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17 Apr 2019 11:20
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Segmental Reporting Restatement
Document
April 2019
The Royal Bank of Scotland Group plc
Overview of business re-segmentation
This announcement sets out changes to RBS's operating segments and consequent changes in results presentation. The announcement contains re-presented financial results for the year ended 31 December 2018 and, is presented to aid comparison of RBS's quarter ended 31 March 2019 results with prior periods. Re-presented financial information for the quarters ended 31 December 2018 and 31 March 2018 are included.
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, the following previously reported operating segments are now realigned, with comparatives re-presented:
· Effective from 1 January 2019, Business Banking has been transferred from UK Personal and Business Banking (UK PBB) to Commercial Banking as the nature of the business, including distribution channels, products and customers, are more closely aligned to the Commercial Banking (CB) business. Concurrent with the transfer, UK PBB has been renamed to UK Personal Banking (UK PB) and the previous franchise combining UK PBB (now UK PB) and Ulster Bank RoI has been renamed Personal & Ulster. The Commercial & Private Banking franchise has also been renamed to Commercial & Private.
Quarter ended 31 March 2019 results
RBS's results for the quarter ended 31 March 2019 will be announced on Friday 26 April 2019. 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.
Forward-looking statements
This document contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, such as statements that include, without limitation, the words 'expect', 'estimate', 'project', 'anticipate', 'commit', 'believe', 'should', 'intend', 'plan', 'could', 'probability', 'risk', 'Value-at-Risk (VaR)', 'target', 'goal', 'objective', 'may', 'endeavour', 'outlook', 'optimistic', 'prospects' and similar expressions or variations on these expressions. These statements concern or may affect future matters, such as RBSG's future economic results, business plans and current strategies. In particular, this document includes forward-looking statements relating to RBSG in respect of, but not limited to: its regulatory capital position and related requirements, its financial position, profitability and financial performance (including financial, capital and operational targets), its access to adequate sources of liquidity and funding, increasing competition from new incumbents and disruptive technologies, its impairment losses and credit exposures under certain specified scenarios, substantial regulation and oversight, ongoing legal, regulatory and governmental actions and investigations, LIBOR, EURIBOR and other benchmark reform and RBSG's exposure to economic and political risks (including with respect to Brexit and climate change), operational risk, conduct risk, cyber and IT risk and credit rating risk. 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 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 RBSG's actual results are discussed in RBSG's UK 2018 Annual Report and Accounts (ARA) and materials filed with, or furnished to, the US Securities and Exchange Commission, including, but not limited to, RBSG'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 of this document and RBSG 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.
Document roadmap
Pages 2 to 5 of this document show the income statement, selected balance sheet line items and key metrics for the new reportable segments for the year and quarter ended 31 December 2018 and for the quarter ended 31 March 2018. The Re-segmentation reconciliation Appendix - summarises how Business Banking area is allocated to the reportable operating segment Commercial Banking.
