Royal Bank Of Scotland Slips To H1 Loss - Quick Facts

(RTTNews) - Royal Bank of Scotland Group Plc (RBS, RBS.L) reported first-half loss attributable to ordinary and B shareholders of 153 million pounds or 1.3 pence per share, compared to a profit of 1.43 billion pounds or 12.6 pence per share a year ago, hurt by the 1.50 billion pounds of restructuring as well as 1.32 billion pounds of restructuring and conduct costs.

Loss from continuing operations attributable to ordinary and B shareholders was 217 million pounds or 1.9 pence per share, compared to a profit of 1.12 billion pounds or 9.9 pence per share a year ago.

Adjusted loss per share from continuing operations was 2.7 pence per share, compared to profit of 9.5 pence last year.

The British lender reported pre-tax operating of 293 million pounds or $457 million, significantly lower than 2.23 billion pounds in the prior year.

Adjusted operating profit for the period was 3.45 billion pounds, compared to last year's 3.37 billion pounds.

Total income for the period declined to 8.70 billion pounds from 9.98 billion pounds in the preceding year.

Net interest income increased to 5.52 billion pounds from 5.50 billion pounds last year, while non-interest income declined to 3.18 billion pounds from 4.48 billion pounds a year earlier, principally reflecting reduced trading income, in line with CIB's risk and resource reduction.

The lender noted that net interest margin rose 7 basis points, with progressive repricing of deposits helping to offset continuing competitive pressures on asset margins.

Net impairment releases for the period was 232 million pounds, compared to net impairment losses of 269 million pounds last year.

RBS said it has already achieved annualised cost savings of over 700 million pounds achieved in the first half, and remains on track to deliver its target of 800 million pounds cost reductions in 2015.

RBS also said it remains committed to achieving its target of being number one bank for customer service, trust and advocacy by 2020.