RBS reported an operating loss before tax of £274 million in H1 2016 and an attributable loss (1) of £2,045 million.
Across our Personal & Business Banking (PBB), Commercial & Private Banking (CPB) and Corporate & Institutional Banking (CIB) franchises, RBS reported an adjusted operating profit (2) of £2,070 million in H1 2016 and £ 1,047 million in Q2 2016.
Adjusted return on equity across PBB, CPB and CIB was 11% for both H1 2016 and Q2 2016. Across PBB and CPB, net lending grew by 15% on an annualised basis in H1 2016.
Common Equity Tier 1 ratio of 14.5% remains ahead of our 13.0% target. Leverage ratio was 5.2%.
CEO Ross McEwan commented:
“We’re at the mid-way point in our five year plan and we’re making good progress. We are clearly in phase 2 of our strategy where our focus is on drawing a line under many of the legacy issues that have plagued this bank, and transforming the core business so we can deliver consistent, sustainable profits and results for our shareholders and do great things for our customers.”
“We have changed as a bank over the last couple of years which means we are much stronger, more resilient and better positioned to deal with any uncertainty and economic slowdown that we may face.”
(1) Attributable to ordinary shareholders, after payment of the £1,193 million final Dividend Access Share dividend.
(2) Operating profit before tax excluding own credit adjustments, loss on redemption of own debt, strategic disposals, restructuring costs and litigation and conduct costs.
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