For further information contact:
Alexander Holcroft
Investor Relations
+44 (0) 207 672 1982
Group Media Centre
+44 (0)131 523 4205
Re-presented customer segments
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Year ended 31 December 2018 |
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Personal & Ulster | Commercial & Private |
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UK Personal | Ulster Bank | Commercial | Private | RBS | NatWest | Central items | Total |
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Banking (1) | RoI | Banking | Banking | International | Markets | & other (2) | RBS |
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Income statement | £m | £m | £m | £m | £m | £m | £m | £m |
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Net interest income | 4,283 | 444 | 2,855 | 518 | 466 | 112 | (22) | 8,656 |
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Non-interest income | 771 | 166 | 1,747 | 257 | 128 | 1,238 | 347 | 4,654 |
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Own credit adjustments | - | - | - | - | - | 92 | - | 92 |
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Total income | 5,054 | 610 | 4,602 | 775 | 594 | 1,442 | 325 | 13,402 |
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Direct expenses |
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- staff | (698) | (202) | (739) | (161) | (102) | (557) | (1,190) | (3,649) |
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- other | (266) | (103) | (255) | (66) | (67) | (241) | (2,712) | (3,710) |
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Indirect expenses | (1,464) | (185) | (1,294) | (229) | (91) | (415) | 3,678 | - |
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Strategic costs |
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- direct | (41) | (2) | (33) | - | (3) | (195) | (730) | (1,004) |
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- indirect | (185) | (20) | (122) | (21) | (6) | (43) | 397 | - |
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Litigation and conduct costs | (213) | (71) | (44) | (1) | 9 | (153) | (809) | (1,282) |
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Operating expenses | (2,867) | (583) | (2,487) | (478) | (260) | (1,604) | (1,366) | (9,645) |
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Operating profit/(loss) before impairment (losses)/releases | 2,187 | 27 | 2,115 | 297 | 334 | (162) | (1,041) | 3,757 |
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Impairment (losses)/releases | (339) | (15) | (147) | 6 | 2 | 92 | 3 | (398) |
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Operating profit/(loss) | 1,848 | 12 | 1,968 | 303 | 336 | (70) | (1,038) | 3,359 |
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Key metrics | ||||||||||||||||||||
Return on equity (3) | 24.7% | 0.5% | 12.1% | 15.4% | 24.4% | (2.0%) | nm | 4.8% | ||||||||||||
Net interest margin | 2.67% | 1.79% | 1.96% | 2.52% | 1.71% | 0.40% | nm | 1.98% | ||||||||||||
Cost:income ratio (4) | 56.7% | 95.6% | 52.8% | 61.7% | 43.8% | 111.2% | nm | 71.7% | ||||||||||||
Loan impairment rate | 0.23% | 0.08% | 0.14% | nm | nm | nm | nm | 0.13% | ||||||||||||
As at 31 December 2018 | ||||||||||||||||||||
Capital and balance sheet | £bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn | ||||||||||||
Total assets | 171.0 | 25.2 | 166.4 | 22.0 | 28.4 | 244.5 | 36.7 | 694.2 | ||||||||||||
