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Segmental Reporting Restatement Document

Thu, 21st Dec 2017 10:14

RNS Number : 0638A
Royal Bank of Scotland Group PLC
21 December 2017
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segmental Reporting Restatement

Document

 

December 2017

 

 

 

 

 


The Royal Bank of Scotland Group plc (RBS)

 

Contents

 

Page



Forward-looking statements

1

Overview of business re-segmentation

1

Business transfers

2

Customer segments

3



Appendix - Re-segmentation reconciliations




 

Forward-looking statements

Certain sections in this document contain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, including (but not limited to) those with respect to RBS and its subsidiaries' regulatory capital position, financial position, risk-weighted assets, profitability and financial performance and the implementation of RBS's transformation programme under certain specified scenarios. In addition, forward-looking statements may include, without limitation, statements containing words such as "intends", "believes", "expects", "anticipates", "targets", "plans", "will" and similar expressions or variations on these expressions. These statements concern or may affect future matters, such as RBS's future economic results, business and capital plans and ability to achieve current strategies. Forward-looking statements are subject to a number of risks and uncertainties that might cause actual results and performance to differ materially from any expected future results or performance expressed in, or implied by, the forward-looking statements. Factors that could cause or contribute to differences in current expectations include, but are not limited to, legislative, political, fiscal and regulatory developments, accounting standards, competitive conditions, technological developments, interest and exchange rate fluctuations and general economic conditions. These and other factors, risks and uncertainties that may impact any forward-looking statement or RBS's actual results are discussed in RBS's 2016 Annual Report and Accounts and its interim results for the six-months ended 30 June 2017 and materials filed with, or furnished to, the United States Securities and Exchange Commission, including, but not limited to, RBS's most recent Annual Report on Form 20-F and Reports on Form 6-K. The forward-looking statements contained in this document speak only as of the date they are made or revised and RBS does not assume or undertake any obligation or responsibility to update any of the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except to the extent legally required.

 

Overview of business re-segmentation

This announcement sets out changes to RBS's operating segments and changes in results presentation. The announcement contains re-presented financial results for the year ended 31 December 2016 and, to aid comparison of RBS's fourth quarter 2017 results with prior periods, re-presented financial information for the quarters ended 30 September 2017 and 31 December 2016.

 

Segmental reorganisation

RBS continues to deliver on its plan to build a strong, simple and fair bank for both customers and shareholders. To support this and reflect the progress made, the previously reported operating segments are now realigned. Unless otherwise stated, the following segments have been re-presented for the above periods.

 

·      Williams & Glyn (W&G) is integrated into UK Personal and Business Banking (UK PBB). UK PBB serves individuals and mass affluent customers in the UK together with small and medium businesses, including Ulster Bank customers in Northern Ireland.

 

·      Capital Resolution, with the exception of the Retail Mortgaged Backed Securities (RMBS) litigation costs, is integrated into NatWest Markets (NWM). NWM provides financing and risk management to corporate and global financial institutional customers and trades with financial institutions, investors and counterparties for distribution and market making.

 

·      Capital Resolution RMBS litigation related costs are now included, at a reportable operating segment level, within Central items & other. There has been no impact on the legal entity level reporting. Central items include corporate functions, such as treasury, finance, risk management, compliance, legal, communications and human resources. Central functions manage RBS capital resources and RBS wide regulatory projects and provide services to the reportable segments.

 

·      NatWest Markets (NWM) sees a reallocation of expenses between direct and indirect as a result of reorganisation in preparation for the implementation of the UK ring fencing regime. This representation takes effect from 1 January 2017 and does not affect previous periods.

 

·      RBS International (RBSI) is moved out-with the Commercial and Private Banking (CPB) franchise, in preparation for the implementation of the UK ring fencing regime.

 



The Royal Bank of Scotland Group plc (RBS)

 

Business transfers

Changes to RBS's businesses, which impact its financial reporting, but where comparatives are not re-presented, are detailed below. Unless otherwise stated, the effective date of implementation is 1 October 2017.

 

·      Shipping and other activities, which were formerly in Capital Resolution, are transferred from NWM to Commercial Banking. Commercial Banking serves commercial and corporate customers in the UK.

 

·      UK PBB Collective Investment Funds (CIFL) business is transferred to Private Banking in order to better serve customers. Private Banking serves high net worth individuals in the UK.

 

·      The RBS International (RBSI) reportable operating segment is aligned to the legal entity The Royal Bank of Scotland International (Holdings) Limited. This predominantly involved transfers from Private Banking and Services and Functions within Central items & other in preparation for the implementation of the UK ring-fencing regime.

 

·      Commercial Banking whole business securitisations and relevant financial institutions (RFI) are transferred to NWM during December 2017. RFIs are prohibited from being within the ring-fence due to their nature and exposure to global financial markets, the move is in preparation for the implementation of the UK ring-fencing regime.

 

 

Impact of business transfers


30 September 2017

 

 

 

 

Shipping and other activities

£bn

 

Collective Investment Funds

£bn

 

RBSI entity alignment

£bn

 

Commercial Bank RFI transfers

£bn






Total assets

3.3

-

0.2

1.0

Risk-weighted assets

2.1

-

0.1

0.6

Assets under management

-

3.3

1.2

-

 

Annual results 2017

RBS's results for the year ended 31 December 2017 will be announced on Friday 23 February 2018. These results will be reported on the new structure and reporting basis as described above.

 

In conjunction with this Segmental Reporting Restatement Document, a financial supplement showing re-presented financial information for the last nine quarters is available at www.rbs.com/results   

 

Document roadmap

Pages 3 to 8 of this document show the income statement, balance sheet line items and key metrics for the new reportable segments.

 

Re-segmentation reconciliation Appendix - summarises how the previously reported segments are allocated to the new reportable segments. These tables include the income statement, key metrics (e.g. return on equity (ROE), net interest margin, cost:income ratio and balance sheet line items).

