basis. On a fully loaded Basel 3 basis risk-weighted assets at 1 January 2014 were £147.1 billion.
|
|
Half year ended
|
Quarter ended
|
||||||
|
30 June
|
30 June
|
30 June
|
31 March
|
||||
|
2014
|
2013
|
2014
|
2014
|
||||
|
£m
|
£m
|
£m
|
£m
|
||||
|
Income statement
|
|||||||
|
Net interest income
|
987
|
939
|
499
|
488
|
|||
|
Net fees and commissions
|
350
|
382
|
181
|
169
|
|||
|
Other non-interest income
|
270
|
188
|
210
|
60
|
|||
|
Non-interest income
|
620
|
570
|
391
|
229
|
|||
|
Total income
|
1,607
|
1,509
|
890
|
717
|
|||
|
Direct expenses
|
(1,013)
|
(1,054)
|
(513)
|
(500)
|
|||
|
Indirect expenses
|
-
|
(48)
|
-
|
-
|
|||
|
Restructuring costs
|
(69)
|
(3)
|
(69)
|
-
|
|||
|
(1,082)
|
(1,105)
|
(582)
|
(500)
|
||||
|
Profit before impairment losses
|
525
|
404
|
308
|
217
|
|||
|
Impairment losses
|
(104)
|
(51)
|
(31)
|
(73)
|
|||
|
Operating profit
|
421
|
353
|
277
|
144
|
|||
|
Memo items
|
|||||||
|
Total expenses - adjusted (1)
|
(1,013)
|
(1,102)
|
(513)
|
(500)
|
|||
|
Operating profit - adjusted (1)
|
490
|
356
|
346
|
144
|
|||
|
Performance ratios
|
|||||||
|
Cost:income ratio
|
67%
|
73%
|
65%
|
70%
|
|
||
|
Cost:income ratio - adjusted (1)
|
63%
|
73%
|
58%
|
70%
|
|
||
|
30 June
|
31 March
|
31 December
|
|
|
2014
|
2014
|
2013
|
|
|
£bn
|
£bn
|
£bn
|
|
|
Capital and balance sheet
|
|||
|
Funded assets
|
75.7
|
75.7
|
71.3
|
|
Net loans and advances to customers
|
51.7
|
52.7
|
50.3
|
|
Customer deposits (excluding repos)
|
52.9
|
54.9
|
55.1
|
|
Risk-weighted assets (2)
|
60.7
|
61.3
|
56.1
|
|
(1)
|
Excluding restructuring costs.
|
|
(2)
|
Risk-weighted assets at 31 December 2013 are on a Basel 2.5 basis.
|
|
Half year
|
|||
|
ended
|
Quarter ended
|
||
|
30 June
|
30 June
|
31 March
|
|
|
2014
|
2014
|
2014
|
|
|
£m
|
£m
|
£m
|
|
|
Income statement
|
|||
|
Net interest income/(expense)
|
11
|
16
|
(5)
|
|
Net fees and commissions
|
31
|
17
|
14
|
|
Income from trading activities
|
(53)
|
(69)
|
16
|
|
Other operating income
|
119
|
71
|
48
|
|
Non-interest income
|
97
|
19
|
78
|
|
Total income
|
108
|
35
|
73
|
|
Direct expenses
|
(121)
|
(65)
|
(56)
|
|
Indirect expenses
|
(55)
|
(32)
|
(23)
|
|
(176)
|
(97)
|
(79)
|
|
|
Loss before impairment losses
|
(68)
|
(62)
|
(6)
|
|
Impairment recoveries/(losses)
|
20
|
128
|
(108)
|
|
Operating (loss)/profit
|
(48)
|
66
|
(114)
|
|
30 June
|
31 March
|
|
|
2014
|
2014
|
|
|
£bn
|
£bn
|
|
|
Capital and balance sheet
|
||
|
Funded assets
|
20.9
|
24.3
|
|
Net loans and advances to customers
|
15.6
|
18.3
|
|
Risk-weighted assets (1)
|
35.1
|
40.5
|
|
(1)
|
On a fully loaded Basel 3 basis risk-weighted assets at 1 January 2014 were £46.7 billion.
|
|
Half year
ended
|
|
|
30 June
2013
|
|
|
£m
|
|
|
Income statement
|
|
|
Net interest income
|
2
|
|
Non-interest income
|
364
|
|
Total income
|
366
|
|
Direct expenses
|
(213)
|
|
Indirect expenses
|
(108)
|
|
Restructuring costs
|
(23)
|
|
(344)
|
|
|
Profit before impairment losses
|
22
|
|
Impairment losses
|
(831)
|
|
Operating loss
|
(809)
|
|
31 December
|
|
|
2013
|
|
|
£bn
|
|
|
Capital and balance sheet
|
|
|
Funded assets
|
28.0
|
|
Net loans and advances to customers
|
22.9
|
|
Customer deposits (excluding repos)
|
2.2
|
|
Risk-weighted assets (1)
|
29.2
|
|
(1)
|
Risk-weighted assets at 31 December 2013 are on a Basel 2.5 basis.
