Results

Royal Bank of Scotland Group PLC
4 May 2000


THE ROYAL BANK OF SCOTLAND GROUP plc


In light of our announcement on 19 April 2000 that we are changing our
financial year end to 31 December, we are not issuing our normal results
announcement for the period to 31 March 2000.  Our interim results will now be
issued on 1 August 2000, covering the period to 30 June 2000.

The attached pro forma information covering the period to 31 March 2000 is
being published to facilitate comparison with the profit forecast for the same
period published on 28 January 2000, and has been prepared on a basis
consistent therewith.  In particular it excludes the results of National
Westminster Bank Plc ('NatWest') since the date of its acquisition on 6 March
2000.

A further consequence of the change in year end is that the declaration of the
interim dividend will now take place on 1 August 2000 and will be paid later
in the year.  However, subject to shareholder approval at the EGM to be held
on 20 June 2000, Additional Value Shares are expected to be issued to
shareholders in July 2000 on the basis outlined in the documentation for the
Offer for NatWest.  Full details of the Additional Value Shares will be set
out in a Circular to be sent shortly to shareholders.


4 May 2000


THE ROYAL BANK OF SCOTLAND GROUP (See Note)
PRO FORMA RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2000


*  PROFIT BEFORE TAX UP 35 PER CENT

*  PROFIT BEFORE TAX, EXCEPTIONALS AND PROVISIONS UP 28 PER CENT

*  PROFIT BEFORE TAX AND EXCEPTIONAL ITEMS UP 26 PER CENT

*  IMPROVEMENT IN ALL BUSINESSES


Fred Goodwin, Group Chief Executive said: 'We are pleased with these results,
particularly as they were achieved during the bid for NatWest when there were
a number of other pressures on our management team'.


Note - These results are presented on the same basis as the forecast issued
on 28 January 2000 i.e. they exclude the results of NatWest since the date of
its acquisition by the Group on 6 March 2000.




4 May 2000




ROYAL BANK GROUP (See Note) INCREASES SIX MONTHS' PROFIT

Group profit before tax increased by 35 per cent to £715 million (1999 - £531
million).  Profit before tax and exceptional items increased by 26 per cent to
£671 million (1999 - £531 million).

The RBS Group's total income rose by 20 per cent to £2,345 million, while
operating expenses, before exceptional items, increased by 12 per cent to
£1,133 million. The RBS Group's cost:income ratio improved from 51.8 per cent
to 48.3 per cent.  The interest margin improved from 2.5 per cent to
2.7 per cent.

Divisional performances:

* In the largest business area, the UK Bank profit increased by 22 per cent
  to £418 million (1999 - £344 million).

* In the USA, Citizens Financial Group increased its profit before exceptional
  items by 18 per cent to £140 million (1999 - £119 million).

* The RBS Group's insurance division, comprising Direct Line Insurance,
  Privilege Insurance and Green Flag (from the date of acquisition in November
  1999), increased its profit from £9 million to £20 million.  Because of the
  seasonal pattern of claims the Group's motor insurance businesses tend to
  make the larger proportion of their profit in the second half of the year.

* The RBS Group's New Retail Financial Services Businesses recorded a profit
  of £1 million compared with a loss of £17 million in 1999.

* Angel Trains, the RBS Group's train leasing business increased its profit
  from £24 million to £36 million.

* RBS Cards increased its profit from £37 million to £47 million.

* The RBS Group's offshore business, The Royal Bank of Scotland International,
  increased its profit by 32 per cent to £45 million (1999 - £34 million).

* The above results exclude an exceptional gain of £100 million realised from
  the sale of the RBS Group's main investor services businesses in October
  1999 and exceptional restructuring costs of £56 million incurred in relation
  to the acquisitions, by Citizens Financial Group, of UST Corp. of Boston and
  the commercial banking business of State Street Corporation.




Note - Excluding the results of NatWest since the date of its acquisition by
the Group on 6 March 2000.




