I also liked this statement from George Culmer, Chief Financial Officer -
As previously mentioned, we expect the gap between underlying and statutory profits to close. In 2015 we will see the last of the material costs for TSB and liability management, and while conduct remains uncertain, I am confident that going forward underlying profit will flow through into statutory profit and so drive capital growth.
i'm looking forward to a greater proportion of the financial performance flowing through to shareholders Roll on the 1st May
AHO statement From 2014 Q4
While our statutory result has also increased significantly over this period, our pre-tax profit of £1.8 billion in 2014 continued to be affected by PPI and other regulatory provisions as well as costs associated with TSB, the Simplification programme and the ECN exchange.
Looking ahead, while regulatory and conduct risks remain, we believe that the Group’s statutory performance will become significantly less impacted by such issues, resulting in a far greater proportion of our underlying financial performance flowing through to shareholder returns over time.
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