1st Quarter Results

RNS Number : 3159M
Royal Bank of Scotland Group PLC
27 April 2018
 
 

 

 

The Royal Bank of Scotland Group plc

Q1 2018 Interim Management Statement

 

RBS reported an operating profit before tax of £1,213 million, £500 million, or 70.1%, higher than Q1 2017

Q1 2018 attributable profit of £792 million compared with £259 million for Q1 2017.

2.8% increase in income and a 2.1% reduction in costs, excluding strategic and litigation and conduct costs, driving a 4.9% improvement in operating leverage compared with Q1 2017.

 

Continued track record of delivery

Grow income

Income increased by £90 million, or 2.8%, compared with Q1 2017. Compared with Q4 2017, income increased by £245 million largely reflecting higher NatWest Markets income.

Net interest margin (NIM) was stable at 2.04% compared with Q4 2017, but was 2 basis points lower excluding Q4 2017 one-off items, reflecting competitive pressure, 1 basis point, and IFRS 9 accounting impacts, 1 basis point. NIM was 20 basis points lower than Q1 2017 reflecting increased liquidity, mix impacts and competitive pressures on margins.

 

Cut costs through continued transformation and increased digitisation

Operating costs decreased by £442 million, or 18.0%, compared with Q1 2017. Excluding strategic and litigation and conduct costs, costs decreased by £39 million, or 2.1%, and FTEs reduced by 7.0%.

5.75 million customers now regularly using our mobile app, 21% higher than Q1 2017 and 5% higher than Q4 2017. 55% of personal unsecured loans sales are via the digital channel, 39% higher than Q1 2017. Business Banking digital current account openings accounted for 82% of total accounts opened, up from 59% in Q1 2017.

Compared with Q1 2017, branch counter transactions were down around 7%, ATM transactions were down 17% and cheque usage was down 17%.

 

Stronger capital position

 

CET1 ratio increased by 50 basis points in the quarter to 16.4% and remains ahead of our target.

RWAs increased by £1.8 billion compared with Q4 2017. Excluding the impact of model uplifts within Commercial Banking, RWAs reduced by £2.5 billion.

Successfully completed a sterling equivalent of £2.1 billion MREL compliant debt issuance against our planned £4-6 billion issuance in 2018.

 

 

Resolve legacy issues

 

Reached settlement with the New York Attorney General on its RMBS investigation; this was fully provided for in Q4 2017.

Entered into a Memorandum of Understanding with the Trustees of the Main Scheme of the RBS Group Pension Fund to make a £2 billion pre-tax payment in the second half of 2018, and further pre tax contributions of up to £1.5 billion in aggregate from 1 January 2020 linked to the making of future distributions to RBS shareholders.

 

Outlook (1)

 

We retain the 2018 guidance and medium term outlook we provided in the 2017 Annual Results document.

 

Change to the presentation of operating performance from Q1 2018

 

As previously indicated, and reflecting the progress RBS has made in resolving its legacy issues and becoming a simple bank, from Q1 2018 financial performance and key performance indicators are no longer reported on an 'adjusted' basis. We continue to provide details of notable items on memorandum lines where they materially distort comparisons with prior periods. The line previously presented as 'Restructuring costs' has also been renamed 'Strategic costs'.

 

Note:

 

(1)

 

The targets, expectations and trends discussed in this section represent management's current expectations and are subject to change, including as a result of the factors described in this document and in the "Risk Factors" on pages 372 to 402 of the 2017 Annual Report and Accounts. These statements constitute forward-looking statements; refer to Forward-looking statements in this announcement.

 

 

Business performance summary

 

 

Quarter ended

 

 

31 March

31 December

31 March

 

Performance key metrics and ratios

2018

2017 

2017 

 

Operating profit/(loss) before tax

£1,213m

(£583m)

£713m

 

Profit/(loss) attributable to ordinary shareholders

£792m

(£579m)

£259m

 

Net interest margin

2.04%

2.04%

2.24%

 

Average interest earning assets

£427,394m

£430,902m

£405,122m

 

Cost:income ratio (1)

60.5%

111.5%

76.1%

 

Earnings per share

 

 

 

 

  - basic

6.6p

(4.9p)

2.2p

 

  - basic fully diluted

6.6p

(4.9p)

2.2p

 

Return on tangible equity

9.3%

(6.7%)

3.1%

 

Average tangible equity

£34,216m

£34,403m

£33,357m

 

Average number of ordinary shares

 

 

 

 

 outstanding during the period (millions)

 

 

 

 

   - basic

11,956 

11,944 

11,793 

 

  -  fully diluted (2)

12,015 

12,003 

11,872 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31 March

31 December

31 March

Balance sheet related key metrics and ratios

2018 

2017 

2017 

Total assets

£738.5bn

£738.1bn

£783.3bn

Funded assets

£588.7bn

£577.2bn

£579.2bn

Loans and advances to customers (excludes reverse repos)

£319.1bn

£323.2bn

£326.7bn

Impairment provisions (3)

£4.2bn

£3.8bn

£4.1bn

Customer deposits (excludes repos)

£358.3bn

£367.0bn

£351.5bn

 

 

 

 

Liquidity coverage ratio (LCR)

151%

152%

129%

Liquidity portfolio

£180bn

£186bn

£160bn

Net stable funding ratio (NSFR) (4)

137%

132%

120%

Loan:deposit ratio

89%

88%

93%

Short-term wholesale funding

£17bn

£18bn

£16bn

Wholesale funding

£73bn

£70bn

£67bn

 

 

 

 

Common Equity Tier 1 (CET1) ratio

16.4%

15.9%

14.1%

Total capital ratio

21.6%

21.3%

19.2%

Risk-weighted assets (RWAs)

£202.7bn

£200.9bn

£221.7bn

CRR leverage ratio

5.4%

5.3%

5.0%

UK leverage ratio

6.2%

6.1%

5.7%

 

 

 

 

Tangible net asset value (TNAV) per ordinary share

297p

294p

297p

Tangible net asset value (TNAV) per ordinary share - fully diluted

295p

292p

295p

Tangible equity

£35,644m

£35,164m

£35,186m

Number of ordinary shares in issue (millions)

11,993 

11,965 

11,842 

Number of ordinary shares in issue (millions) - fully diluted (2,5)

12,075 

12,031 

11,921 

 

 

 

 

           

 

Notes:

(1)

Operating lease depreciation included in income for Q1 2018 - £31 million; (Q4 2017 - £35 million; Q1 2017 - £36 million).

