RBS share price: Group posts H1 attributable loss of £2.05bn
Royal Bank of Scotland Group (LON:RBS) has updated investors on its interim performance this morning.
**Highlights from RBS statement:**
RBS reported an operating loss before tax of £274 million in H1 2016 and an attributable loss(1) of £2,045 million.
Across our Personal & Business Banking (PBB), Commercial & Private Banking (CPB) and Corporate & Institutional Banking (CIB) franchises, RBS reported an adjusted operating profit(2) of £2,070 million in H1 2016 and £1,047 million in Q2 2016.
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Adjusted return on equity across PBB, CPB and CIB was 11% for both H1 2016 and Q2 2016. Across PBB and CPB, net lending grew by 15% on an annualised basis in H1 2016.
Common Equity Tier 1 ratio of 14.5% remains ahead of our 13.0% target. Leverage ratio was 5.2%.
Williams & Glyn
On 28 April 2016 we announced that there was a significant risk that the separation and divestment of Williams & Glyn will not be achieved by 31 December 2017. RBS remains committed to meeting its State Aid obligations. Work has continued to explore alternative means to achieve separation and divestment and RBS has had positive discussions with a number of interested parties concerning an alternative transaction related to substantially all of the business previously described as Williams & Glyn. These discussions are at a preliminary stage and may or may not lead to a viable transaction.
Due to the complexities of Williams & Glyn’s separation, whilst good progress has been made on the programme to create a cloned banking platform, the Board concluded that the risks and costs inherent in the programme are such that it would not be prudent to continue with this programme. RBS will instead prioritise exploring alternative means to achieve divestment.
**More to follow…**
As of 07:06 BST, Friday, 05 August, Royal Bank of Scotland Group share price is 192.00p.