Funded assets (5) | 171.0 | 25.2 | 166.4 | 22.0 | 28.4 | 111.4 | 36.5 | 560.9 | ||||||||||||
Net loans to customers - amortised cost | 148.9 | 18.8 | 101.4 | 14.3 | 13.3 | 8.4 | - | 305.1 | ||||||||||||
Impairment provisions | (1.1) | (0.8) | (1.3) | - | - | (0.1) | - | (3.3) | ||||||||||||
Customer deposits | 145.3 | 18.0 | 134.4 | 28.4 | 27.5 | 2.6 | 4.7 | 360.9 | ||||||||||||
Risk-weighted assets (RWAs) | 34.3 | 14.7 | 78.4 | 9.4 | 6.9 | 44.9 | 0.1 | 188.7 | ||||||||||||
RWA equivalent (RWAes) | 35.5 | 14.7 | 79.7 | 9.5 | 6.9 | 50.0 | 0.2 | 196.5 | ||||||||||||
Employee numbers (FTEs - thousands) (6) | 21.7 | 3.1 | 10.3 | 1.9 | 1.7 | 4.8 | 23.6 | 67.1 | ||||||||||||
For notes to this table refer to page 5. | ||||||||||||||||||||
Re-presented customer segments
Quarter ended 31 December 2018 | ||||||||||
Personal & Ulster | Commercial & Private | |||||||||
UK Personal | Ulster Bank | Commercial | Private | RBS | NatWest | Central items | Total | |||
Banking (1) | RoI | Banking | Banking | International | Markets | & other (2) | RBS | |||
Income statement | £m | £m | £m | £m | £m | £m | £m | £m | ||
Net interest income | 1,061 | 110 | 724 | 133 | 123 | 30 | (5) | 2,176 | ||
Non-interest income | 185 | 37 | 392 | 65 | 32 | 89 | 49 | 849 | ||
Own credit adjustments | - | - | - | - | - | 33 | - | 33 | ||
Total income | 1,246 | 147 | 1,116 | 198 | 155 | 152 | 44 | 3,058 | ||
Direct expenses | ||||||||||
- staff | (166) | (53) | (185) | (39) | (25) | (128) | (263) | (859) | ||
- other | (80) | (27) | (77) | (22) | (22) | (65) | (870) | (1,163) | ||
Indirect expenses | (414) | (52) | (403) | (72) | (35) | (123) | 1,099 | - | ||
Strategic costs | ||||||||||
- direct | (27) | (3) | (5) | - | (1) | (89) | (230) | (355) | ||
- indirect | (63) | (12) | (57) | (10) | (2) | (22) | 166 | - | ||
Litigation and conduct costs | (7) | (17) | (37) | - | (1) | (28) | (2) | (92) | ||
Operating expenses | (757) | (164) | (764) | (143) | (86) | (455) | (100) | (2,469) | ||
Operating profit/(loss) before impairment (losses)/releases | 489 | (17) | 352 | 55 | 69 | (303) | (56) | 589 | ||
Impairment (losses)/releases | (142) | 19 | (5) | 8 | 2 | 100 | 1 | (17) | ||
Operating profit/(loss) | 347 | 2 | 347 | 63 | 71 | (203) | (55) | 572 | ||
Key metrics | ||||||||||
Return on equity (3) | 17.2% | 0.4% | 8.3% | 12.3% | 20.0% | (9.2%) | nm | 3.5% | ||
Net interest margin | 2.60% | 1.73% | 1.96% | 2.49% | 1.81% | 0.39% | nm | 1.95% | ||
Cost:income ratio (4) | 60.8% | 111.6% | 67.5% | 72.2% | 55.5% | 299.3% | nm | 80.5% | ||
Loan impairment rate | 0.38% | (0.39%) | 0.02% | nm | nm | nm | nm | 0.02% | ||
For the notes to this table refer to page 5. | ||||||||||
Re-presented customer segments
Quarter ended 31 March 2018 | ||||||||||
Personal & Ulster | Commercial & Private | |||||||||
UK Personal | Ulster Bank | Commercial | Private | RBS | NatWest | Central items | Total | |||
Banking (1) | RoI | Banking | Banking | International | Markets | & other (2) | RBS | |||
£m | £m | £m | £m | £m | £m | £m | £m | |||
Net interest income | 1,068 | 106 | 683 | 123 | 104 | 36 | 26 | 2,146 | ||
Non-interest income | 230 | 40 | 475 | 61 | 33 | 380 | (84) | 1,135 | ||
Own credit adjustments | - | - | - | - | - | 21 | - | 21 | ||
Total income | 1,298 | 146 | 1,158 | 184 | 137 | 437 | (58) | 3,302 | ||
Direct expenses | ||||||||||
- staff | (178) | (49) | (188) | (43) | (24) | (165) | (317) | (964) | ||
