RBS 2013 Annual Report Download - page 152
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Business review
150
Markets 2013 2012 2011
£m £m £m
Net interest income from banking activities 159 113 79
Net fees and commissions receivable 220 318 603
Income from trading activities 2,910 3,911 3,602
Other operating income (net of related funding costs) 33 141 131
Non-interest income 3,163 4,370 4,336
Total income 3,322 4,483 4,415
Direct expenses
- staff (1,177) (1,453) (1,959)
- other (723) (722) (748)
Indirect expenses (710) (762) (771)
(2,610) (2,937) (3,478)
Profit before impairment losses 712 1,546 937
Impairment losses (1) (92) (37) (38)
Operating profit 620 1,509 899
Of which:
Ongoing businesses (2) 655 1,431 523
Run-off and recovery businesses (35) 78 376
A
nalysis of income by product
Rates 1,053 1,922 1,459
Currencies 1,000 775 1,129
A
sset-backed products (ABP) 943 1,322 1,221
Credit markets 699 735 461
Total income ongoing businesses 3,695 4,754 4,270
Inter-divisional revenue share (612) (708) (828)
Run-off and recovery businesses 239 437 973
Total income 3,322 4,483 4,415
Memo - fixed income and currencies
Total income ongoing businesses 3,695 4,754 4,270
Less: primary credit markets (561) (574) (683)
Total fixed income and currencies 3,134 4,180 3,587
Performance ratios
Return on equity (3) 5.0% 9.6% 5.9%
Cost:income ratio 79% 66% 79%
Compensation ratio (4) 35% 32% 44%
Notes:
(1) Includes £18 million pertaining to the creation of RCR and related strategy.
(2) The ongoing businesses include the Rates, Currencies, Asset backed products and credit markets areas.
(3) Divisional return on equity is based on divisional operating profit after tax divided by average notional equity (based on 10% of the monthly average of divisional RWAs, adjusted for capital
deductions), for the ongoing businesses.
(4) Compensation ratio is based on staff costs as a percentage of total income.