 

For further information contact:

 

Matt Waymark

Investor Relations

+ 44 (0)20 7672 2802

 

Group Media Centre

+44 (0)131 523 4205


Customer segments

 













Quarter ended 30 September 2017


PBB


CPB








Ulster Bank


Commercial

Private

RBS

NatWest


Central items

Total


UK PBB

RoI


Banking

Banking

International

Markets


& other (1)

RBS

Income statement

£m

£m


£m

£m

£m

£m


£m

£m












Net interest income

1,294

104


570

116

83

99


38

2,304

Non-interest income

463

46


358

50

14

(74)


1

858

Own credit adjustments

-

-


-

-

-

(5)


-

(5)












Total income

1,757

150


928

166

97

20


39

3,157












Direct expenses











  - staff

(191)

(50)


(113)

(36)

(13)

(163)


(388)

(954)

  - other

(55)

(17)


(55)

(6)

(3)

(72)


(612)

(820)

Indirect expenses

(525)

(52)


(252)

(58)

(33)

(132)


1,052

-

Restructuring costs











  - direct

(1)

(1)


(2)

(1)

(2)

(29)


(208)

(244)

  - indirect

(47)

(8)


(19)

(2)

(28)


104

-

Litigation and conduct costs

(1)


(2)

(8)

(102)


(12)

(125)












Operating expenses

(819)

(129)


(443)

(103)

(59)

(526)


(64)

(2,143)












Operating profit/(loss) before impairment (losses)/releases

938

21


485

63

38

(506)


(25)

1,014

Impairment (losses)/releases

(78)

10


(151)

3

2

71


-

(143)












Operating profit/(loss)

860

31


334

66

40

(435)


(25)

871












Memo:











Total income - adjusted (2)

1,757

150


928

166

97

25


39

3,162

Operating expenses - adjusted (3)

(771)

(119)


(420)

(100)

(49)

(367)


52

(1,774)

Operating profit/(loss) - adjusted (2,3)

908

41


357

69

50

(271)


91

1,245












For the notes to this table refer to page 8.









 

Customer segments

 


Quarter ended 30 September 2017


PBB


CPB








Ulster Bank


 Commercial

Private

RBS

NatWest


Central items

 Total

Key metrics

UK PBB

RoI


Banking

Banking

International

Markets


& other (1)

RBS












Return on equity (4)

34.2%

4.6%


8.6%

13.2%

10.4%

(15.4%)


nm

4.5%

Return on equity - adjusted (2,3,4)

36.2%

6.1%


9.3%

13.8%

13.6%

(10.3%)


nm

8.2%

Net interest margin

2.83%

1.58%


1.74%

2.39%

1.39%

1.24%


nm

2.12%

Cost:income ratio

46.6%

86.0%


45.7%

62.0%

60.8%

nm


nm

67.5%

Cost:income ratio - adjusted (2,3)

43.9%

79.3%


43.1%

60.2%

50.5%

nm


nm

55.6%

Loan impairment charge as a % of gross loans and advances

0.2%

(0.2%)


0.6%

nm

nm

nm


nm

nm
























As at 30 September 2017

Capital and balance sheet

£bn

£bn


£bn

£bn

£bn

£bn


£bn

£bn












Loan impairment provisions

(1.3)

(1.1)


(0.8)

-

-

(0.5)


(0.2)

(3.9)

Net loans and advances to customers

160.8

19.5


96.6

13.3

9.3

25.1


0.1

324.7

Funded assets

190.1

25.1


147.3

19.9

24.3

134.9


38.4

580.0

Risk elements in lending

2.0

3.4


1.7

0.1

0.1

1.6


0.1

9.0

Customer deposits (excluding repos)

178.6

17.3


98.2

27.0

24.9

13.7


0.2

359.9

Loan:deposit ratio (excluding repos)

90%

113%


98%

49%

37%

184%


nm

90%

Provision coverage (5)

65%

33%


48%

37%

31%

nm


nm

43%

Risk-weighted assets

43.3

17.9


74.6

9.2

9.6

54.9


1.1

210.6

RWA equivalent

47.0

18.9


77.4

9.2

9.6

59.1


1.3

222.5












For notes to this table refer to page 8.













 

Customer segments

 













Quarter ended 31 December 2016


PBB


CPB








Ulster Bank


Commercial

Private

RBS

NatWest


Central items

Total


UK PBB

RoI


Banking

Banking

International

Markets


& other (1)

RBS

Income statement

£m

£m


£m

£m

£m

£m


£m

£m












Net interest income

1,263

105


542

111

77

73


37

2,208

Non-interest income

293

32


325

50

19

(44)


446

1,121

Own credit adjustments

-

-


-

-

-

(37)


(77)

(114)

Gain on redemption of own debt

-

-


-

-

-


1

1












Total income

1,556

137


867

161

96

(8)


407

3,216












Direct expenses











  - staff

(196)

(57)


(130)

(39)

(12)

(87)


(504)

(1,025)

  - other

(76)

(23)


(69)

(12)

(4)

(10)


(1,000)

(1,194)

Indirect expenses

(602)

(65)


(357)

(95)

(45)

(417)


1,581

Restructuring costs











  - direct

(1)

(6)


(12)

(6)

(1)

(24)


(957)

(1,007)

  - indirect

(50)

2


(34)

(8)

(1)

(30)


121

Litigation and conduct costs

(214)

(77)


(407)

1

(1)

(581)


(2,849)

(4,128)












Operating expenses

(1,139)

(226)


(1,009)

(159)

(64)

(1,149)


(3,608)

(7,354)












Operating profit/(loss) before impairment (losses)/releases

417

(89)


(142)

2

32

(1,157)


(3,201)

(4,138)

Impairment (losses)/releases

(27)

47


(83)

8

1

130


(1)

75












Operating profit/(loss)

390

(42)


(225)

10

33

(1,027)


(3,202)

(4,063)












Memo:











Total income - adjusted (2)

1,556

137


867

161

96

29


483

3,329

Operating expenses - adjusted (3)

(874)

(145)


(556)

(146)

(61)

(514)


77

(2,219)

Operating profit/(loss) - adjusted (2,3)

655

39


228

23

36

(355)


559

1,185












For the notes to this table refer to page 8.









