RBS 2014 Annual Report Download - page 93
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91
RBS – Interim Results 2015
Notes
13. Discontinued operations and assets and liabilities of disposal groups
In accordance with a commitment to the European Commission to sell Citizens Financial Group, Inc.
(Citizens) by 31 December 2016, RBS disposed of 29.5% of its interest in Citizens during the second half of
2014 primarily through an initial public offering in the USA and a further 28.4% in March 2015. RBS plans to
cede control by the end of 2015 and therefore, in accordance with IFRS 5 ‘Non-current Assets Held for Sale
and Discontinued Operations’, Citizens is presented with effect from 31 December 2014 as a discontinued
operation, with comparatives re-presented, and as a disposal group.
Other discontinued operations represents the results of RFS Holdings attributable to the State of the
Netherlands and Santander following the legal separation of ABN AMRO Bank N.V. on 1 April 2010.
(a) Profit/(loss) from discontinued operations, net of tax
Half year ended Quarter ended
30 June 30 June 30 June 31 March 30 June
2015 2014 2015 2015 2014
£m £m £m £m £m
Citizens
Interest income 1,222 1,077 612 610 542
Interest expense (118) (90) (61) (57) (43)
Net interest income 1,104 987 551 553 499
Other income 527 624 249 278 385
Total income 1,631 1,611 800 831 884
Operating expenses (1,019) (1,081) (517) (502) (579)
Profit before impairment losses 612 530 283 329 305
Impairment losses (89) (104) (51) (38) (31)
Operating profit before tax 523 426 232 291 274
Tax charge (179) (141) (75) (104) (93)
Profit after tax 344 285 157 187 181
Reversal/(provision) for loss on disposal (1,2) 10 - 517 (507) -
Profit/(loss) from Citizens discontinued operations,
net of tax 354 285 674 (320) 181
Other
Total income 11 12 4 7 6
Operating expenses (2) (1) (2) - -
Operating profit before tax 9 11 2 7 6
Tax charge (5) (5) (2) (3) (3)
Profit after tax 4 6 - 4 3
Businesses acquired exclusively with a view to disposal
Profit after tax - 29 - - 23
Profit from other discontinued operations, net of tax 4 35 - 4 26
Notes:
(1) Gains in H1 2015 and Q2 2015 on remeasurement to fair value less costs to sell (fair value hierarchy 2: based on the quoted price of Citizens' shares) have been
restricted: reversal of goodwill impairment (£368 million) have not been recognised.
(2) Of which attributable to owners equity £146 million loss (Q2 2015 - £211 million gain, Q1 2015 - £357 million loss).