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Key Facts

Q3 2009 Interim Management Statement - Friday 6th November

Here are the key facts from the Q3 Interim Management Statement released on Friday 6th November.

  • The Royal Bank of Scotland Group third quarter operating loss of £1,525 million, down from £3,533 million in the second quarter
  • Core business operating profit of £1,193 million
  • Operating performance benefited from stable NIM, good expense control and lower provisions
  • Good progress against the key metrics in our 5 year strategy

Key points:

  • Operating loss narrowed to £1.5 billion(1) in 3Q09. Pre-impairment profit, adjusted for fair value of own debt, improved to £2.2 billion
  • Net interest margin stabilising at 1.75%
  • Efficiency improvements beginning to gain ground, with cost:income ratio improved to 59.1% (2Q - 66.4%)
  • Impairments remain high but fell 30% from 2Q09 and seem to be plateauing around 1H09 levels
  • Pro forma Core Tier 1 capital ratio at 30 September 2009, adjusted for capital issuance and revised APS coverage, stood at 11.1%
  • Key funding and liquidity ratios improving well
  • Customer franchises resilient
  • £45.5 billion of new lending to UK companies so far in 2009, including a 5% increase in lending to SME customers compared with the second quarter

Notes:

(1) (Loss)/profit before tax, purchased intangibles amortisation, integration and restructuring costs, gain on redemption of own debt, strategic disposals and write-down of goodwill and other intangible assets.

View the Results in full (PDF 3,942KB)


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