- other | (65) | (19) | (47) | (14) | (15) | (53) | (606) | (819) | ||
Indirect expenses | (374) | (47) | (311) | (55) | (20) | (102) | 909 | - | ||
Strategic costs | ||||||||||
- direct | (7) | (1) | (6) | (1) | - | (17) | (177) | (209) | ||
- indirect | (61) | (3) | (42) | (8) | (1) | (6) | 121 | - | ||
Litigation and conduct costs | (1) | (9) | (1) | - | 1 | (6) | (3) | (19) | ||
Operating expenses | (686) | (128) | (595) | (121) | (59) | (349) | (73) | (2,011) | ||
Operating profit/(loss) before impairment (losses)/releases | 612 | 18 | 563 | 63 | 78 | 88 | (131) | 1,291 | ||
Impairment (losses)/releases | (68) | (8) | (12) | (1) | - | 9 | 2 | (78) | ||
Operating profit/(loss) | 544 | 10 | 551 | 62 | 78 | 97 | (129) | 1,213 | ||
For the notes to this table refer to page 5. | ||||||||||
Re-presented customer segments
Quarter ended 31 March 2018 | ||||||||||
Personal & Ulster | Commercial & Private | |||||||||
UK Personal | Ulster Bank | Commercial | Private | RBS | NatWest | Central items | Total | |||
Key metrics | Banking (1) | RoI | Banking | Banking | International | Markets | & other (2) | RBS | ||
Return on equity (3) | 29.9% | 1.6% | 13.6% | 12.5% | 23.2% | 2.0% | nm | 9.3% | ||
Net interest margin | 2.73% | 1.80% | 1.91% | 2.51% | 1.57% | 0.54% | nm | 2.04% | ||
Cost:income ratio (4) | 52.9% | 87.7% | 50.0% | 65.8% | 43.1% | 79.9% | nm | 60.5% | ||
Loan impairment rate | 0.18% | 0.16% | 0.05% | nm | nm | nm | nm | nm | ||
As at 31 March 2018 | ||||||||||
Capital and balance sheet | £bn | £bn | £bn | £bn | £bn | £bn | £bn | £bn | ||
Total assets | 166.3 | 23.4 | 165.6 | 20.4 | 28.0 | 283.8 | 51.0 | 738.5 | ||
Funded assets (5) | 166.3 | 23.3 | 165.5 | 20.4 | 28.0 | 135.2 | 50.0 | 588.7 | ||
Net loans to customers - amortised cost (£bn) | 145.9 | 19.0 | 102.9 | 13.7 | 13.1 | 9.4 | (0.2) | 303.8 | ||
Impairment provisions | (1.3) | (1.2) | (1.5) | (0.1) | - | (0.2) | 0.1 | (4.2) | ||
Customer deposits | 142.9 | 16.4 | 131.1 | 25.3 | 26.9 | 3.8 | 8.1 | 354.5 | ||
Risk-weighted assets (RWAs) | 31.5 | 16.9 | 84.3 | 9.4 | 7.0 | 53.1 | 0.5 | 202.7 | ||
RWA equivalent (RWAes) | 32.2 | 17.4 | 88.9 | 9.4 | 7.0 | 56.5 | 0.9 | 212.3 | ||
Employee numbers (FTEs - thousands) (6) | 24.5 | 3.0 | 10.7 | 1.9 | 1.7 | 5.7 | 23.4 | 70.9 | ||
nm = not meaningful
Notes:
(1) (2) | Reportable operating segment UK Personal and Business Banking renamed to UK Personal Banking to reflect re-segmentation. Central items include unallocated transactions which principally comprise volatile items under IFRS and RMBS related charges. |
(3) | RBS's CET 1 target is approximately 14% 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 share dividends is divided by average notional equity allocated at different rates of 14% (Ulster Bank RoI), 12% (Commercial Banking), 13.5% (Private Banking), 16% (RBS International) and 15% for all other segments, of the monthly average of segmental risk-weighted assets equivalents (RWAes) incorporating the effect of capital deductions. RBS return on equity is calculated using profit for the period attributable to ordinary shareholders over tangible net asset value. |
(4) | Operating lease depreciation included in income for the year ended 31 December 2018 - £121 million; Q4 2018 - £32 million; Q1 2018 - £31 million. |
(5) | Funded assets exclude derivative assets. |