(2)

Includes the effect of dilutive share options and convertible securities. Dilutive shares on an average basis for Q1 2018 were 59 million shares; (Q4 2017 - 59 million shares; Q1 2017 - 79 million shares) and as at 31 March 2018 were 82 million shares (31 December 2017 - 66 million shares; 31 March 2017 - 79 million shares).

(3)

31 March 2018 prepared under IFRS 9, 31 December 2017 and 31 March 2017 prepared under IAS 39. Refer to the February 2018 IFRS 9 Transition Report for further details.

(4)

In November 2016, the European Commission published its proposal for NSFR rules within the EU as part of its CRR2 package of regulatory reforms. CRR2 NSFR is expected to become the regulatory requirement in future within the EU and the UK. RBS has changed its policy on the NSFR to align with its interpretation of the CRR2 proposals with effect from 1 January 2018. The pro forma CRR2 NSFR at 31 December 2017 under CRR2 proposals is estimated to be 139%.

(5)

Includes 18 million treasury shares (31 December 2017 - 16 million shares; 31 March 2017 - 28 million shares).

 

 

Business performance summary

 

Summary consolidated income statement for the quarter ended 31 March 2018

 

 

 

 

 

Quarter ended

 

31 March

31 December

31 March

 

2018 

2017 

2017 

 

£m

£m

£m

Net interest income

2,146 

2,211 

2,234 

 

 

 

 

Own credit adjustments

21 

(29)

Gain on redemption of own debt

Strategic disposals

191 

Other non-interest income

1,135 

646 

1,005 

 

 

 

 

Non-interest income

1,156 

846 

978 

 

 

 

 

Total income

3,302 

3,057 

3,212 

 

 

 

 

Litigation and conduct costs

(19)

(764)

(54)

Strategic costs

(209)

(531)

(577)

Other expenses

(1,783)

(2,111)

(1,822)

 

 

 

 

Operating expenses

(2,011)

(3,406)

(2,453)

 

 

 

 

Profit/(loss) before impairment losses

1,291 

(349)

759 

Impairment losses (1)

(78)

(234)

(46)

 

 

 

 

Operating profit/(loss) before tax

1,213 

(583)

713 

Tax (charge)/credit

(329)

168 

(327)

 

 

 

 

Profit/(loss) for the period

884 

(415)

386 

 

 

 

 

Attributable to:

 

 

 

Non-controlling interests

14 

11 

Other owners

85 

150 

116 

Ordinary shareholders

792 

(579)

259 

 

 

Notable items within total income

 

 

 

IFRS volatility in Central items (2)

(128)

(173)

(18)

UK PBB debt sale gain

26 

FX losses in Central items

(15)

(8)

(52)

Commercial Banking fair value and disposal gain/(loss)

77 

(46)

 - 

NatWest Markets legacy business disposal losses

(16)

(163)

(50)

Own credit adjustments

21 

(29)

 

 

 

 

Notable items within operating expenses

 

 

 

Litigation and conduct costs

(19)

(764)

(54)

Strategic costs

(209)

(531)

(577)

VAT recovery in Central items

 - 

51 

 

 

 

 

 

Notes:

(1)

31 March 2018 prepared under IFRS 9, 31 December 2017 and 31 March 2017 prepared under IAS 39. Refer to the February 2018 IFRS 9 Transition Report for further details.

(2)

IFRS volatility relates to loans which are economically hedged but for which hedge accounting is not permitted under IFRS.

 

 

 

Business performance summary

 

Personal & Business Banking

UK Personal & Business Banking (UK PBB)

 

 

Quarter ended

 

 

As at

 

31 March

31 December

31 March

 

 

31 March

31 December

 

2018 

2017 

2017 

 

 

2018 

2017 

 

£m

£m

£m

 

 

£bn

£bn

Total income

1,591 

1,548 

1,583 

 

Net loans & advances

 

 

Operating expenses

(836)

(1,266)

(935)

 

  to customers

160.5 

161.7 

Impairment losses

(57)

(60)

(43)

 

Customer deposits

180.4 

180.6 

Operating profit

698 

222 

605 

 

RWAs

43.4 

43.0 

Return on equity

27.9%

7.8%

23.9%

 

 

 

 

 

UK PBB now has 5.75 million regular mobile app users, 5% higher than Q4 2017, representing 69% digital penetration of active current account customers. 55% of personal unsecured loans sales are via the digital channel, 39% higher than Q1 2017. Business Banking digital current account openings accounted for 82% of the total accounts opened in Q1 2018, up from 59% in Q1 2017. In Q1 2018, more than 50% of our Business Banking loans under £50,000 were originated digitally.

Total income was £8 million higher than Q1 2017 benefiting from an £18 million increase in debt sale gains and higher volumes partially offset by an £11 million transfer to Private Banking and lower margins, down 15 basis points to 2.81%. Compared with Q4 2017, net interest margin is 5 basis points higher due to increased deposit margins and the impact of an annual review of mortgage customer repayment behaviour in Q4 2017 partially offset by lower mortgage margins.

Operating expenses in Q1 2018 were £99 million, or 10.6%, lower than Q1 2017 driven by a £51 million reduction in strategic costs, reflecting lower property restructuring, a 9% reduction in headcount, further operational efficiencies and lower fraud losses, partially offset by increased technology investment spend.

Compared with Q4 2017, net loans and advances decreased by £1.2 billion as a result of increased redemptions in Q1 2018 and weaker new mortgage lending due to intense mortgage competition in the past six months. Gross new mortgage lending in the quarter was £6.0 billion with market share of around 10%. Mortgage approval share was around 12% in Q1 2018.

 

 

 

 

 

 

 

 

 

Ulster Bank RoI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended

 

As at

 

31 March

31 December

31 March

 

 

31 March

31 December

 

2018 

2017 

2017 

 

 

2018 

2017 

 

€m

€m

€m

 

 

€bn

€bn

Total income

165 

182 

168 

 

Net loans & advances

 

 

Operating expenses

(145)

(289)

(164)

 

  to customers

21.7 

22.0 

Impairment

 

 

 

 

Customer deposits

19.3 

19.8 

  (losses)/releases

(9)

(92)

28 

 

RWAs

19.2 

20.2 

Operating

 

 

 

 

 

 

 

   profit/(loss)

11 

(199)

32 

 

 

 

 

Return on equity

1.6%

(26.5%)

4.0%

 

 

 

 

 

 

 

Total income decreased by €3 million, or 1.8%, compared with Q1 2017 driven by the continued reduction in income from free funds. Compared with Q4 2017, net interest margin increased by 4 basis points as average interest earning assets have reduced by €1.1 billion following a dividend payment in January 2018.

