Interim Management Statement for Q3 2012
- RBS reports a Q3 2012 operating profit (1) of £1,047 million
- Core RBS Q3 2012 operating profit £1,633 million
- Year-to-date Core return on tangible equity 10%
- Q3 2012 net attributable loss of £1,384 million, after £1,455 million pre-tax accounting charge for improved own credit
- Core Tier 1 ratio 11.1%, loan:deposit ratio 102%, Non-Core assets down to £65 billion.
(1) Operating profit before tax, own credit adjustments, Asset Protection Scheme, Payment Protection Insurance costs, amortisation of purchased intangible assets, integration and restructuring costs, loss on redemption of own debt, strategic disposals and RFS Holdings minority interest (‘operating profit’). Statutory operating loss before tax was £2,763 million for the nine months ended 30 September 2012.
Interim Management statement documents Q3 2012
- Summary announcement (pdf)
- Full announcement (pdf)
- Financial supplement (xls)
- Presentation slides (ppt)
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"The RBS restructuring programme continues to make excellent progress as we take the action needed to make the bank safer and stronger. Our funding and capital position has been transformed, we have repaid all emergency loans from the Government and central banks, and we recently exited the Asset Protection Scheme without ever making a claim. At the same time, we are working to make sure the needs of our customers are central in our decision making. Economic pressures are restraining customer activity levels and as a result banks are running hard to stand still in this environment. Nevertheless, resilient Core bank performance at RBS provides resources for customers and for our cleanup, whilst signposting shareholder value in the future."
Stephen Hester, Chief Executive, RBS Group
The demand for more labour and a surge in self-employment continues to drive the UK unemployment rate down. House price gains remain strong and inflation is still low. It’s been the story of the UK economy in 2014. But the missing piece of the puzzle remains wages. Until productivity improves, earnings are unlikely to budge.