 

Customer segments

 


Quarter ended 31 December 2016


PBB


CPB








Ulster Bank


 Commercial

Private

RBS

NatWest


Central items

 Total

Key metrics

UK PBB

RoI


Banking

Banking

International

Markets


& other (1)

RBS












Return on equity (4)

15.1%

(5.8%)


(9.1%)

1.6%

8.8%

(27.0%)


nm

(48.2%)

Return on equity - adjusted (2,3,4)

26.2%

5.4%


5.3%

4.5%

9.8%

(10.3%)


nm

8.6%

Net interest margin

2.91%

1.59%


1.68%

2.50%

1.34%

0.86%


nm

2.19%

Cost:income ratio

73.2%

165.0%


117.1%

98.8%

66.7%

nm


nm

230.2%

Cost:income ratio - adjusted (2,3)

56.2%

105.8%


62.6%

90.7%

63.5%

nm


nm

66.3%

Loan impairment charge as a % of gross loans and advances

0.1%

(0.9%)


0.3%

nm

nm

nm


nm

nm
























As at 31 December 2016

Capital and balance sheet

£bn

£bn


£bn

£bn

£bn

£bn


£bn

£bn












Loan impairment provisions

(1.5)

(1.2)


(0.8)

(0.8)


(0.2)

(4.5)

Net loans and advances to customers

152.7

18.9


100.1

12.2

8.8

30.2


0.1

323

Funded assets

181.4

24


150.5

18.5

23.4

128.5


25.4

551.7

Customer deposits (excluding repos)

170.0

16.1


97.9

26.6

25.2

17.9


0.2

353.9

Loan:deposit ratio (excluding repos)

90%

117%


102%

46%

35%

169%


nm

91%

Provision coverage (5)

65%

34%


43%

30%

35%

nm


nm

43%

Risk-weighted assets

42.3

18.1


78.5

8.6

9.5

69.7


1.5

228.2

RWA equivalent

45.8

19.5


82.6

8.6

9.5

74.7


1.7

242.4

 

For the notes to this table refer to page 8.



Customer segments

 













Year ended 31 December 2016


PBB


CPB








Ulster Bank


Commercial

Private

RBS

NatWest


Central items

Total


UK PBB

RoI


Banking

Banking

International

Markets


& other (1)

RBS

Income statement

£m

£m


£m

£m

£m

£m


£m

£m












Net interest income

4,945

409


2,143

449

303

343


116

8,708

Non-interest income

1,182

164


1,272

208

71

763


4

3,664

Own credit adjustments

-

3


-

-

-

187


(10)

180

Loss on redemption of own debt

-

-


-

-

-

-


(126)

(126)

Strategic disposals

-

-


-

-

-

(81)


245

164












Total income

6,127

576


3,415

657

374

1,212


229

12,590












Direct expenses











  - staff

(832)

(207)


(522)

(154)

(45)

(358)


(2,364)

(4,482)

  - other

(320)

(55)


(235)

(44)

(17)

(119)


(2,948)

(3,738)

Indirect expenses

(2,246)

(195)


(1,179)

(313)

(107)

(1,607)


5,647

Restructuring costs











  - direct

(46)

(38)


(25)

(7)

(2)

(75)


(1,913)

(2,106)

  - indirect

(198)

(2)


(83)

(30)

(3)

(115)


431

Litigation and conduct costs

(634)

(172)


(423)

(1)

(550)


(4,088)

(5,868)












Operating expenses

(4,276)

(669)


(2,467)

(549)

(174)

(2,824)


(5,235)

(16,194)












Operating profit/(loss) before impairment (losses)/releases

1,851

(93)


948

108

200

(1,612)


(5,006)

(3,604)

Impairment (losses)/releases

(125)

113


(206)

3

(10)

(253)


(478)












Operating profit/(loss)

1,726

20


742

111

190

(1,865)


(5,006)

(4,082)












Memo:











Total income - adjusted (2)

6,127

573


3,415

657

374

1,106


120

12,372

Operating expenses - adjusted (3)

(3,398)

(457)


(1,936)

(511)

(169)

(2,084)


335

(8,220)

Operating profit/(loss) - adjusted (2,3)

2,604

229


1,273

149

195

(1,231)


455

3,674












For the notes to this table refer to page 8.









 

Customer segments

 


Year ended 31 December 2016


PBB


CPB








Ulster Bank


 Commercial

Private

RBS

NatWest


Central items

 Total

Key metrics

UK PBB

RoI


Banking

Banking

International

Markets


& other (1)

RBS












Return on equity (4)

16.2%

0.7%


4.1%

5.6%

13.8%

(12.5%)


nm

(17.9%)

Return on equity - adjusted (2,3,4)

25.1%

8.4%


8.4%

7.8%

14.2%

(8.7%)


nm

1.6%

Net interest margin

2.97%

1.62%


1.76%

2.66%

1.36%

0.91%


nm

2.18%

Cost:income ratio

69.8%

116.1%


71.0%

83.6%

46.5%

nm


nm

129.0%

Cost:income ratio - adjusted (2,3)

55.5%

79.8%


54.8%

77.8%

45.2%

188.4%


nm

66.0%

Loan impairment charge as a % of gross loans and advances

0.1%

(0.6%)


0.2%

nm

nm

nm


nm

nm
























As at 31 December 2016

Capital and balance sheet

£bn

£bn


£bn

£bn

£bn

£bn


£bn

£bn












Loan impairment provisions

(1.5)

(1.2)


(0.8)

(0.8)


(0.2)

(4.5)

Net loans and advances to customers

152.7

18.9


100.1

12.2

8.8

30.2


0.1

323

Funded assets

181.4

24.0


150.5

18.5

23.4

128.5


25.4

551.7

Customer deposits (excluding repos)

170.0 

16.1


97.9 

26.6

25.2

17.9


0.2

353.9

Loan:deposit ratio (excluding repos)

90%

117%


102%

46%

35%

169%


nm

91%

Provision coverage (5)

65%

34%


43%

30%

35%

nm


nm

43%

Risk-weighted assets

42.3

18.1


78.5

8.6

9.5

69.7


1.5

228.2

RWA equivalent

45.8

19.5


82.6

8.6

9.5

74.7


1.7

242.4












 

nm = not meaningful

 

Notes:

(1)

Central items includes unallocated costs and assets which principally comprise volatile items under IFRS.

(2)

Excluding own credit adjustments, gain/(loss) on redemption of own debt and strategic disposals.

(3)

Excluding restructuring costs and litigation and conduct costs.