Operating expenses decreased by €19 million, compared with Q1 2017, reflecting a €35 million reduction in strategic costs relating to the bank's restructure programme in 2017. This has been partially offset by an €11 million provision for remediation and project costs associated with legacy business issues and one-off accrual releases in Q1 2017.

Net loans and advances have reduced by €0.3 billion compared with Q4 2017, including a €0.2 billion reduction in the tracker mortgage book.

 

 

Business performance summary

 

Commercial & Private Banking

Commercial Banking

 

 

 

 

 

 

 

 

 

Quarter ended

 

 

As at

 

31 March

31 December

31 March

 

 

31 March

31 December

 

2018 

2017 

2017 

 

 

2018 

2017 

 

£m

£m

£m

 

 

£bn

£bn

Total income

865 

806 

865 

 

Net loans & advances

 

 

Operating expenses

(445)

(575)

(550)

 

  to customers

90.7 

97.0 

Impairment losses

(23)

(117)

(61)

 

Customer deposits

93.7 

98.0 

Operating profit

397 

114 

254 

 

RWAs

72.4 

71.8 

Return on equity

12.2%

1.3%

5.7%

 

 

 

 

 

Comparisons with prior periods are impacted by the transfer of shipping and other activities from NatWest Markets, the transfer of whole business securitisations and Relevant Financial Institutions to NatWest Markets in preparation for ring-fencing and the transfer of the funds and trustee depositary business to RBS International. The net impact of the transfers on Q1 2017 operating profit would have been to reduce total income by £34 million, reduce operating expenses by £1 million and impairments by £4 million. The net impact on the Q4 2017 balance sheet would have been to reduce net loans and advances by £4.8 billion, customer deposits by £2.1 billion and RWAs by £2.1 billion. The variances in the commentary below have been adjusted for the impact of these transfers, unless stated otherwise.

Total income increased by £34 million, or 4.1%, to £865 million compared with Q1 2017 reflecting asset disposal and fair value gains of £77 million, partially offset by lower lending volumes. On an unadjusted basis, net interest margin decreased by 11 basis points to 1.64% compared with Q4 2017 primarily reflecting a reclassification of net interest income to non interest income under IFRS 9 and the impact of transfers, partially offset by higher funding benefits from deposit balances.

Operating expenses decreased by £104 million, or 18.9%, to £445 million compared with Q1 2017 primarily reflecting a £63 million reduction in strategic costs and an 18.5% reduction in headcount.

Compared with Q4 2017, net loans and advances decreased by £1.5 billion reflecting capital management initiatives and a seasonal reduction in invoice financing balances.

Compared with Q4 2017, RWAs increased by £2.7 billion reflecting the impact of £4.3 billion of model uplifts, partially offset by £1.6 billion of gross RWA reductions from capital management initiatives and lower lending

 

Private Banking

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended

 

 

As at

 

31 March

31 December

31 March

 

 

31 March

31 December

 

2018 

2017 

2017 

 

 

2018 

2017 

 

£m

£m

£m

 

 

£bn

£bn

Total income

184 

191 

160 

 

Net loans & advances

 

 

Operating expenses

(121)

(194)

(124)

 

  to customers

13.7 

13.5 

Impairment losses

(1)

(2)

(3)

 

Customer deposits

25.3 

26.9 

Operating profit/(loss)

62 

(5)

33 

 

RWAs

9.4 

9.1 

Return on equity

12.5%

(2.9%)

6.0%

 

AUM

20.3 

21.5 

 

Comparisons with prior periods are impacted by the transfer of the Collective Investment Fund business from UK PBB and by the transfers of Coutts Crown Dependency and the International Client Group Jersey to RBS International. The net impact of the transfers on Q1 2017 operating profit would have been to increase total income by £8 million and operating expenses by £3 million. The net impact on the Q4 2017 balance sheet would have been to reduce net loans and advances by £0.1 billion, customer deposits by £0.5 billion, RWAs by £0.1 billion and assets under management by £0.7 billion. The variances in the commentary below have been adjusted for the impact of these transfers.

Total income increased by £16 million, or 9.5%, to £184 million compared with Q1 2017 reflecting increased lending and assets under management, partially offset by margin pressure. Net interest margin increased by 7 basis points to 2.51% compared with Q4 2017 primarily due to increased deposit income.

Operating expenses decreased by £6 million, or 4.7%, to £121 million compared with Q1 2017 reflecting lower strategic costs and an 11.8% reduction in headcount.

Assets under management (AUM) decreased by £0.5 billion compared with Q4 2017 to £20.3 billion as positive net new business inflows were offset by investment market performance.

 

 

Business performance summary

 

RBS International

 

 

 

 

 

 

 

 

 

Quarter ended

 

 

As at

 

31 March

31 December

31 March

 

 

31 March

31 December

 

2018 

2017 

2017 

 

 

2018 

2017 

 

£m

£m

£m

 

 

£bn

£bn

Total income

137 

97 

98 

 

Net loans & advances

 

 

Operating expenses

(59)

(66)

(46)

 

  to customers

13.1 

8.7 

Impairment losses

(7)

 

Customer deposits

27.0 

29.0 

Operating profit

78 

31 

45 

 

RWAs

7.0 

5.1 

Return on equity

23.2%

9.2%

12.0%

 

 

 

 

 

 

Comparisons with prior periods are impacted by the transfer of the funds and trustee depositary business from Commercial Banking and by the transfers of Coutts Crown Dependency and the International Client Group from Private Banking. The net impact of the transfers on Q1 2017 would have increased total income by £38 million. The net impact on the Q4 2017 balance sheet would have been to increase net loans and advances by £4.5 billion, customer deposits by £2.6 billion and RWAs by £2.1 billion. The variances in the commentary below have been adjusted for the impact of these transfers, unless otherwise stated. In addition, from Q4 2017 RWAs include the benefit of receiving the Advanced Internal Rating Based waiver on the wholesale corporate book.