|
|
(a) Identity of the person whose positions/dealings are being disclosed:
|
The Royal Bank of Scotland Group Plc
|
|
(b) Owner or controller of interests and short positions disclosed, if different from 1(a):
The naming of nominee or vehicle companies is insufficient
|
-
|
|
(c) Name of offeror/offeree in relation to whose relevant securities this form relates:
Use a separate form for each offeror/offeree
|
Balfour Beatty Plc
|
|
(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:
|
N/A
|
|
(e) Date position held/dealing undertaken:
|
25/07/2014
|
|
(f) Has the discloser previously disclosed, or are they today disclosing, under the Code in respect of any other party to this offer?
|
NO
|
|
|
(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)
|
|
Class of relevant security:
|
Ordinary NPV shares
|
|||
|
Interests
|
Short positions
|
|||
|
Number
|
%
|
Number
|
%
|
|
|
(1) Relevant securities owned and/or controlled:
|
8,081,803
|
1.17
|
0
|
0.00
|
|
(2) Derivatives (other than options):
|
0
|
0.00
|
0
|
0.00
|
|
(3) Options and agreements to purchase/sell:
|
0
|
0.00
|
0
|
0.00
|
|
TOTAL:
|
8,081,803
|
1.17
|
0
|
0.00
|
|
|
(a) Rights to subscribe for new securities (including directors' and other executive options)
|
|
Class of relevant security in relation to which subscription right exists:
|
|
|
Details, including nature of the rights concerned and relevant percentages:
|
|
|
(a) Purchases and sales
|
|
Class of relevant security
|
Purchase/sale
|
Number of securities
|
Price per unit
|
|
|
(a) Derivatives transactions (other than options)
|
|
Class of relevant security
|
Product description
e.g. CFD
|
Nature of dealing
e.g. opening/closing a long/short position, increasing/reducing a long/short position
|
Number of reference securities
|
Price per unit
|
|
|
(a) Writing, selling, purchasing or varying
|
|
Class of relevant security
|
Product description e.g. call option
|
Writing, purchasing, selling, varying etc.
|
Number of securities to which option relates
|
Exercise price per unit
|
Type
e.g. American, European etc.
|
Expiry date
|
Option money paid/ received per unit
|
|
|
(a) Exercising
|
|
Class of relevant security
|
Product description
e.g. call option
|
Number of securities
|
Exercise price per unit
|
|
|
(a) Other dealings (including subscribing for new securities)
|
|
Class of relevant security
|
Nature of dealing
e.g. subscription, conversion
|
Details
|
Price per unit (if applicable)
|
|
|
(a) Indemnity and other dealing arrangements
|
|
Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
If there are no such agreements, arrangements or understandings, state "none"
|
|
None
|
|
Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state "none"
|
|
None
|
|
Is a Supplemental Form 8 (Open Positions) attached?
|
NO
|
|
Date of disclosure:
|
28 July 2014
|
|
Contact name:
|
Richard Hopkins
|
|
Telephone number:
|
020 7672 0354
|
|
(a) Identity of the person whose positions/dealings are being disclosed:
|
The Royal Bank of Scotland Group Plc
|
|
(b) Owner or controller of interests and short positions disclosed, if different from 1(a):
The naming of nominee or vehicle companies is insufficient
|
-
|
|
(c) Name of offeror/offeree in relation to whose relevant securities this form relates:
Use a separate form for each offeror/offeree
|
Balfour Beatty Plc
|
|
(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:
|
N/A
|
|
(e) Date position held/dealing undertaken:
|
28/07/2014
|
|
(f) Has the discloser previously disclosed, or are they today disclosing, under the Code in respect of any other party to this offer?
|
NO
|
|
|
(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)
|
|
Class of relevant security:
|
Ordinary NPV shares
|
|||
|
Interests
|
Short positions
|
|||
|
Number
|
%
|
Number
|
%
|
|
|
(1) Relevant securities owned and/or controlled:
|
8,062,153
|
1.17
|
0
|
0.00
|
|
(2) Derivatives (other than options):
|
0
|
0.00
|
0
|
0.00
|
|
(3) Options and agreements to purchase/sell:
|
0
|
0.00
|
0
|
0.00
|
|
TOTAL:
|
8,062,153
|
1.17
|
0
|
0.00
|
|
|
(a) Rights to subscribe for new securities (including directors' and other executive options)
|
|
Class of relevant security in relation to which subscription right exists:
|
|
|
Details, including nature of the rights concerned and relevant percentages:
|
|
|
(a) Purchases and sales
|
|
Class of relevant security
|
Purchase/sale
|
Number of securities
|
Price per unit
|
|
Ordinary 0.50
|
Sale
Purchase
|
20,000
350
|
2.5223
2.522
|
|
|
(a) Derivatives transactions (other than options)
|
|
Class of relevant security
|
Product description
e.g. CFD
|
Nature of dealing
e.g. opening/closing a long/short position, increasing/reducing a long/short position
|
Number of reference securities
|
Price per unit
|
|
|
(a) Writing, selling, purchasing or varying
|
|
Class of relevant security
|
Product description e.g. call option
|
Writing, purchasing, selling, varying etc.