(4)

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 average notional equity allocated at different rates of 14% (Ulster Bank RoI - 11% prior to Q1 2017), 11% (Commercial Banking), 14% (Private Banking - 15% prior to Q1 2017), 12% (RBS International) and 15% for all other segments, of the monthly average of segmental risk-weighted assets incorporating the effect of capital deductions (RWAes). RBS's Return on equity is calculated using profit for the period attributable to ordinary shareholders.

(5)

Provision coverage represents loan impairment provisions as a percentage of risk elements in lending.

 


 

 

 

 

 

 

 

 

Appendix

 

Re-segmentation reconciliation

 



UK PBB 

 


Quarter ended


Quarter ended


Year ended


 30 September 2017


 31 December 2016


 31 December 2016


Previously

From

Total


Previously

From

Total


Previously

From

Total


reported

W&G

UK PBB


reported

W&G

UK PBB


reported

W&G

UK PBB

Income statement

£m

£m

£m


£m

£m

£m


£m

£m

£m













Net interest income

1,128 

166 

1,294 


1,093 

170 

1,263 


4,287 

658 

4,945 

Non-interest income

420 

43

463 


246 

47

293 


1,003 

179 

1,182 













Total income

1,548 

209

1,757 


1,339 

217

1,556 


5,290

837 

6,127 













Direct expenses












  - staff

(163)

(28)

(191)


(161)

(35)

(196)


(690)

(142)

(832)

  - other

(51)

(4)

(55)


(72)

(4)

(76)


(293)

(27)

(320)

Indirect expenses

(485)

(40)

(525)


(544)

(58)

(602)


(2,022)

(224)

(2,246)

Restructuring costs












  - direct

(1)

--

(1)


(1)

--

(1)


(51)

(46)

  - indirect

(47)

--

(47)


(50)

--

(50)


(136)

(62)

(198)

Litigation and conduct costs

--

--

--


(214)

--

(214)


(634)

--

(634)













Operating expenses

(747)

(72)

(819)


(1,042)

(97)

(1,139)


(3,826)

(450)

(4,276)













Operating profit before impairment












  losses

801 

137 

938 


297 

120 

417 


1,464

387 

1,851 

Impairment losses

(67)

(11)

(78)


(16)

(11)

(27)


(83)

(42)

(125)













Operating profit

734 

126 

860 


281 

109 

390 


1,381 

345 

1,726 













Memo:












Operating expenses - adjusted (1)

(699)

(72)

(771)


(777)

(97)

(874)


(3,005)

(393)

(3,398)

Operating profit - adjusted (1)

782 

126 

908 


546 

109 

655 


2,202 

402 

2,604 













Key metrics
























Return on equity (2)

36.8%

24.6%

34.2%


13.5%

20.6%

15.1%


16.2%

16.2%

16.2%

Return on equity - adjusted (1,2)

39.3%

24.6%

36.2%


27.8%

20.6%

26.2%


26.7%

18.9%

25.1%

Net interest margin

2.87%

2.60%

2.83%


2.94%

2.69%

2.91%


3.01%

2.71%

2.97%

Cost:income ratio

48.3%

34.4%

46.6%


77.8%

44.7%

73.2%


72.3%

53.8%

69.8%

Cost:income ratio - adjusted (1)

45.2%

34.4%

43.9%


58.0%

44.7%

56.2%


56.8%

47.0%

55.5%

Loan impairment charge as % of gross












   customer loans and advances

0.2%

0.2%

0.2%


--

0.2%

0.1%


0.1%

0.2%

0.1%

 


30 September 2017


31 December 2016


Previously

From

Total


Previously

From

Total


reported

W&G

UK PBB


reported

W&G

UK PBB

Capital and balance sheet

£bn

£bn

£bn


£bn

£bn

£bn

















Gross loans and advances to customers

141.5 

20.6 

162.1 


133.4 

20.8 

154.2 

Loan impairment provisions

(1.1)

(0.2)

(1.3)


(1.3)

(0.2)

(1.5)









Net loans and advances to customers

140.4 

20.4

160.8 


132.1 

20.6 

152.7 

Funded assets

164.5 

25.6

190.1 


155.6 

25.8 

181.4 

Risk elements in lending

1.7 

0.3

2.0 


2.0 

0.4 

2.4 

Customer deposits (excluding repos)

154.0 

24.6

178.6 


145.8 

24.2 

170.0 

Loan:deposit ratio (excluding repos)

91%

83%

90%


91%

85%

90%

Provision coverage (3)

65%

65%

65%


65%

65%

65%

Risk-weighted assets

34.0

9.3

43.3 


32.7 

9.6 

42.3 

 

Notes:


(1)

Excluding restructuring costs and litigation and conduct costs.

(2)

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 average notional equity allocated at a rate of 15%  of the monthly average of segmental risk-weighted assets incorporating the effect of capital deductions (RWAes). RBS's Return on equity is calculated using profit for the period attributable to ordinary shareholders.

(3)

Provision coverage represents loan impairment provisions as a percentage of risk elements in lending.


NatWest Markets

 


Quarter ended


 30 September 2017




From



Previously

From Capital

Central items

Total


reported

Resolution

& other

NWM

Income statement

£m

£m

£m

£m






Net interest income

23 

76 

--

99 

Net fees and commissions

27

--

33

Income from trading activities

350

(462)

--

(112)

Own credit adjustments

(7)

--

(5)

Other operating income

1

--

5

Non-interest income

371

--

(79)






Total income

394

(374)

--

20 






Direct expenses





  - staff

(143)

(7)

(13)

(163)

  - other

(50)

(19)

(3)

(72)

Indirect expenses

(113)

(35)

16 

(132)

Restructuring costs





  - direct

(18)

(65)

54 

(29)

  - indirect

(13)

39  

(54)

(28)

Litigation and conduct costs

(13)

(89)

--

(102)






Operating expenses

(350)

(176)

--

(526)






Operating profit/(loss) before impairment





  releases

44 

(550)

--

(506)

Impairment releases

--

71 

--

71 






Operating profit/(loss)

44

(479)

--

(435)






Memo:





Total income - adjusted (1)

401

(376)

--

25 

Operating expenses - adjusted (1,2)

(306)

(61)

--

(367)

Operating profit/(loss) - adjusted (1,2)

