RBS reported a loss attributable to ordinary shareholders of £1,979 million, compared with a loss of £3,470 million in 2014. This included elevated restructuring costs (£2,931 million), as the bank's repositioning accelerated, particularly in the Corporate & Institutional Banking (CIB) business. Litigation and conduct costs (£3,568 million) increased as further steps were taken to clear legacy obstacles from RBS's path to normalisation.

Adjusted operating profit(1) totalled £4,405 million compared with an adjusted operating profit of £6,056 million in 2014, lower primarily due to income attrition and disposal losses in the Capital Resolution business.

RBS continues to strengthen and reshape the balance sheet, building on a strong track record of delivery. Risk-weighted assets (RWAs) reduced 32%, or £113 billion, including £109 billion from the disposal of Citizens Financial Group and the accelerated run-down of Capital Resolution.

RBS intends to pay a final dividend on the Dividend Access Share (DAS) during the first half of 2016 subject to final Board and PRA approval, further normalising the capital structure of the bank and removing a constraint on the resumption of capital distributions.

Ross McEwan, RBS CEO said today:

“Our pace of progress has resulted in a set of financials that are noisier than any of us would like, but it has resulted in a much stronger and simpler bank, with a much clearer investment case.

We are delivering our eighth consecutive quarter of capital ratio growth. When I took over as CEO our capital ratio was 8.6%, today it sits at 15.5%.

We are becoming much simpler, taking £983m of costs out of the business this year and over £2bn in the last two years.

We are the biggest supporter of business in Britain with lending in Commercial Banking up £1.4bn from last year. This year will see us ramp up our support for enterprise, because if Britain’s businesses grow, then RBS grows.

In our mortgage business, lending increased 10% from last year, with £9.3bn of net mortgage lending during the year, our strongest growth in mortgages since 2009.

In each area of our strategy we are delivering – capital ratio is up, costs are down, we are backing more businesses than any other bank in Britain and challenging industry practices that are not in our customers’ interests. This is exactly what RBS should be doing.”

(1) Operating profit/(loss) before tax, own credit adjustments, (loss)/gain on redemption of own debt, strategic disposals and excluding restructuring costs, litigation and conduct costs and write down of goodwill. 


Delivery against our 2015 targets 


Strategy goal 2015 targets 2015

Strength & sustainability

Reduce risk-weighted assets (RWAs) to <£300 billion

£243 billion, a reduction of £113 billion.


RCR exit substantially completed

Funded assets down 88% since initial pool of assets identified. Residual £4.6 billion of assets within Capital Resolution.


Citizens deconsolidation

Sold full stake a year ahead of schedule, allowing full deconsolidation


£2 billion AT1 issuance

Successfully issued US$3.15 billion AT1 capital notes (£2 billion equivalent).

Customer experience

Improve NPS in every UK franchise

Year-on-year significant improvement in NatWest Business Banking, RBS Business Banking and Ulster Bank Personal Banking (NI).

Simplifying the bank

Reduce costs by £800 million, target exceeded and increased to >£900 million

Achieved £983(1) million of cost savings.

Supporting growth

Lending growth in strategic segments ≥ nominal UK GDP growth

4.8% growth achieved in UK PBB and Commercial Banking in 2015, exceeding nominal UK GDP growth(2).

Employee engagement

Raise employee engagement index to within 8% of GFS norm

Surpassed employee engagement goal, up six points to within three points of GFS.


(1) Excluding litigation and conduct costs, restructuring costs, write down of goodwill and other intangible assets and the operating costs of Williams & Glyn.
(2) Preliminary estimate for nominal UK GDP growth in 2015 is 2.6% year-on-year. 


Conference call replays


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