RBS 2014 Annual Report Download - page 3

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RBS – Interim Results 2015
Introduction
Presentation of information
Financial information contained in this document does not constitute statutory accounts within the meaning
of section 434 of the Companies Act 2006 (‘the Act’). The statutory accounts for the year ended 31
December 2014 have been filed with the Registrar of Companies. The report of the auditor on those
statutory accounts was unqualified, did not draw attention to any matters by way of emphasis and did not
contain a statement under section 498(2) or (3) of the Act.
In this document, ‘RBSG plc’ or the ‘company’ refers to The Royal Bank of Scotland Group plc, and ‘RBS’ or
the ‘Group’ refers to RBSG plc and its subsidiaries. Some of the financial information contained in this
document, prepared using Group accounting policies, shows the operating performance of RBS on a non-
statutory basis which excludes own credit adjustments, gain on redemption of own debt, write down of
goodwill and strategic disposals and includes the results of Citizens which is classified as a discontinued
operation in the statutory results. RFS Holdings minority interest (RFS MI) was also excluded in the periods
ended 30 June 2014. Such information is provided to give a better understanding of the results of RBS’s
operations.
RBS is committed to a leaner, less volatile business based around its core franchises of Personal &
Business Banking (PBB) and Commercial & Private Banking (CPB). To achieve this goal a number of
initiatives have been announced which include, but are not limited to, the restructuring of Corporate &
Institutional Banking (CIB) into CIB Go-forward and CIB Capital Resolution, the divestment of the remaining
stake in Citizens, the sale of the International Private Banking business (the remaining Private Banking UK
business is within the Go-forward Bank (Private Banking Go-forward)), the exit of Williams & Glyn (mainly
within UK Personal & Business Banking (UK PBB)) and the continued run down of RBS Capital Resolution
(RCR). Significant progress towards these exits is expected in 2015. This document contains some
information to illustrate the impact on certain key performance measures of these initiatives by showing the
future profile of the bank (the ‘Go-forward Bank’) and the segments, businesses and portfolios which it
intends to exit (the ‘Exit Bank’). This information is presented to illustrate the strategy and its impact on the
business and is on a non-statutory basis and should be read in conjunction with the notes attached as well
as the section titled Forward-looking Statements. There has been no change to the reportable segments in
the period.
Statutory results
The condensed consolidated income statement, condensed consolidated statement of comprehensive
income, condensed consolidated balance sheet, condensed consolidated statement of changes in equity,
condensed consolidated cash flow statement and related Notes presented on pages 67 to 122 inclusive are
on a statutory basis. Reconciliations between the non-statutory basis and statutory basis are included in
Appendix 2.
Contacts
For analyst enquiries:
Richard O’Connor Head of Investor Relations [phone]
For media enquiries:
Group Media Centre [phone]