95

(366)

--

(271)






Key metrics










Return on equity (3)

0.6%

nm

nm

(15.4%)

Return on equity - adjusted (1,2,3)

3.6%

nm

nm

(10.3%)

Net interest margin

0.48%

nm

nm

1.24%

Cost:income ratio

88.8%

nm

nm

nm

Cost:income ratio - adjusted (1,2)

76.3%

nm

nm

nm

 








30 September 2017


Previously

From Capital

Total


reported

Resolution

NWM

Capital and balance sheet

£bn

£bn

£bn





Gross loans and advances to customers

16.7

8.9

25.6

Loan impairment provisions

--

(0.5)

(0.5)





Net loans and advances to customers

16.7

8.4

25.1

Loans and advances to bank

2.8

4.5

7.3

Reverse repos

34.4

--

34.4

Securities

31.2

1.3

32.5

Cash and eligible bills

18.3

6.0

24.3

Other

9.3

2.0

11.3

Funded assets

112.7

22.2

134.9

Total assets

215.7

89.3

305.0

Customer deposits (excluding repos)

7.1

6.6

13.7

Bank deposits (excluding repos)

6.9

7.3

14.2

Risk elements in lending

--

1.6

1.6

Repos

30.1

--

30.1

Debt securities in issue

5.6

0.4

6.0

Loan:deposit ratio (excluding repos)

236%

128%

184%

Risk-weighted assets

31.8

23.1

54.9



 

NatWest Markets

 


Quarter ended


 31 December 2016


Previously

From Capital

Total


reported

Resolution

NWM

Income statement

£m

£m

£m





Net interest income

29  

73  

Net fees and commissions

12  

22  

34  

Income from trading activities

273  

(173)

100  

Own credit adjustments

(29)

(8)

(37)

Other operating income

--

(178)

Non-interest income

256  

(81)





Total income

285  

(293)

(8)





Direct expenses




  - staff

(64)

(23)

(87)

  - other

(7)

(3)

(10)

Indirect expenses

(267)

(150)

(417)

Restructuring costs




  - direct

(3)

(21)

(24)

  - indirect

(43)

13  

(30)

Litigation and conduct costs

(466)

(115)

(581)





Operating expenses

(850)

(299)

(1,149)





Operating loss before impairment




  releases

(565)

(592)

(1,157)

Impairment releases

--

130  

130  





Operating loss

(565)

(462)

(1,027)





Memo:




Total income - adjusted (1)

314  

(285)

29  

Operating expenses - adjusted (1,2)

(338)

(176)

(514)

Operating loss - adjusted (1,2)

(24)

(331)

(355)





Key metrics








Return on equity (3)

(30.2%)

nm

(27.0%)

Return on equity - adjusted (1,2,3)

(2.7%)

nm

(10.3%)

Net interest margin

0.82%

nm

0.86%

Cost:income ratio

nm

nm

nm

Cost:income ratio - adjusted (1,2)

107.6%

nm

nm








31 December 2016


Previously

From Capital



reported

Resolution

Total NWM

Capital and balance sheet

£bn

£bn

£bn





Gross loans and advances to customers

17.4 

13.6 

31.0 

Loan impairment provisions

--

(0.8)

(0.8)





Net loans and advances to customers

17.4  

12.8  

30.2  

Loans and advances to bank

3.3  

4.6  

7.9  

Reverse repos

38.6  

0.2  

38.8  

Securities

22.0  

3.3  

25.3  

Cash and eligible bills

13.4  

4.7  

18.1  

Other

6.2  

2.0  

8.2  

Funded assets

100.9  

27.6  

128.5  

Total assets

240.0  

132.5  

372.5  

Customer deposits (excluding repos)

8.4  

9.5  

17.9  

Bank deposits (excluding repos)

9.8  

11.5  

21.3  

Risk elements in lending

--

2.3  

2.3  

Repos

27.3  

--

27.3  

Debt securities in issue

5.4  

1.3  

6.7  

Loan:deposit ratio (excluding repos)

208%

134%

169%

Risk-weighted assets

35.2  

34.5  

69.7  



 

NatWest Markets

 


Year ended


 31 December 2016


Previously

From Capital

Total


reported

Resolution

NWM

Income statement

£m

£m

£m





Net interest income

104  

239  

343  

Net fees and commissions

43  

98  

141  

Income from trading activities

1,372  

(543)

829  

Own credit adjustments

53  

134  

187  

Strategic disposals

--

(81)

(81)

Other operating income

2  

(209)

(207)

Non-interest income

1,470  

(601)

869  





Total income

1,574  

(362)

1,212  





Direct expenses




  - staff

(256)

(102)

(358)

  - other

(35)

(84)

(119)

Indirect expenses

(1,029)

(578)

(1,607)

Restructuring costs




  - direct

(19)

(56)

(75)

  - indirect

(93)

(22)

(115)

Litigation and conduct costs

(528)

(22)

(550)





Operating expenses

(1,960)

(864)

(2,824)





Operating loss before impairment




  losses

(386)

(1,226)

(1,612)

Impairment losses

--

(253)

(253)





Operating loss

(386)

(1,479)

(1,865)





Memo:




Total income - adjusted (1)

1,521  

(415)

1,106  

Operating expenses - adjusted (1,2)

(1,320)

(764)

(2,084)

Operating loss - adjusted (1,2)

201  

(1,432)

(1,231)





Key metrics








Return on equity (3)

(6.6%)

nm

(12.5%)

Return on equity - adjusted (1,2,3)

1.1%

nm

(8.7%)

Net interest margin

0.84%

nm

0.91%

Cost:income ratio

124.5%

nm

nm

Cost:income ratio - adjusted (1,2)

86.8%

nm

188.4%








31 December 2016


Previously

From Capital



reported

Resolution

Total NWM

Capital and balance sheet

£bn

£bn

£bn





Gross loans and advances to customers

17.4 

13.6 

31.0 

Loan impairment provisions

--

(0.8)

(0.8)





Net loans and advances to customers

17.4  

12.8  

30.2  

Loans and advances to bank

3.3  

4.6  

7.9  

Reverse repos

38.6  

0.2  

38.8  

Securities

22.0  

3.3  

25.3  

Cash and eligible bills

13.4  

4.7  

18.1  

Other

6.2  

2.0  

8.2  

Funded assets

100.9  

27.6  

128.5  

Total assets

240.0  

132.5  

372.5  

Customer deposits (excluding repos)

8.4  

9.5  

17.9  

Bank deposits (excluding repos)

9.8  

11.5  

21.3  

Risk elements in lending

--

2.3  

2.3  

Repos

27.3  

--

27.3  

Debt securities in issue

5.4  

1.3  

6.7  

Loan:deposit ratio (excluding repos)

208%

134%

169%

Risk-weighted assets

35.2  

34.5  

69.7  

 

Notes:

(1)

Excluding own credit adjustments and strategic disposals.