Total income increased by £1 million, or 0.7%, to £137 million compared with Q1 2017. On an unadjusted basis, net interest margin increased by 23 basis points to 1.57% compared with Q4 2017 due to a change in product mix, an increased funding benefit on deposit balances and the impact of transfers.

Compared with Q4 2017, net loans and advances decreased by £0.1 billion. Customer deposits decreased £4.6 billion to £27.0 billion compared with Q4 2017 principally reflecting an outflow of short term placements in the Funds sector.

 

 

 

 

 

 

 

 

 

NatWest Markets(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended

 

 

As at

 

31 March

31 December

31 March

 

 

31 March

31 December

 

2018 

2017 

2017 

 

 

2018 

2017 

 

£m

£m

£m

 

 

£bn

£bn

Total income

437  

200  

429  

 

Funded assets

135.2  

118.7  

Operating expenses

(349)

(583)

(581)

 

RWAs

53.1  

52.9  

Impairment releases

9  

26  

45  

 

 

 

 

Operating profit/(loss)

97  

(357)

(107)

 

 

 

 

Return on equity

2.0%

(14.0%)

(4.4%)

 

 

 

 

 

Total income of £437 million was broadly stable compared with Q1 2017, with reduced income in the core business against a strong Q1 2017, offset by lower legacy disposal losses of £16 million compared with £50 million in Q1 2017. The increase of £237 million compared with Q4 2017 reflected higher customer activity and improved trading conditions in the core business and lower legacy disposal losses, down £147 million.

Operating expenses of £349 million were 39.9% lower than Q1 2017 reflecting lower strategic costs, reduced litigation and conduct costs and an 17.9% reduction in other expenses, principally reflecting the wind down of the legacy business.

RWAs increased by £0.2 billion to £53.1 billion compared with Q4 2017 reflecting increased market risk in the core business, partially offset by a reduction in legacy RWAs, down £3.1 billion to £17.5 billion.

Funded assets increased by £16.5 billion to £135.2 billion compared with Q4 2017 principally reflecting seasonally low levels of activity at the end of 2017.

 

Central items & other

Central items not allocated represented a charge of £129 million in the quarter, principally reflecting a £128 million IFRS volatility charge.

Note:

(1)

 

The NatWest Markets operating segment should not be assumed to be the same as the NatWest Markets Plc legal entity or group following completion of the Ring-Fencing Transfer Scheme on 30 April 2018.

 

 

Business performance summary

 

Capital and leverage ratios

 

 

 

 

 

End-point CRR basis (1)

 

 

 

31 March 

31 December 

 

 

 

2018 

2017 

 

 

Risk asset ratios

 

 

 

 

 

 

 

CET1

16.4 

15.9 

 

 

Tier 1

18.4 

17.9 

 

 

Total

21.6 

21.3 

 

 

 

 

 

 

 

Capital

£m

£m

 

 

 

 

 

 

 

Tangible equity

35,644 

35,164 

 

 

 

 

 

 

 

Expected loss less impairment provisions

(708)

(1,286)

 

 

Prudential valuation adjustment

(555)

(496)

 

 

Deferred tax assets

(825)

(849)

 

 

Own credit adjustments

(166)

(90)

 

 

Pension fund assets

(299)

(287)

 

 

Cash flow hedging reserve

204 

(227)

 

 

Other deductions

39 

28 

 

 

 

 

 

 

 

Total deductions

(2,310)

(3,207)

 

 

 

 

 

 

 

CET1 capital

33,334 

31,957 

 

 

AT1 capital

4,041 

4,041 

 

 

 

 

 

 

 

Tier 1 capital

37,375 

35,998 

 

 

Tier 2 capital

6,381 

6,765 

 

 

 

 

 

 

 

Total regulatory capital

43,756 

42,763 

 

 

 

 

 

 

 

Risk-weighted assets

 

 

 

 

 

 

 

 

 

Credit risk

 

 

 

 

  - non-counterparty

145,400 

144,700 

 

 

  - counterparty

15,300 

15,400 

 

 

Market risk

19,600 

17,000 

 

 

Operational risk

22,400 

23,800 

 

 

 

 

 

 

 

Total RWAs

202,700 

200,900 

 

 

 

 

 

 

 

Leverage

 

 

 

 

 

 

 

 

 

Cash and balances at central banks

95,400 

98,300 

 

 

Derivatives

149,900 

160,800 

 

 

Loans and advances

334,700 

339,400 

 

 

Reverse repos

37,900 

40,700 

 

 

Other assets

120,600 

98,900 

 

 

 

 

 

 

 

Total assets

738,500 

738,100 

 

 

Derivatives

 

 

 

 

  - netting and variation margin

(148,700)

(161,700)

 

 

  - potential future exposures

48,100 

49,400 

 

 

Securities financing transactions gross up

2,700 

2,300 

 

 

Undrawn commitments

52,500 

53,100 

 

 

Regulatory deductions and other adjustments

100 

(2,100)

 

 

 

 

 

 

 

CRR leverage exposure

693,200 

679,100 

 

 

 

 

 

 

 

CRR leverage ratio %

5.4 

5.3 

 

 

 

 

 

 

 

UK leverage exposure (2)

602,500 

587,100 

 

 

 

 

 

 

 

UK leverage ratio % (2)

6.2 

6.1 

 

 

 

Notes:

(1)

Based on end-point CRR Tier 1 capital and leverage exposure under the CRR Delegated Act.

(2)

Based on end-point CRR Tier 1 capital and UK leverage exposures reflecting the post EU referendum measures announced by the Bank of England in the third quarter of 2016.