THE ROYAL BANK OF SCOTLAND GROUP plc
PRO FORMA (See Note) RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2000
(unaudited)

The Group results for the six months ended 31 March 2000 are as follows:

                                    Forecast                       (Audited)
                          6 months  6 months  6 months             12 months
                             ended     ended     ended                 ended
                           31/3/00   31/3/00   31/3/99         %     30/9/99
                                £m        £m        £m  increase          £m
                                                                            
                                                                            
Profit before tax and          671       651       531        26       1,211
exceptional items
                             -----     -----     -----                 -----
                                                                            
                                                                            
                                                                            
Profit before tax              715       695       531        35       1,211
                             -----     -----     -----                 -----
                                                                            
                                                                            
                                                                            
Profit attributable to         444       433       333        33         776
ordinary shareholders
                             -----     -----     -----                 -----




Note - Excluding the results of NatWest since the date of its acquisition by
the Group on 6 March 2000.




THE ROYAL BANK OF SCOTLAND GROUP plc
PRO FORMA (See Note) PROFIT AND LOSS ACCOUNT (unaudited)

                                           Forecast            (Audited)
                                 6 months  6 months  6 months  12 months
                                    ended     ended     ended      ended
                                  31/3/00   31/3/00   31/3/99    30/9/99
                                       £m        £m        £m         £m
                                                                        
NET INTEREST INCOME                 1,045     1,033       865      1,756
                                                                        
NON-INTEREST INCOME                   834       824       753      1,672
                                                                        
General insurance premiums (net       466       468       335        710
of reinsurance)                                                         
                                    -----     -----     -----      -----
TOTAL INCOME                        2,345     2,325     1,953      4,138
                                    -----     -----     -----      -----      
                                                                 
OPERATING EXPENSES                  1,133     1,133     1,011      2,048
RESTRUCTURING COSTS ON CFG             56        55         -          -
ACQUISITIONS**                      -----     -----     -----      -----
TOTAL OPERATING EXPENSES            1,189     1,188     1,011      2,048
                                    -----     -----     -----      -----
PROFIT BEFORE OTHER OPERATING       1,156     1,137       942      2,090
CHARGES                                                                 
General insurance claims (net         395       395       302        590
of reinsurance)                                                         
                                    -----     -----     -----      -----
PROFIT BEFORE PROVISIONS FOR                                            
BAD AND DOUBTFUL DEBTS                761       742       640      1,500
                                                                        
Provisions for bad and doubtful       146       146       108        276
debts                                                                   
Amounts written off investments         -         -         1         13
                                    -----     -----     -----      -----
GROUP OPERATING PROFIT                615       596       531      1,211
                                                                        
Profit on sale of business            100        99         -          -
                                    -----     -----     -----      -----
PROFIT ON ORDINARY ACTIVITIES         715       695       531      1,211
BEFORE TAX                                                              
Tax on Group profit on ordinary     (216)     (212)     (164)      (361)
activities                                                              
                                    -----     -----     -----      -----
PROFIT ON ORDINARY ACTIVITIES         499       483       367        850
AFTER TAX                                                               
Minority interests - equity             5         7         2          6
                                    -----     -----     -----      -----
PROFIT AFTER MINORITY INTERESTS       504       490       369        856
Preference dividends***                60        57        36         80
                                    -----     -----     -----      -----
PROFIT ATTRIBUTABLE TO ORDINARY                                         
SHAREHOLDERS***                       444       433       333        776
                                    -----     -----     -----      -----


**  Exceptional item
*** Prior to the shares issued as a consequence of the acquisition of NatWest

The results for the year ended 30 September 1999 are not statutory accounts. 
A copy of the statutory accounts for that year has been delivered to the
Registrar of Companies.  The auditors' report on those accounts was not
qualified.




Note - Excluding the results of NatWest since the date of its acquisition by
the Group on 6 March 2000.