(2)

Excluding restructuring costs and litigation and conduct costs.

(3)

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 average notional equity allocated a rate of 15% of the monthly average of segmental risk-weighted assets incorporating the effect of capital deductions (RWAes). RBS's Return on equity is calculated using profit for the period attributable to ordinary shareholders.

 


Capital Resolution

 









Quarter ended 30 September 2017






Total



Previously

To NatWest

To Central

Capital



reported

Markets

items

Resolution

Income statement


£m

£m

£m

£m







Net interest income from banking activities


76  

(76)

--

--

Net fees and commissions


6  

(6)

--

--

Income from trading activities


(462)

462  

--

--

Own credit adjustments


2  

(2)

--

--

Other operating income


4  

(4)

--

--

Non-interest income


(450)

450  

--

--







Total income


(374)

374  

--

--







Direct expenses






  - staff


(7)

7  

--

--

  - other


(19)

19  

--

--

Indirect expenses


(35)

35  

--

--

Restructuring costs






  - direct


(65)

65  

--

--

  - indirect


39  

(39)

--

--

Litigation and conduct costs


(89)

89  

--

--







Operating expenses


(176)

176  

--

--







Operating loss before impairment releases


(550)

550  

--

--

Impairment releases


71  

(71)

--

--







Operating loss


(479)

479  

--

--







Memo:






Total income - adjusted (1)


(376)

376  

--

--

Operating expenses - adjusted (1,2)


(61)

61  

--

--

Operating loss - adjusted (1,2)


(366)

366  

--

--















30 September 2017






Total



Previously

To NatWest

To Central

Capital



reported

Markets

items & other

Resolution

Capital and balance sheet


£bn

£bn

£bn

£bn







Gross loans and advances to customers


8.9 

(8.9)

--

--

Loan impairment provisions


(0.5)

0.5  

--

--







Net loans and advances to customers


8.4  

(8.4)

--

--

Loans and advances to bank


4.5  

(4.5)

--

--

Total assets


89.3  

(89.3)

--

--

Funded assets


22.2  

(22.2)

--

--

Risk elements in lending


1.6  

(1.6)

--

--

Provision coverage (3)


30%

nm

--

--

Risk-weighted assets


23.1  

(23.1)

--

--



 

Capital Resolution

 









Quarter ended 31 December 2016






Total



Previously

To NatWest

To Central

Capital



reported

Markets

items & other

Resolution

Income statement


£m

£m

£m

£m







Net interest income from banking activities


44  

(44)

--

--

Net fees and commissions


22  

(22)

--

--

Income from trading activities


(173)

173  

--

--

Own credit adjustments


(8)

8  

--

--

Other operating income


(178)

178  

--

--

Non-interest income


(337)

337  

--

--







Total income


(293)

293  

--

--







Direct expenses






  - staff


(23)

23  

--

--

  - other


(3)

3  

--

--

Indirect expenses


(150)

150  

--

--

Restructuring costs






  - direct


(21)

21  

--

--

  - indirect


13  

(13)

--

--

Litigation and conduct costs


(3,156)

115  

3,041  

--







Operating expenses


(3,340)

299  

3,041  

--







Operating loss before impairment releases


(3,633)

592  

3,041  

--

Impairment releases


130  

(130)

--

--







Operating loss


(3,503)

462  

3,041  

--







Memo:






Total income - adjusted (1)


(285)

285  

--

--

Operating expenses - adjusted (1,2)


(176)

176  

--

--

Operating loss - adjusted (1,2)


(331)

331  

--

--

 









31 December 2016






Total



Previously

To NatWest

To Central

Capital



reported

Markets

items & other

Resolution

Capital and balance sheet


£bn

£bn

£bn

£bn







Gross loans and advances to customers


13.6 

(13.6)

--

--

Loan impairment provisions


(0.8)

0.8 

--

--







Net loans and advances to customers


12.8 

(12.8)

--

--

Loans and advances to bank


4.6 

(4.6)

--

--

Total assets


132.5 

(132.5)

--

--

Funded assets


27.6 

(27.6)

--

--

Risk elements in lending


2.3 

(2.3)

--

--

Provision coverage (3)


35%

nm

--

--

Risk-weighted assets


34.5 

(34.5)

--

--



 

Capital Resolution

 



Year ended 31 December 2016






Total



Previously

To NatWest

To Central

Capital



reported

Markets

items & other

Resolution

Income statement


£m

£m

£m

£m







Net interest income from banking activities


239  

(239)

--

--

Net fees and commissions


98  

(98)

--

--

Income from trading activities


(543)

543  

--

--

Own credit adjustments


134  

(134)

--

--

Strategic disposal


(81)

81  

--

--

Other operating income


(209)

209  

--

--

Non-interest income


(601)

601  

--

--







Total income


(362)

362  

--

--







Direct expenses






  - staff


(102)

102  

--

--

  - other


(84)

84  

--

--

Indirect expenses


(578)

578  

--

--

Restructuring costs






  - direct


(56)

56  

--

--

  - indirect


(22)

22  

--

--

Litigation and conduct costs


(3,413)

22  

3,391  

--







Operating expenses


(4,255)

864  

3,391  

--







Operating loss before impairment losses


(4,617)

1,226  

3,391  

--

Impairment losses


(253)

253  

--

--







Operating loss


(4,870)

1,479  

3,391  

--







Memo:






Total income - adjusted (1)


(415)

415  

--

--

Operating expenses - adjusted (1,2)


(764)

764  

--

--

Operating loss - adjusted (1,2)


(1,432)

1,432  

--

--







 









31 December 2016






Total



Previously

To NatWest

To Central

Capital



reported

Markets

items & other

Resolution

Capital and balance sheet


£bn

£bn

£bn

£bn







Gross loans and advances to customers


13.6 

(13.6)

--

--

Loan impairment provisions


(0.8)

0.8 

--

--







Net loans and advances to customers


12.8 

(12.8)

--

--

Loans and advances to bank


4.6 

(4.6)

--

--

Total assets


132.5 

(132.5)

--

--

Funded assets


27.6 

(27.6)

--

--

Risk elements in lending


2.3 

(2.3)

--

--

Provision coverage (3)


35%

nm

--

--

Risk-weighted assets


34.5 

(34.5)

--

--

 

Notes:

(1)

Excluding own credit adjustments and strategic disposals.

