Final Results - RBS Holdings N.V.

RNS Number : 0981B

Royal Bank of Scotland Group PLC

28 March 2013

 



Amsterdam 28 March 2013
RBS Holdings N.V. publishes its 2012 Annual Report

RBS Holdings N.V. today announces the publication of its 2012 Annual Report and Accounts. RBS Holdings N.V. and its banking entity The Royal Bank of Scotland NV (RBSH Group) are majority owned by The Royal Bank of Scotland Group plc. 

Key financials

	2012	2011
for the year ended 31 December	€m	€m
Total income	708	4,006
Operating (loss)/profit before impairment losses	(822)	1,579
Operating loss before tax	(887)	(186)
Operating loss before tax excluding own credit adjustments	(22)	(1,476)

	2012	2011
at 31 December	€m	€m
Total assets	70,954	146,776
Loans and advances to customers	6,380	29,578
Deposits	37,103	86,121
Equity attributable to controlling interests	1,799	3,395
Capital ratios           - Core Tier 1	11.7%	8.6%
- Tier 1	13.9%	12.0%
- Total	19.8%	17.5%

Summary consolidated income statement

	2012	2011
	€m	€m
Net interest income	605	688
Fees and commissions receivable	469	1,039
Fees and commissions payable	(198)	(367)
Other non-interest income (1)	697	1,356
Non-interest income (1)	968	2,028
Total income (1)	1,573	2,716
Operating expenses	(1,530)	(2,427)
Operating profit before impairment losses (1)	43	289
Impairment losses	(65)	(1,765)
Operating loss before tax excluding own credit adjustments	(22)	(1,476)
Tax charge	(129)	(449)
Own credit adjustments	(865)	1,290
Loss from continuing operations	(1,016)	(635)
Profit from discontinued operations, net of tax	17	40
Loss for the year	(999)	(595)
Attributable to:
Non-controlling interests	-	-
Controlling interests	(999)	(595)

Note

(1) Excluding own credit adjustments

Results of operations in 2012

2012 saw good progress in terms of risk reduction due to the substantial progress that was made in transferring businesses to The Royal Bank of Scotland plc (RBS plc) during 2012. However, RBS Holdings N.V. recorded a loss for the period of €999 million. The loss principally reflected a €2,155 million lower own credit adjustment attributable to the tightening of credit spreads in 2012. In addition net interest income and fee and commission income decreased following the transfer of businesses to RBS plc in 2012, particularly reflecting interest income reductions in International Banking.

These decreases were partially offset by lower impairment losses. The large impairment losses in 2011 related to Greek sovereign available-for-sale bonds and related interest rate hedge adjustments as a result of Greece's continuing fiscal difficulties. In the first half of 2012, as part of Private Sector Involvement in the Greek government bail-out, the vast majority of this portfolio was exchanged for Greek sovereign debt and European Financial Stability Facility notes; the Greek sovereign debt received in the exchange was sold.

Total equity as at the 31 December 2012 was €1.8 billion, a decrease of €1.6 billion compared to 31 December 2011. RBSH Group's Tier 1 ratio of 13.9% is higher than the end of 2011 in the face of challenging economic headwinds and continuing costs of de-risking. This has been achieved through a continued focus on reshaping the RBSH Group's use of capital and as a result of de-risking RBSH Group through the transfer of businesses to RBS plc.

The RBS Holdings N.V. 2012 Annual Report and Accounts is available on the RBS website (www.RBS.com). 

For further information, please contact

RBS Group Investor Relations [e-mail] [phone]

RBS Group Media Relations [phone](UK) [phone] (NL)

 

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