RBS 2012 Annual Report Download - page 47

RBS GROUP 2012
45
Summary consolidated income statement for the year ended 31 December 2012
In the income statement set out below, own credit adjustments, Asset Protection Scheme, PPI costs, Interest Rate Hedging Products redress and
related costs, regulatory fines, sovereign debt impairment, interest rate hedge adjustments on impaired available-for-sale sovereign debt, amortisation of
purchased intangible assets, integration and restructuring costs, gain on redemption of own debt, strategic disposals, bank levy, bonus tax, write-down
of goodwill and other intangible assets and RFS Holdings minority interest are shown separately. In the statutory consolidated income statement on
page 353, these items are included in the appropriate captions. The results of Direct Line Group on a managed basis, which are included in
discontinued operations in the statutory results, are included in the appropriate captions on a managed basis.
Managed Statutory
2012 2011 2010 2012 2011 2010
£m £m £m £m £m £m
Net interest income 11,695 12,689 14,200 11,402 12,303 13,782
Fees and commissions receivable 5,715 6,384 8,194 5,709 6,379 8,193
Fees and commissions payable (1,269) (1,460)(2,211) (834) (962)(1,892)
Other non-interest income 5,928 5,840 7,283 1,664 6,931 6,425
Insurance net premium income 3,718 4,256 5,128 — — 114
Non-interest income 14,092 15,020 18,394 6,539 12,348 12,840
Total income 25,787 27,709 32,594 17,941 24,651 26,622
Operating expenses (14,619) (15,478) (16,710) (17,827) (17,134) (17,456)
Profit before insurance net claims and impairment losses 11,168 12,231 15,884 114 7,517 9,166
Insurance net claims (2,427) (2,968) (4,783) — —(85)
Operating profit before impairment losses 8,741 9,263 11,101 114 7,517 9,081
Impairment losses (5,279) (7,439) (9,256) (5,279) (8,707) (9,235)
Operating profit/(loss) 3,462 1,824 1,845 (5,165) (1,190)(154)
Own credit adjustments (4,649) 1,914 242 — — —
Asset Protection Scheme (44) (906) (1,550) — — —
Payment Protection Insurance costs (1,110)(850)—
— — —
Interest Rate Hedging Products redress and related costs (700)— — — — —
Regulatory fines (381)— — — — —
Sovereign debt impairment — (1,099) — — — —
Interest rate hedge adjustments on impaired available-for-sale
sovereign debt — (169) — — — —
Amortisation of purchased intangible assets (178) (222) (369) — — —
Integration and restructuring costs (1,550)(1,064) (1,032) — — —
Gain on redemption of own debt 454 255 553 — — —
Strategic disposals 113 (104) 171 — — —
Bank levy (175) (300)— — — —
Bonus tax — (27) (99) — — —
Write-down of goodwill and other intangible assets (518) (11)(10) — — —
RFS Holdings minority interest (20)(7) (150) — — —
Operating loss including the results of Direct Line Group
discontinued operations* (5,296) (766) (399) (5,165) (1,190)(154)
Direct Line Group discontinued operations** 131 (424) 245 — — —
Operating loss before tax (5,165) (1,190) (154) (5,165) (1,190)(154)
Tax charge (469) (1,127) (703) (469) (1,127) (703)
Loss from continuing operations (5,634) (2,317) (857) (5,634) (2,317) (857)
(Loss)/profit from discontinued operations, net of tax
- Direct Line Group (184) 301 (176) (184) 301 (176)
- Other 12 47 (633) 12 47 (633)
(Loss)/profit from discontinued operations, net of tax (172)348 (809) (172)348 (809)
Loss for the year (5,806) (1,969) (1,666) (5,806) (1,969) (1,666)
Non-controlling interests 123 (28) 665 123 (28) 665
Other owners’ dividends (288) — (124) (288) — (124)
Loss attributable to ordinary and B shareholders (5,971)(1,997) (1,125) (5,971)(1,997) (1,125)
* On a statutory basis, operating loss excludes the results of Direct Line Group.
** Included within Direct Line Group discontinued operations are the managed basis divisional results of Direct Line Group (DLG), certain DLG related
activities in Central items and Non-Core; and related one-off and other items including write-down of goodwill, integration and restructuring costs and
strategic disposals.