(2)

Excluding restructuring costs and litigation and conduct costs.

(3)

Provision coverage represents loan impairment provisions as a percentage of risk elements in lending.

 


Williams & Glyn

 


Quarter ended


 30 September 2017


Previously

To

To Central

Total


reported

UK PBB

items & other (1)

W&G

Income statement

£m

£m

£m

£m






Net interest income

166  

(166)

--

--

Non-interest income

43  

(43)

--

--






Total income

209  

(209)

--

--






Direct expenses





  - staff

(45)

28  

17  

--

  - other

(9)

4  

5  

--

Indirect expenses

(18)

40  

(22)

--






Operating expenses

(72)

72  

--

--






Operating profit before impairment losses

137  

(137)

--

--

Impairment losses

(11)

11  

--

--






Operating profit

126  

(126)

--

--






Memo:





Operating expenses - adjusted (2)

(72)

72  

--

--

Operating profit - adjusted (2)

126  

(126)

--

--






Key metrics










Return on equity (3)

24.6%

nm

nm

--

Return on equity - adjusted (2,3)

24.6%

nm

nm

--

Net interest margin

2.60%

nm

nm

--

Cost:income ratio

34.4%

nm

nm

--

Cost:income ratio - adjusted (2)

34.4%

nm

nm

--

Loan impairment charge as % of gross customer loans and advances

0.2%

nm

nm

--

 


30 September 2017


Previously




reported

To UK PBB

Total W&G

Capital and balance sheet

£bn

£bn

£bn





Gross loans and advances to customers

20.6  

(20.6)

--

Loan impairment provisions

(0.2)

0.2  

--





Net loans and advances to customers

20.4  

(20.4)

--

Funded assets

25.6  

(25.6)

--

Risk elements in lending

0.3  

(0.3)

--

Customer deposits (excluding repos)

24.6  

(24.6)

--

Loan:deposit ratio (excluding repos)

83%

nm

--

Provision coverage (4)

65%

nm

--

Risk-weighted assets

9.3  

(9.3)

--



 

Williams & Glyn

 


Quarter ended


 31 December 2016


Previously

To

To Central

Total


reported

UK PBB

items & other (1)

W&G

Income statement

£m

£m


£m






Net interest income

170  

(170)

--

--

Non-interest income

47  

(47)

--

--






Total income

217  

(217)

--

--






Direct expenses





  - staff

(60)

35  

25  

--

  - other

(13)

4  

9  

--

Indirect expenses

(24)

58  

(34)

--






Operating expenses

(97)

97  

--

--






Operating profit before impairment losses

120  

(120)

--

--

Impairment losses

(11)

11  

--

--






Operating profit

109  

(109)

--

--






Memo:





Operating expenses - adjusted (2)

(97)

97  

--

--

Operating profit - adjusted (2)

109  

(109)

--

--






Key metrics










Return on equity (3)

20.6%

nm

nm

--

Return on equity - adjusted (2,3)

20.6%

nm

nm

--

Net interest margin

2.69%

nm

nm

--

Cost:income ratio

44.7%

nm

nm

--

Cost:income ratio - adjusted (2)

44.7%

nm

nm

--

Loan impairment charge as % of gross customer loans and advances

0.2%

nm

nm

--






 


31 December 2016


Previously




reported

To UK PBB

Total W&G

Capital and balance sheet

£bn

£bn

£bn





Gross loans and advances to customers

20.8  

(20.8)

--

Loan impairment provisions

(0.2)

0.2  

--





Net loans and advances to customers

20.6  

(20.6)

--

Funded assets

25.8  

(25.8)

--

Risk elements in lending

0.4  

(0.4)

--

Customer deposits (excluding repos)

24.2  

(24.2)

--

Loan:deposit ratio (excluding repos)

85%

nm

--

Provision coverage (4)

65%

nm

--

Risk-weighted assets

9.6  

(9.6)

--

 



 

Williams & Glyn

 


Year ended


 31 December 2016


Previously

To

To Central

Total


reported

UK PBB

items & other(1)

W&G

Income statement

£m

£m


£m






Net interest income

658  

(658)

--

--

Non-interest income

179  

(179)

--

--






Total income

837  

(837)

--

--






Direct expenses





  - staff

(250)

142  

108  

--

  - other

(59)

27  

32  

--

Indirect expenses

(84)

224  

(140)

--

Restructuring costs





  - direct

(57)

(5)

62  

--

  - indirect

--

62  

(62)

--






Operating expenses

(450)

450  

--

--






Operating profit before impairment





  losses

387  

(387)

--

--

Impairment losses

(42)

42  

--

--






Operating profit

345  

(345)

--

--






Memo:





Operating expenses - adjusted (2)

(393)

393  

--

--

Operating profit - adjusted (2)

402  

(402)

--

--






Key metrics










Return on equity (3)

16.2%

nm

nm

--

Return on equity - adjusted (2,3)

18.9%

nm

nm

--

Net interest margin

2.71%

nm

nm

--

Cost:income ratio

53.8%

nm

nm

--

Cost:income ratio - adjusted (2)

47.0%

nm

nm

--

Loan impairment charge as % of gross customer loans and advances

0.2%

nm

nm

--






 


 31 December 2016


Previously




reported

To UK PBB

Total W&G

Capital and balance sheet

£bn

£bn

£bn





Loans and advances to customers (gross)

20.8  

(20.8)

--

Loan impairment provisions

(0.2)

0.2  

--





Net loans and advances to customers

20.6  

(20.6)

--

Funded assets

25.8  

(25.8)

--

Risk elements in lending

0.4  

(0.4)

--

Customer deposits (excluding repos)

24.2  

(24.2)

--

Loan:deposit ratio (excluding repos)

85%

nm

--

Provision coverage (4)

65%

nm

--

Risk-weighted assets

9.6  

(9.6)

--

 

Notes:

(1)

Transfers to Central items represents balances that have been reallocated between direct and indirect costs.