|
Number of securities to which option relates
|
Exercise price per unit
|
Type
e.g. American, European etc.
|
Expiry date
|
Option money paid/ received per unit
|
|
|
(a) Exercising
|
|
Class of relevant security
|
Product description
e.g. call option
|
Number of securities
|
Exercise price per unit
|
|
|
(a) Other dealings (including subscribing for new securities)
|
|
Class of relevant security
|
Nature of dealing
e.g. subscription, conversion
|
Details
|
Price per unit (if applicable)
|
|
|
(a) Indemnity and other dealing arrangements
|
|
Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
If there are no such agreements, arrangements or understandings, state "none"
|
|
None
|
|
Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state "none"
|
|
None
|
|
Is a Supplemental Form 8 (Open Positions) attached?
|
NO
|
|
Date of disclosure:
|
29 July 2014
|
|
Contact name:
|
Richard Hopkins
|
|
Telephone number:
|
020 7672 0354
|
|
(a) Identity of the person whose positions/dealings are being disclosed:
|
The Royal Bank of Scotland Group Plc
|
|
(b) Owner or controller of interests and short positions disclosed, if different from 1(a):
The naming of nominee or vehicle companies is insufficient
|
-
|
|
(c) Name of offeror/offeree in relation to whose relevant securities this form relates:
Use a separate form for each offeror/offeree
|
Balfour Beatty Plc
|
|
(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:
|
N/A
|
|
(e) Date position held/dealing undertaken:
|
29/07/2014
|
|
(f) Has the discloser previously disclosed, or are they today disclosing, under the Code in respect of any other party to this offer?
|
NO
|
|
|
(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)
|
|
Class of relevant security:
|
Ordinary NPV shares
|
|||
|
Interests
|
Short positions
|
|||
|
Number
|
%
|
Number
|
%
|
|
|
(1) Relevant securities owned and/or controlled:
|
7,905,754
|
1.15
|
0
|
0.00
|
|
(2) Derivatives (other than options):
|
0
|
0.00
|
0
|
0.00
|
|
(3) Options and agreements to purchase/sell:
|
0
|
0.00
|
0
|
0.00
|
|
TOTAL:
|
7,905,754
|
1.15
|
0
|
0.00
|
|
|
(a) Rights to subscribe for new securities (including directors' and other executive options)
|
|
Class of relevant security in relation to which subscription right exists:
|
|
|
Details, including nature of the rights concerned and relevant percentages:
|
|
|
(a) Purchases and sales
|
|
Class of relevant security
|
Purchase/sale
|
Number of securities
|
Price per unit
|
|
Ordinary 0.50
|
Sale
Sale
Sale
Purchase
Purchase
|
121,636
36,215
3,594
5,000
46
|
2.5162
2.5181
2.515
2.5182
2.516
|
|
|
(a) Derivatives transactions (other than options)
|
|
Class of relevant security
|
Product description
e.g. CFD
|
Nature of dealing
e.g. opening/closing a long/short position, increasing/reducing a long/short position
|
Number of reference securities
|
Price per unit
|
|
|
(a) Writing, selling, purchasing or varying
|
|
Class of relevant security
|
Product description e.g. call option
|
Writing, purchasing, selling, varying etc.
|
Number of securities to which option relates
|
Exercise price per unit
|
Type
e.g. American, European etc.
|
Expiry date
|
Option money paid/ received per unit
|
|
|
(a) Exercising
|
|
Class of relevant security
|
Product description
e.g. call option
|
Number of securities
|
Exercise price per unit
|
|
|
(a) Other dealings (including subscribing for new securities)
|
|
Class of relevant security
|
Nature of dealing
e.g. subscription, conversion
|
Details
|
Price per unit (if applicable)
|
|
|
(a) Indemnity and other dealing arrangements
|
|
Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
If there are no such agreements, arrangements or understandings, state "none"
|
|
None
|
|
Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state "none"
|
|
None
|
|
Is a Supplemental Form 8 (Open Positions) attached?
|
NO
|
|
Date of disclosure:
|
30 July 2014
|
|
Contact name:
|
Richard Hopkins
|
|
Telephone number:
|
020 7672 0354
|
|
THE ROYAL BANK OF SCOTLAND GROUP plc (Registrant)
|
|
By:
|
/s/ Jan Cargill
|
|
Name:
Title:
|
Jan Cargill
Deputy Secretary
|