(6) | On 1 January 2018, 7,600 employees on a FTE basis were transferred from Central items to UK Personal Banking, 200 to Ulster Bank RoI, 3,700 to Commercial Banking and 400 to Private Banking. |
Appendix
Re-segmentation reconciliations
UK Personal Banking (operating segment within the Personal & Ulster franchise)
Year ended | Quarter ended | Quarter ended | |||||||||
31 December 2018 | 31 December 2018 | 31 March 2018 | |||||||||
Previously | Previously | Previously | |||||||||
reported | To | Total | reported | To | Total | reported | To | Total | |||
UK PBB | CB | UK PB(1) | UK PBB | CB | UK PB(1) | UK PBB | CB | UK PB(1) | |||
Income statement | £m | £m | £m | £m | £m | £m | £m | £m | £m | ||
Net interest income | 5,098 | (815) | 4,283 | 1,267 | (206) | 1,061 | 1,259 | (191) | 1,068 | ||
Non-interest income | 1,184 | (413) | 771 | 290 | (105) | 185 | 332 | (102) | 230 | ||
Total income | 6,282 | (1,228) | 5,054 | 1,557 | (311) | 1,246 | 1,591 | (293) | 1,298 | ||
Direct expenses | |||||||||||
- staff | (890) | 192 | (698) | (208) | 42 | (166) | (229) | 51 | (178) | ||
- other | (300) | 34 | (266) | (93) | 13 | (80) | (70) | 5 | (65) | ||
Indirect expenses | (1,801) | 337 | (1,464) | (522) | 108 | (414) | (456) | 82 | (374) | ||
Strategic costs | |||||||||||
- direct | (54) | 13 | (41) | (28) | 1 | (27) | (12) | 5 | (7) | ||
- indirect | (221) | 36 | (185) | (84) | 21 | (63) | (68) | 7 | (61) | ||
Litigation and conduct costs | (216) | 3 | (213) | (6) | (1) | (7) | (1) | - | (1) | ||
Operating expenses | (3,482) | 615 | (2,867) | (941) | 184 | (757) | (836) | 150 | (686) | ||
Operating profit before impairment | |||||||||||
losses | 2,800 | (613) | 2,187 | 616 | (127) | 489 | 755 | (143) | 612 | ||
Impairment losses | (342) | 3 | (339) | (125) | (17) | (142) | (57) | (11) | (68) | ||
Operating profit | 2,458 | (610) | 1,848 | 491 | (144) | 347 | 698 | (154) | 544 | ||
Key metrics | |||||||||||
Return on equity (2) | 24.3% | 0.4% | 24.7% | 18.6% | (1.4%) | 17.2% | 27.9% | 2.0% | 29.9% | ||
Net interest margin | 2.78% | (0.11%) | 2.67% | 2.73% | (0.13%) | 2.60% | 2.81% | (0.08%) | 2.73% | ||
Cost:income ratio | 55.4% | 1.3% | 56.7% | 60.4% | 0.4% | 60.8% | 52.5% | 0.4% | 52.9% | ||
Loan impairment rate | 0.21% | 0.02% | 0.23% | 0.31% | 0.07% | 0.38% | 0.14% | 0.04% | 0.18% | ||
31 December 2018 | 31 March 2018 | ||||||
Previously | Previously | ||||||
reported | To | Total | reported | To | Total | ||
UK PBB | CB | UK PB(1) | UK PBB | CB | UK PB(1) | ||
Capital and balance sheet | £bn | £bn | £bn | £bn | £bn | £bn | |
Loans to customers - amortised cost | 163.7 | (13.7) | 150.0 | 162.1 | (14.9) | 147.2 | |
Impairment provisions | (1.4) | 0.3 | (1.1) | (1.6) | 0.3 | (1.3) | |
Net loans to customers - amortised cost | 162.3 | (13.4) | 148.9 | 160.5 | (14.6) | 145.9 | |
Funded assets | 194.2 | (23.2) | 171.0 | 190.3 | (24.0) | 166.3 | |
Customer deposits | 184.1 | (38.8) | 145.3 | 180.3 | (37.4) | 142.9 | |
Loan:deposit ratio | 88% | 14% | 102% | 89% | 13% | 102% | |
Risk-weighted assets | 45.1 | (10.8) | 34.3 | 43.4 | (11.9) | 31.5 | |
Notes: | |
(1) | Reportable operating segment UK Personal and Business Banking renamed to UK Personal Banking to reflect re-segmentation. |
(2) | Return on equity is based on segmental operating profit after tax adjusted for preference dividends divided by average notional equity based on 15% of the monthly average of segmental Risk-weighted assets equivalents (RWAes), incorporating the effect of capital deductions, assuming 28% tax rate. Return on equity is calculated using profit for the period attributable to ordinary shareholders. |