 

 

Business performance summary

 Segment performance

Quarter ended 31 March 2018

PBB

 

CPB

 

 

 

Central

 

 

 

Ulster

 

Commercial

Private

RBS

 

NatWest

 items &

Total

 

UK PBB

Bank RoI

 

Banking

Banking

International

 

Markets

other (1)

RBS

 

£m

£m

 

£m

£m

£m

 

£m

£m

£m

Income statement

 

 

 

 

 

 

 

 

 

 

Net interest income

1,259 

106 

 

492 

123 

104 

 

36 

26 

2,146 

Other non-interest income

332 

40 

 

373 

61 

33 

 

380 

(84)

1,135 

Own credit adjustments

 

 

21 

21 

Total income

1,591 

146 

 

865 

184 

137 

 

437 

(58)

3,302 

Direct expenses - staff costs

(186)

(45)

 

(110)

(35)

(24)

 

(165)

(399)

(964)

                           - other costs

(48)

(17)

 

(36)

(11)

(15)

 

(53)

(639)

(819)

Indirect expenses

(521)

(53)

 

(262)

(66)

(20)

 

(102)

1,024 

Strategic costs  - direct

(6)

(1)

 

(1)

 

(17)

(186)

(209)

                         - indirect

(74)

(3)

 

(38)

(8)

(1)

 

(6)

130 

Litigation and conduct costs

(1)

(9)

 

(1)

 

(6)

(3)

(19)

Operating expenses

(836)

(128)

 

(445)

(121)

(59)

 

(349)

(73)

(2,011)

Operating profit/(loss) before impairment (losses)/releases

755 

18 

 

420 

63 

78 

 

88 

(131)

1,291 

Impairment (losses)/releases

(57)

(8)

 

(23)

(1)

 

(78)

Operating profit/(loss)

698 

10 

 

397 

62 

78 

 

97 

(129)

1,213 

Additional information

 

 

 

 

 

 

 

 

 

 

Return on equity (2)

27.9%

1.6%

 

12.2%

12.5%

23.2%

 

2.0%

nm

9.3%

Cost:income ratio (3)

52.5%

87.7%

 

49.6%

65.8%

43.1%

 

79.9%

nm

60.5%

Net interest margin %

2.81%

1.80%

 

1.64%

2.51%

1.57%

 

0.54%

nm

2.04%

Third party customer asset rate

3.43%

2.39%

 

2.71%

2.83%

2.57%

 

nm

nm

nm

Third party customer funding rate

(0.27%)

(0.21%)

 

(0.30%)

(0.19%)

(0.07%)

 

nm

nm

nm

Average interest earning assets (£bn)

181.8 

23.9 

 

121.5 

19.8 

26.9 

 

27.3 

26.2 

427.4 

Total assets (£bn)

190.3 

23.4 

 

141.6 

20.4 

28.0 

 

283.8 

51.0 

738.5 

Funded assets (£bn)

190.3 

23.3 

 

141.5 

20.4 

28.0 

 

135.2 

50.0 

588.7 

Net loans and advances to customers (£bn)

160.5 

19.0 

 

90.7 

13.7 

13.1 

 

22.1 

319.1 

Impairment provisions (£bn)(4)

(1.6)

(1.2)

 

(1.2)

(0.1)

 

(0.2)

0.1 

(4.2)

Customer deposits (£bn)

180.4 

16.9 

 

93.7 

25.3 

27.0 

 

14.9 

0.1 

358.3 

Risk-weighted assets (RWAs) (£bn)

43.4 

16.9 

 

72.4 

9.4 

7.0 

 

53.1 

0.5 

202.7 

RWA equivalent

44.5 

17.4 

 

76.8 

9.4 

7.0 

 

56.5 

0.7 

212.3 

Employee numbers (FTEs - thousands)

19.5 

2.8 

 

4.4 

1.5 

1.7 

 

5.7 

35.3 

70.9 

 

 

 

 

 

 

 

 

 

 

 

nm = not meaningful

 

 

 

 

 

 

 

 

 

Notes:

(1)

Central items include unallocated transactions which principally comprise volatile items under IFRS.

 

(2)

RBS's CET 1 target is 13% but for the purposes of computing segmental return on equity (ROE), to better reflect the differential drivers of capital usage, segmental operating profit after tax and adjusted for preference dividends is divided by notional equity allocated at different rates of 14% (Ulster Bank RoI - 11% prior to Q1 2017), 11% (Commercial Banking), 13.5% (Private Banking - 14% from Q1 2017 to Q4 2017, 15% prior to Q1 2017), 16% (RBS International - 12% prior to November 2017) and 15% for all other segments, of the monthly average of segmental risk-weighted assets incorporating the effect of capital deductions (RWAes). RBS Return on equity is calculated using profit for the period attributable to ordinary shareholders.

(3)

Operating lease depreciation included in income.

(4)

Prepared under IFRS 9. Refer to the February 2018 IFRS 9 Transition report for further details.

 

Condensed consolidated income statement for the period ended 31 March 2018 (unaudited)

 

 

Quarter ended

 

31 March

31 December

31 March

2018 

2017 

2017 

 

£m 

£m 

£m 

Interest receivable

2,702 

2,754 

2,732 

Interest payable

(556)

(543)

(498)

Net interest income (1)

2,146 

2,211 

2,234 

 

 

 

 

Fees and commissions receivable

813 

846 

822 

Fees and commissions payable

(207)

(231)

(217)

Income from trading activities

465 

(198)

399 

Gain on redemption of own debt

Other operating income

85 

429 

(28)

Non-interest income

1,156 

846 

978 

 

 

 

 

Total income

3,302 

3,057 

3,212 

 

 

 

 

Staff costs

(1,055)

(1,100)

(1,315)

Premises and equipment

(370)

(524)

(377)

Other administrative expenses

(399)

(1,587)

(419)

Depreciation and amortisation

(163)

(178)

(342)

Write down of other intangible assets

(24)

(17)

 

 

 

 

Operating expenses

(2,011)

(3,406)

(2,453)

 

 

 

 

Profit/(loss) before impairment losses

1,291 

(349)

759 

Impairment losses

(78)

(234)

(46)

 

 

 

 

Operating profit/(loss) before tax

1,213 

(583)

713 

Tax (charge)/credit

(329)

168 

(327)

 

 

 

 

Profit/(loss) for the period

884 

(415)

386 

 

 

 

 

Attributable to:

 

 

 

Non-controlling interests

14 

11 

Preference share and other dividends

85 

150 

116 

Ordinary shareholders

792 

(579)

259 

 

 

 

 

 

884 

(415)

386 

 

 

 

 

Basic earnings/(loss) per ordinary share

6.6p

(4.9p)

2.2p

 

Notes:

(1)

Negative interest on loans and advances is classed as interest payable. Negative interest on customer deposits is classed as interest receivable.

(2)

There is no dilutive impact in any period.