(2)

Excluding restructuring costs.

(3)

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 average notional equity allocated at a rate of 15% of the monthly average of segmental risk-weighted assets incorporating the effect of capital deductions (RWAes). RBS's Return on equity is calculated using profit for the period attributable to ordinary shareholders.

(4)

Provision coverage represents loan impairment provisions as a percentage of risk elements in lending.

 


Central items & other

 


Quarter ended


 30 September 2017






Total Central


Previously

From

From Capital

To NatWest

items &


reported

W&G (1)

Resolution (1)

Markets (1)

other

Income statement

£m

£m

£m

£m

£m







Net interest income

38  

--

--

--

38  

Non-interest income

1  

--

--

1  







Total income

39  

--

--

--

39  







Direct expenses






  - staff

(384)

(17)

--

13  

(388)

  - other

(610)

(5)

--

3  

(612)

Indirect expenses

1,046  

22  

--

(16)

1,052  

Restructuring costs






  - direct

(154)

--

--

(54)

(208)

  - indirect

50  

--

--

54  

104  

Litigation and conduct costs

(12)

--

--

--

(12)







Operating expenses

(64)

--

--

--

(64)







Operating loss

(25)

--

--

--

(25)







Memo:






Operating expenses - adjusted (3)

52  

--

--

--

52  

Operating profit - adjusted (3)

91  

--

--

--

91  

 


30 September 2017




Total Central


Previously

From Capital

items &


reported

Resolution

other

Capital and balance sheet

£bn

£bn

£bn





Gross loans and advances to customers

0.3 

--

0.3 

Loan impairment provisions

(0.2)

--

(0.2)





Net loans and advances to customers

0.1  

--

0.1  

Total assets

40.1  

--

40.1  

Funded assets

38.4  

--

38.4  

Risk elements in lending

0.1  

--

0.1  

Customer deposits (excluding repos)

0.2  

--

0.2  

Risk-weighted assets

--

1.1  



 

Central items & other

 


Quarter ended


 31 December 2016





Total Central


Previously

From

From Capital

items &


reported

W&G (1)

Resolution (1)

other

Income statement

£m

£m

£m

£m






Net interest income

37  

--

--

37  

Own credit adjustments

(77)

--

--

(77)

Gain on redemption of own debt

1  

--

--

1  

Other operating income

446  

--

--

446  






Total income

407  

--

--

407  






Direct expenses





  - staff

(479)

(25)

--

(504)

  - other

(991)

(9)

--

(1,000)

Indirect expenses

1,547  

34  

--

1,581  

Restructuring costs





  - direct

(957)

--

--

(957)

  - indirect

121  

--

--

121  

Litigation and conduct costs

192  

--

(3,041)

(2,849)






Operating expenses

(567)

--

(3,041)

(3,608)






Operating loss before impairment losses

(160)

--

(3,041)

(3,201)

Impairment losses

(1)

--

--

(1)






Operating loss

(161)

--

(3,041)

(3,202)






Memo:





Total income - adjusted (2)

483  

--

--

483  

Operating expenses - adjusted (3)

77  

--

--

77  

Operating profit - adjusted (2,3)

559  

--

--

559  

 


31 December 2016




Total Central


Previously

From Capital

items &


reported

Resolution

other

Capital and balance sheet

£bn

£bn

£bn





Gross loans and advances to customers

0.3 

--

0.3 

Loan impairment provisions

(0.2)

--

(0.2)





Net loans and advances to customers

0.1  

--

0.1  

Total assets

28.2  

--

28.2  

Funded assets

25.4  

--

25.4  

Customer deposits (excluding repos)

0.2  

--

0.2  

Risk-weighted assets

1.5  

--

1.5  



 

Central items & other

 


Year ended


 31 December 2016





Total Central


Previously

From

From Capital

items &


reported

W&G (1)

Resolution (1)

other

Income statement

£m

£m

£m

£m






Net interest income

116  

--

--

116  

Own credit adjustments

(10)

--

--

(10)

Loss on redemption of own debt

(126)

--

--

(126)

Strategic disposals

245  

--

--

245  

Other operating income

4  

--

--

4  






Total income

229  

--

--

229  






Direct expenses





  - staff

(2,256)

(108)

--

(2,364)

  - other

(2,916)

(32)

--

(2,948)

Indirect expenses

5,507  

140  

--

5,647  

Restructuring costs





  - direct

(1,851)

(62)

--

(1,913)

  - indirect

369  

62  

--

431  

Litigation and conduct costs

(697)

--

(3,391)

(4,088)






Operating expenses

(1,844)

--

(3,391)

(5,235)






Operating loss

(1,615)

--

(3,391)

(5,006)






Memo:





Total income - adjusted (2)

120  

--

--

120  

Operating expenses - adjusted (3)

335  

--

--

335  

Operating profit - adjusted (2,3)

455  

--

--

455  

 


31 December 2016








Total Central


Previously

From Capital

items &


reported

Resolution

other

Capital and balance sheet

£bn

£bn

£bn





Gross loans and advances to customers

0.3  

--

0.3  

Loan impairment provisions

(0.2)

--

(0.2)





Net loans and advances to customers

0.1  

--

0.1  

Total assets

28.2  

--

28.2  

Funded assets

25.4  

--

25.4  

Customer deposits (excluding repos)

0.2  

--

0.2  

Risk-weighted assets

1.5  

--

1.5  

 

Notes:

(1)

Transfers to Central items represents balances that have been reallocated between direct and indirect costs.

(2)

Excluding own credit adjustments, gain/(loss) on redemption of own debt and strategic disposals.

(3)

Excluding restructuring costs and litigation and conduct costs.

 

 

Legal Entity Identifier: 2138005O9XJIJN4JPN90

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCPGGMUPUPMGUG






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