Commercial Banking (operating segment within the Commercial & Private franchise)
Year ended | Quarter ended | Quarter ended | |||||||||
31 December 2018 | 31 December 2018 | 31 March 2018 | |||||||||
Previously | From | Total | Previously | From | Total | Previously | From | Total | |||
reported CB | UK PB | CB | reported CB | UK PB | CB | reported CB | UK PB | CB | |||
Income statement | £m | £m | £m | £m | £m | £m | £m | £m | £m | ||
Net interest income | 2,040 | 815 | 2,855 | 518 | 206 | 724 | 492 | 191 | 683 | ||
Non-interest income | 1,334 | 413 | 1,747 | 287 | 105 | 392 | 373 | 102 | 475 | ||
Total income | 3,374 | 1,228 | 4,602 | 805 | 311 | 1,116 | 865 | 293 | 1,158 | ||
Direct expenses | |||||||||||
- staff | (547) | (192) | (739) | (143) | (42) | (185) | (137) | (51) | (188) | ||
- other | (221) | (34) | (255) | (64) | (13) | (77) | (42) | (5) | (47) | ||
Indirect expenses | (957) | (337) | (1,294) | (295) | (108) | (403) | (229) | (82) | (311) | ||
Strategic costs | |||||||||||
- direct | (20) | (13) | (33) | (4) | (1) | (5) | (1) | (5) | (6) | ||
- indirect | (86) | (36) | (122) | (36) | (21) | (57) | (35) | (7) | (42) | ||
Litigation and conduct costs | (41) | (3) | (44) | (38) | 1 | (37) | (1) | - | (1) | ||
Operating expenses | (1,872) | (615) | (2,487) | (580) | (184) | (764) | (445) | (150) | (595) | ||
Operating profit before impairment | |||||||||||
(losses)/releases | 1,502 | 613 | 2,115 | 225 | 127 | 352 | 420 | 143 | 563 | ||
Impairment (losses)/releases | (144) | (3) | (147) | (22) | 17 | (5) | (23) | 11 | (12) | ||
Operating profit | 1,358 | 610 | 1,968 | 203 | 144 | 347 | 397 | 154 | 551 | ||
Key metrics | |||||||||||
Return on equity (1) | 10.2% | 1.9% | 12.1% | 5.5% | 2.8% | 8.3% | 12.2% | 1.4% | 13.6% | ||
Net interest margin | 1.67% | 0.29% | 1.96% | 1.66% | 0.30% | 1.96% | 1.64% | 0.27% | 1.91% | ||
Cost:income ratio | 53.8% | (1.0%) | 52.8% | 70.9% | (3.4%) | 67.5% | 49.6% | 0.4% | 50.0% | ||
Loan impairment rate | 0.16% | 0.02% | 0.14% | 0.10% | 0.08% | 0.02% | 0.10% | 0.05% | 0.05% | ||
31 December 2018 | 31 March 2018 | ||||||
Previously | From | Total | Previously | From | Total | ||
reported CB | UK PB | CB | reported CB | UK PB | CB | ||
Capital and balance sheet | £bn | £bn | £bn | £bn | £bn | £bn | |
Loans to customers - amortised cost | 89.0 | 13.7 | 102.7 | 89.5 | 14.9 | 104.4 | |
Impairment provisions | (1.0) | (0.3) | (1.3) | (1.2) | (0.3) | (1.5) | |
Net loans to customers - amortised cost | 88.0 | 13.4 | 101.4 | 88.3 | 14.6 | 102.9 | |
Funded assets | 143.2 | 23.2 | 166.4 | 141.5 | 24.0 | 165.5 | |
Customer deposits | 95.6 | 38.8 | 134.4 | 93.7 | 37.4 | 131.1 | |
Loan:deposit ratio | 92% | (16%) | 76% | 94% | (14%) | 80% | |
Risk-weighted assets | 67.6 | 10.8 | 78.4 | 72.4 | 11.9 | 84.3 | |
Note:
(1) | Return on equity is based on segmental operating profit after tax adjusted for preference dividends divided by average notional equity based on 11% of the monthly average of segmental Risk-weighted assets equivalents (RWAes), incorporating the effect of capital deductions, assuming 28% tax rate. Return on equity is calculated using profit for the period attributable to ordinary shareholders.
Legal Entity Identifier: 2138005O9XJIJN4JPN90
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