 

 

 

Condensed consolidated statement of comprehensive income for the period ended 31 March 2018 (unaudited)

Profit/(loss) for the period

884 

(415)

386 

 

 

 

 

Items that do not qualify for reclassification

 

 

 

Profit/(loss) on remeasurement of retirement benefit schemes

116 

(21)

Profit/(loss) on fair value of credit in financial liabilities designated

 

 

 

  at fair value through profit or loss due to own credit risk

61 

(19)

(20)

Tax

(13)

(5)

(16)

 

 

 

 

 

48 

92 

(57)

 

 

 

 

Items that do qualify for reclassification

 

 

 

Fair value through other comprehensive income financial assets

131 

(11)

60 

Cash flow hedges

(584)

(86)

(189)

Currency translation

(73)

18 

(6)

Tax

126 

19 

33 

 

 

 

 

 

(400)

(60)

(102)

 

 

 

 

Other comprehensive (loss)/income after tax

(352)

32 

(159)

 

 

 

 

Total comprehensive income/(loss) for the period

532 

(383)

227 

 

 

 

 

Total comprehensive income/(loss) is attributable to:

 

 

 

Non-controlling interests

(11)

22 

10 

Preference shareholders

18 

79 

40 

Paid-in equity holders

67 

71 

76 

Ordinary shareholders

458 

(555)

101 

 

 

 

 

 

532 

(383)

227 

 

Condensed consolidated balance sheet as at 31 March 2018 (unaudited)

 

 

31 March

31 December

2018 

2017 

 

£m

£m 

 

 

 

Assets

 

 

Cash and balances at central banks

95,376 

98,337 

Net loans and advances to banks

15,607 

16,254 

Reverse repurchase agreements and stock borrowing

11,556 

13,997 

Loans and advances to banks

27,163 

30,251 

Net loans and advances to customers

319,126 

323,184 

Reverse repurchase agreements and stock borrowing

26,330 

26,735 

Loans and advances to customers

345,456 

349,919 

Debt securities

92,167 

78,933 

Equity shares

646 

450 

Settlement balances

11,416 

2,517 

Derivatives

149,859 

160,843 

Intangible assets

6,533 

6,543 

Property, plant and equipment

4,473 

4,602 

Deferred tax

1,498 

1,740 

Prepayments, accrued income and other assets

3,733 

3,726 

Assets of disposal groups

189 

195 

 

 

 

Total assets

738,509 

738,056 

 

 

 

Liabilities

 

 

Bank deposits

40,048 

39,479 

Repurchase agreements and stock lending

8,489 

7,419 

Deposits by banks

48,537 

46,898 

Customer deposits

358,328 

367,034 

Repurchase agreements and stock lending

32,102 

31,002 

Customer accounts

390,430 

398,036 

Debt securities in issue

33,374 

30,559 

Settlement balances

12,340 

2,844 

Short positions

35,370 

28,527 

Derivatives

142,731 

154,506 

Provisions for liabilities and charges

7,306 

7,757 

Accruals and other liabilities

6,003 

6,392 

Retirement benefit liabilities

119 

129 

Deferred tax

473 

583 

Subordinated liabilities

12,264 

12,722 

Liabilities of disposal groups

10 

10 

 

 

 

Total liabilities

688,957 

688,963 

 

 

 

Equity

 

 

Non-controlling interests

752 

763 

Owners' equity*

 

 

  Called up share capital

11,993 

11,965 

  Reserves

36,807 

36,365 

 

 

 

Total equity

49,552 

49,093 

 

 

 

Total liabilities and equity

738,509 

738,056 

 

 

 

*Owners' equity attributable to:

 

 

Ordinary shareholders

42,177 

41,707 

Other equity owners

6,623 

6,623 

 

 

 

 

48,800 

48,330 

 

Condensed consolidated statement of changes in equity for the period ended 31 March 2018 (unaudited)

 

 

Share

 

 

 

 

 

 

 

capital and

 

 

 

Total

Non

 

 

statutory

Paid-in

Retained

Other

owners'

controlling

Total

 

reserves

equity

earnings

reserves*

equity

 interests

equity

 

£m

£m

£m

£m

£m

£m

£m

At 1 January 2018

12,809 

4,058 

17,130 

14,333 

48,330 

763 

49,093 

Implementation of IFRS 9 on 1 January 2018 (1)

(105)

34 

(71)

(71)

Profit attributable to ordinary shareholders

 

 

 

 

 

 

 

  and other equity owners

877 

877 

884 

Other comprehensive income

 

 

 

 

 

 

 

 - changes in fair value of credit in financial

 

 

 

 

 

 

 

   liabilities designated at fair value through profit

 

 

 

 

 

 

 

   or loss due to own credit risk

61 

61 

61 

 - other amounts recognised in equity

(343)

(343)

(18)

(361)

 - amounts transferred from equity to profit or loss

(179)

(179)

(179)

 - recycled to profit or loss on disposal

 

 

 

 

 

 

 

   of businesses (2)

14 

14 

14 

 - tax

(13)

126 

113 

113 

Preference share and other dividends paid

(85)

(85)

(85)

Shares and securities issued during the period

80 

80 

80 

Share-based payments - gross

Movement in own shares held

(5)

(5)

(5)

At 31 March 2018

12,884 

4,058 

17,873 

13,985 

48,800 

752 

49,552 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31 March

 

 

 

 

 

 

 

2018

Total equity is attributable to:

 

 

 

 

£m

Non-controlling interests

 

 

 

 

 

 

752 

Preference shareholders

 

 

 

 

 

 

2,565 

Paid-in equity holders

 

 

 

 

 

 

4,058 

Ordinary shareholders

 

 

 

 

 

 

42,177 

 

 

 

 

 

 

 

49,552 

*Other reserves consist of:

 

 

 

 

 

 

Merger reserve

 

 

 

 

 

 

10,881 

Fair value through other comprehensive income reserve

 

 

 

 

392 

Cash flow hedging reserve

 

 

 

 

 

 

(204)

Foreign exchange reserve

 

 

 

 

 

 

2,916 

 

 

 

 

 

 

 

13,985 

 

Notes:

(1)

Refer to Note 1 for further information.

(2)

No tax impact.

 

 

Notes

 

1. Basis of preparation

The condensed consolidated financial statements should be read in conjunction with RBS's 2017 Annual Report and Accounts which were prepared in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board (IASB) and interpretations issued by the IFRS Interpretations Committee of the IASB as adopted by the European Union (EU) (together IFRS).

