RBS 2013 Annual Report Download - page 124
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Business review
122
Non-interest income
Managed (1) Statutory
2013 2012* 2011* 2013 2012 2011
£m £m £m £m £m £m
Fees and commissions receivable 5,460 5,709 6,379 5,460 5,709 6,379
Fees and commissions payable (942) (833) (962) (942) (834) (962)
Income from trading activities
- excluding Asset Protection Scheme 2,651 3,533 3,313 2,685 1,719 3,607
- Asset Protection Scheme —— — — (44) (906)
Gain on redemption of own debt —— — 175 454 255
Other operating income 1,281 2,259 2,381 1,398 (465) 3,975
Total non-interest income 8,450 10,668 11,111 8,776 6,539 12,348
*Restated - see page 102.
Note:
(1) Managed basis excludes movements in own credit adjustments, Asset Protection Scheme, gain on redemption of own debt, strategic disposals and RFS MI.
2013 compared with 2012 - managed
Non-interest income decreased by £2,218 million to £8,450 million.
The majority of the decline in income was in Markets, where income from
trading activities was £1,001 million lower as the division managed down
the scale of the balance sheet and reduced risk. This was partially offset
by a £506 million improvement in Non-Core trading losses.
Within other operating income, Non-Core recorded a loss of £334 million
excluding rental income, primarily related to fair value adjustments
associated with investment properties.
A £392 million reduction in operating lease income largely reflects the
disposal of RBS Aviation Capital in Q2 2012. This was partially offset by
lower depreciation.
2013 compared with 2012 - statutory
Non-interest income increased by £2,237 million to £8,776 million
primarily due to the lower accounting charge for improved own credit of
£120 million compared with £4,649 million in 2012.
Net fees and commissions fell by 7% principally reflecting declines in
Markets, UK Corporate, International Banking and Non-Core.
The continuing strengthening of RBS’s credit profile, albeit modest,
resulted in a £120 million accounting charge in relation to own credit
adjustment compared with £4,649 million in 2012.
Income from trading activities increased by £1,010 million to £2,685
million principally due the lower charge in relation to own credit
adjustment and increase in Non-Core partially offset by a decline in
Markets, where income from trading activities declined by £1,001 million
as the division managed down the scale of the balance sheet and
reduced risk.
The increase in other operating income predominantly reflected lower
accounting charges for own credit adjustments partially offset by losses
on disposal and value adjustments in Non-Core. In addition, the disposal
of RBS Aviation Capital in June 2012 resulted in a £392 million reduction
in operating lease income.