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2012 Q1 Interim Management Statement

 

 

Key highlights

  • RBS reports a Q1 2012 Group operating profit(1) of £1,184 million
  • Core RBS Q1 operating profit £1,667 million, return on tangible equity 11%
  • UK Retail, UK Corporate and Markets performed strongly
  • Non-Core run-down continues, funded assets down £11 billion to £83 billion
  • Group Core Tier 1 ratio 10.8%, liquidity metrics strong

 

Note:

(1) Operating profit before tax, own credit adjustments, Asset Protection Scheme, Payment Protection Insurance costs, sovereign debt impairment and related interest rate hedge adjustments, amortisation of purchased intangible assets, integration and restructuring costs, gain on redemption of own debt, strategic disposals, write-down of goodwill and other intangible assets, bonus tax, bank levy and RFS Holdings minority interest ('operating profit'). Statutory operating loss before tax of £1,404 million for the quarter ended 31 March 2012.

 

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We are happy with progress in the first quarter though the economic and regulatory backdrop remains tough. RBS continues, markedly, to regain strength and resilience. Our focus is on improving the future for customers and our business whilst ensuring that the bank's past issues are dealt with.

Stephen Hester, Group Chief Executive

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