 

In July 2014, the IASB published IFRS 9 'Financial instruments' with an effective date of 1 January 2018. For further details see pages 261 and 262 of RBS's 2017 Annual Report and Accounts and the February 2018 IFRS 9 Transition report. There will be no restatement of accounts prior to 2018. The impact on RBS's balance sheet at 1 January 2018 is as follows:

 

 

 

 

 

 

 

 

Impact of IFRS 9

 

 

 

 

Expected

 

 

 

31 December

Classification &

 credit

 

1 January

 

2017 

measurement

 losses

Tax

2018 

 

£m

£m

£m

£m

£m

Cash and balances at central banks

98,337 

(1)

98,336 

Net loans and advances to banks

30,251 

(3)

30,248 

Net loans and advances to customers

349,919 

517 

(524)

349,912 

Debt securities and equity shares

79,383 

44 

(3)

79,424 

Other assets

19,323 

25 

19,348 

 

 

 

 

 

 

Total assets

738,056 

561 

(531)

25 

738,111 

Total liabilities

688,963 

85 

41 

689,089 

Total equity

49,093 

561 

(616)

(16)

49,022 

Total liabilities and equity

738,056 

561 

(531)

25 

738,111 

 

Accounting policies

The Group's principal accounting policies are as set out on pages 251 to 263 of the 2017 Annual Report and Accounts. From 1 January 2018 the accounting policies have been updated to reflect the adoption of IFRS 9, further details of this are included in the February 2018 IFRS 9 Transition report. Other than in relation to IFRS 9 other amendments to IFRS effective for 2018, including IFRS 15 'Revenue from contracts with customers', IFRS 2 'Share-based payments' and IAS 40 'Investment Property' have not had a material effect on the Group's Q1 2018 results.

 

Critical accounting policies and key sources of estimation uncertainty

The judgements and assumptions that are considered to be the most important to the portrayal of the Group's financial condition are those relating to goodwill, provisions for liabilities, deferred tax, loan impairment provisions and fair value of financial instruments. These critical accounting policies and judgements are described on pages 259 to 261 of RBS's 2017 Annual Report and Accounts. From 1 January 2018, the previous critical accounting policy relating to loan impairment provisions has been superceded on the adoption of IFRS 9 for which details are included in the February 2018 IFRS 9 Transition report.

 

Going concern

Having reviewed RBS's forecasts, projections and other relevant evidence, the directors have a reasonable expectation that RBS will continue in operational existence for the foreseeable future. Accordingly, the results for the period ended 31 March 2018 have been prepared on a going concern basis.

 

Notes

 

2. Material developments in litigation, investigations and reviews

 

RBS's 2017 Annual Report and Accounts, issued on 23 February 2018, included comprehensive disclosures about RBS's litigation, investigations and reviews in Note 31. Set out below are the material developments in these matters since the 2017 Annual Report and Accounts were published. RBS generally does not disclose information about the establishment or existence of a provision for a particular matter where disclosure of the information can be expected to prejudice seriously RBS's position in the matter.

 

Litigation

FX antitrust litigation

As previously disclosed, RBS is among the defendants in an FX-related antitrust class action on behalf of 'consumers and end-user businesses' harmed by alleged collusion in the FX spot market. On 12 March 2018, the United States District Court for the Southern District of New York denied defendants' motion to dismiss the plaintiffs' amended complaint, holding that plaintiffs have adequately alleged antitrust standing. On 23 March 2018, the same court denied a motion by RBS and certain other defendants to dismiss the complaint for lack of personal jurisdiction.

 

In addition, as previously disclosed, RBS is among the defendants in a separate consolidated FX-related antitrust class action on behalf of 'indirect purchasers' who were allegedly indirectly affected by FX instruments that others entered into with the defendant banks. On 15 March 2018, the United States District Court for the Southern District of New York granted RBS and the other defendants' motion to dismiss on a number of grounds, including failure to plead proximate cause and antitrust standing. Plaintiffs are seeking permission to file an amended complaint.

 

On 12 April 2018, the United States District Court for the Southern District of New York granted RBS's motion to compel arbitration of the FX-related claims of Alpari (US) LLC (Alpari). As previously disclosed, Alpari had been seeking to invoke the federal court's class action procedures to represent a class of plaintiffs that were allegedly harmed when RBS breached contracts by rejecting FX orders placed over electronic trading platforms through the application of a function referred to as 'last look'. The Court's order requires Alpari's claims to proceed in arbitration instead of federal court.

 

Interest rate hedging products litigation

As previously disclosed, Property Alliance Group (PAG) v The Royal Bank of Scotland plc was the leading case before the English High Court involving both interest rate hedging products (IRHP) mis-selling and LIBOR misconduct allegations. The amount claimed was £34.8 million and the trial ended in October 2016. In December 2016 the High Court dismissed all of PAG's claims. PAG appealed that decision, and the Court of Appeal's judgment dismissing the appeal was handed down on 2 March 2018. The decision (subject to any further appeal) may impact other IRHP and LIBOR-related cases currently pending in the English courts, some of which involve substantial amounts. PAG is seeking permission from the Supreme Court to appeal an aspect of the judgment relating to implied representations of Sterling LIBOR rates.

 

Investigations and reviews

RMBS and other securitised products investigations

On 6 March 2018, the New York Attorney General announced that it had resolved its investigation of RBS's issuance and underwriting of residential mortgage-backed securities. RBS Financial Products Inc. will pay US $100 million to the State of New York, and provide US $400 million of consumer relief credits at a cost of approximately US $130 million. The cost of the settlement has been paid or is otherwise covered by existing provisions.

 

Governance and risk management consent order

As previously disclosed, in July 2011, RBS, RBS plc, and RBS N.V. agreed with the Board of Governors of the Federal Reserve System, the New York State Banking Department, the Connecticut Department of Banking, and the Illinois Department of Financial and Professional Regulation to enter into a consent Cease and Desist Order ('the Order') to address deficiencies related to governance, risk management and compliance systems and controls in the US branches of RBS plc and RBS N.V. The RBS entities' obligations under the Order have been terminated by the Federal Reserve Board (on 8 March 2018),  the Illinois Department of Financial and Professional Regulation (on 23 March 2018), and the Connecticut Department of Banking (on 13 April 2018). 