THE ROYAL BANK OF SCOTLAND GROUP plc
OVERVIEW OF RESULTS (See Note)

Group profit before tax up 35%, from £531 million to £715 million.  Profit
before tax and exceptional items up by 26%, from £531 million to £671
million.

Net interest income up by 21% to £1,045 million.

Non-interest income, excluding general insurance, up by 11% to £834 million.

General insurance premium income, after reinsurance, up by 39% to £466
million.

Total income up by 20% to £2,345 million.

Operating expenses, before exceptional items, up by 12% to £1,133 million.

Group cost:income ratio improves from 51.8% to 48.3%.

General insurance claims, after reinsurance, up by 31% to £395 million.

Provisions for bad debts up by £38 million to £146 million.

Exceptional items are a gain of £100 million from the sale of the Group's
main investor services businesses and restructuring costs of £56 million in
relation to Citizens' acquisitions.

Tax charge of £216 million on profits before tax of £715 million, an
effective rate of 30.2%.

Profit attributable to ordinary shareholders, after tax, minority interests
and preference dividends, up by 33%, from £333 million to £444 million.

Segmental analysis of Group operating profit before exceptional items is
shown below.

                                        Forecast            (Audited)
                              6 months  6 months  6 months  12 months
                                 ended     ended     ended      ended
                               31/3/00   31/3/00   31/3/99    30/9/99
                                    £m        £m        £m         £m
                                                                     
UK Bank                            418       411       344        736
New Retail Financial                 1       (1)      (17)       (26)
Services Businesses                                                  
Angel Trains                        36        33        24         53
RBS Cards                           47        47        37         85
Direct Line Insurance               20        14         9         93
Division                                                             
Citizens                           140       135       119        242
The Royal Bank of Scotland          45        44        34         70
International                                                        
Central Items                     (36)      (32)      (26)       (56)
Investor Services                    -         -         7         14
- discontinued                   -----     -----     -----      -----
Group operating profit             671       651       531      1,211
before exceptional items                                             
                                 -----     -----     -----      -----


Privilege Insurance (previously included in the New Retail Financial Services
Businesses) is now included with Direct Line Insurance and Green Flag as the
Direct Line Insurance Division.  The 1999 figures have been adjusted to
reflect this.




Note - Excluding the results of NatWest since the date of its acquisition by
the Group on 6 March 2000.




THE ROYAL BANK OF SCOTLAND GROUP plc

Independent Review Report to The Royal Bank of Scotland Group plc

Introduction
We have been instructed by the company to review the financial information set
out on pages 4 to 6 and we have read the other information contained in the
results announcement and considered whether it contains any apparent
misstatements or material inconsistencies with the financial information.

Directors' responsibilities
The results announcement, including the financial information contained
therein, is the responsibility of, and has been approved by, the directors.
The Listing Rules of the London Stock Exchange require that the accounting
policies and presentation applied to the figures should be consistent with
those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.

Review work performed
We conducted our review in accordance with guidance contained in Bulletin
1999/4 issued by the Auditing Practices Board.  A review consists principally
of making enquiries of group management and applying analytical procedures to
the financial information and underlying financial data and based thereon,
assessing whether the accounting policies and presentation have been
consistently applied unless otherwise disclosed.  A review excludes audit
procedures such as tests of controls and verification of assets, liabilities
and transactions.  It is substantially less in scope than an audit performed
in accordance with Auditing Standards and therefore provides a lower level of
assurance than an audit.  Accordingly, we do not express an audit opinion on
the financial information.

Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 31 March 2000.

Deloitte & Touche
Chartered Accountants
39 George Street
Edinburgh
EH2 2HZ

3 May 2000




THE ROYAL BANK OF SCOTLAND GROUP plc


Enquiries


Grahame Whitehead     Group Chief Financial Officer     0131 523 2970

Howard Moody          Group Director, Communications    0131 523 2056