RBS 2014 Annual Report Download - page 50
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48
RBS – Interim Results 2015
Private Banking
Key points (continued)
Q2 2015 compared with Q1 2015
• Operating loss was £78 million compared with a profit of £28 million in Q1, with higher restructuring and
litigation and conduct costs.
• Total income decreased by 3% to £207 million, with net interest income flat and lower non-interest
income reflecting lower investment and transactional income.
• Operating expenses increased by 53%, driven by higher restructuring costs as a result of an £82 million
write-down of an intangible asset together with higher litigation and conduct costs by £24 million.
• Assets under management reduced to £27.1 billion from £29.2 billion in the previous quarter with the
Greek financial crisis adversely impacting European stock market indices reducing portfolio values.
Q2 2015 compared with Q2 2014
• Operating loss was £78 million compared with a £70 million profit in Q2 2014, partly due to the transfe
r
of Private Banking RBSI business to Commercial Banking on 1 January 2015; performance was also
impacted by higher restructuring costs, increased litigation and conduct costs and lower income.
• Total income decreased 24%, partly due to the transfer of RBSI business; the underlying performance
adversely impacted by lower income from hedging activities and reduced investment and transactional
income.
• Operating expenses increased £86 million, or 43%, with the underlying performance impacted by
higher restructuring costs, as a result of the write-down of an intangible asset of £82 million, increased
litigation and conduct costs of £26 million, offset in part by a fall in direct and indirect costs.