 

Notes

 

3. Provisions for liabilities and charges

 

 

 

 

 

 

 

 

 

 

Residential

 

 

 

 

Payment

Other

mortgage

Litigation

 

 

 

protection

 customer

backed

and other

 

 

 

insurance

 redress

securities

regulatory

Other

Total

 

£m

£m

£m

£m

£m

£m

 

 

 

 

 

 

 

At 1 January 2018

1,053 

870 

3,243 

641 

1,950 

7,757 

Implementation of IFRS 9 on 1 January 2018 (1)

85 

85 

Currency translation and other movements

(5)

(119)

(4)

(1)

(129)

Charge to income statement

19 

111 

133 

Releases to income statement

(10)

(1)

(5)

(15)

(31)

Provisions utilised

(152)

(115)

(90)

(52)

(100)

(509)

At 31 March 2018

901 

759 

3,033 

583 

2,030 

7,306 

 

Note:

(1)

Refer to Note 1 for further details

 

There are uncertainties as to the eventual cost of redress in relation to certain of the provisions contained in the table above. Assumptions relating to these are inherently uncertain and the ultimate financial impact may be different from the amount provided.

 

 

4. Post balance sheet events

As announced on 17 April 2018, RBS has entered into a Memorandum of Understanding with the Trustees of the Main Scheme of the RBS Group Pension Fund under which the intention is to make an initial £2 billion pre-tax, and further pre-tax contributions of up to £1.5 billion in aggregate, from 1 January 2020 linked to the making of future distributions to RBS shareholders. The £2 billion payment will be made in the second half of 2018 and as at 31 March 2018 the pro forma impact of it on CET1 and TNAV is a reduction of 80 basis points and 12p per share respectively.  

 

On 26 April 2018 Ulster Bank Ireland DAC issued €1 billion AAA rated Residential Mortgage Backed Securities notes at a yield of 0.30% over 3month EURIBOR. 

 

Other than this, there have been no further significant events between 31 March 2018 and the date of approval of this announcement.

 

Additional information

 

Presentation of information

In this document, 'RBSG plc' or the 'parent company' refers to The Royal Bank of Scotland Group plc, and 'RBS' or the 'Group' refers to RBSG plc and its subsidiaries.

 

Financial information contained in this document does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006 ('the Act'). The statutory accounts for the year ended 31 December 2017 will be filed with the Registrar of Companies following the company's Annual General Meeting. The report of the auditor on those statutory accounts was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under section 498(2) or (3) of the Act.

 

Key operating indicators

As described in Note 1 on page 12, RBS prepares its financial statements in accordance with IFRS as issued by the IASB which constitutes a body of generally accepted accounting principles (GAAP). This document contains a number of adjusted or alternative performance measures, also known as non-GAAP financial measures. These measures exclude certain items which management believe are not representative of the underlying performance of the business and which distort period-on-period comparison. These measures include:

Performance, funding and credit metrics such as 'return on tangible equity', and related RWA equivalents incorporating the effect of capital deductions (RWAes), total assets excluding derivatives (funded assets), net interest margin (NIM) adjusted for items designated at fair value through profit or loss (non-statutory NIM), cost:income ratio and loan:deposit ratio. These are internal metrics used to measure business performance;

Personal & Business Banking (PBB) franchise results, combining the reportable segments of UK Personal & Business Banking (UK PBB) and Ulster Bank RoI, Commercial & Private Banking (CPB) franchise results, combining the reportable segments of Commercial Banking and Private Banking.

 

 

Contacts

Analyst enquiries:

Matt Waymark

Investor Relations

+44 (0) 207 672 1758

Media enquiries:

RBS Press Office

 

+44 (0) 131 523 4205

 

 

Analyst and investor call

Web cast and dial in details

Date:

Friday 27 April 2018

www.rbs.com/results

Time:

9:00 am UK time

International - +44 (0) 20 3009 5755

Conference ID:

7597919

UK Free Call - 0800 279 6637

US Local Dial-In, New York - 1 646 517 5063

 

Available on www.rbs.com/results

Q1 2018 Interim Management Statement and background slides.

A financial supplement containing income statement, balance sheet and segment performance for the nine quarters ended 31 March 2018.

Pillar 3 supplement at 31 March 2018.

GSIB template as of and for the year ended 31 December 2017.

 

Forward looking statements

This document contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, including (but not limited to) those related to RBS and its subsidiaries' regulatory capital position and requirements, financial position, future pension funding and contribution requirements, ongoing litigation and regulatory investigations, profitability and financial performance (including financial performance targets), structural reform and the implementation of the UK ring-fencing regime, the implementation of RBS's restructuring and transformation programme, impairment losses and credit exposures under certain specified scenarios, increasing competition from new incumbents and disruptive technologies and RBS's exposure to political risks, operational risk, conduct risk, cyber and IT risk and credit rating risk. In addition, forward-looking statements may include, without limitation, the words 'expect', 'estimate', 'project', 'anticipate', 'commit', 'believe', 'should', 'intend', 'plan', 'could', 'probability', 'risk', 'Value-at-Risk (VaR)', 'target', 'goal', 'objective', 'may', 'endeavour', 'outlook', 'optimistic', 'prospects' and similar expressions or variations on these expressions. These statements concern or may affect future matters, such as RBS's future economic results, business plans and current strategies. Forward-looking statements are subject to a number of risks and uncertainties that might cause actual results and performance to differ materially from any expected future results or performance expressed or implied by the forward-looking statements. Factors that could cause or contribute to differences in current expectations include, but are not limited to, legislative, political, fiscal and regulatory developments, accounting standards, competitive conditions, technological developments, interest and exchange rate fluctuations and general economic conditions. These and other factors, risks and uncertainties that may impact any forward-looking statement or RBS's actual results are discussed in RBS's UK 2017 Annual Report and Accounts (ARA) and materials filed with, or furnished to, the US Securities and Exchange Commission, including, but not limited to, RBS's most recent Annual Report on Form 20-F and Reports on Form 6-K. The forward-looking statements contained in this document speak only as of the date of this document and RBS does not assume or undertake any obligation or responsibility to update any of the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except to the extent legally required.

 

Legal Entity Identifier: 2138005O9XJIJN4JPN90

 


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