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The Royal Bank Of Scotland Group Plc's CEO Discusses 2011 Results - Earnings Call Transcript

The Royal Bank of Scotland Group plc (RBS)

2011 Earnings Call

February 23, 2012 4:30 am ET


Philip R. Hampton - Chairman and Chairman of Nominations Committee

Stephen A. M. Hester - Group Chief Executive Officer and Executive Director

Richard O’Connor - Head of Investor Relations


Unknown Analyst

Manus Costello - Autonomous Research LLP

Gary Greenwood - Shore Capital Group Ltd., Research Division

Andrew Coombs - Citigroup Inc, Research Division

Thomas Rayner - Exane BNP Paribas, Research Division

Robert Law - Nomura Securities Co. Ltd., Research Division

Edward Firth - Macquarie Research

Michael Helsby - BofA Merrill Lynch, Research Division

Claire Kane - RBC Capital Markets, LLC, Research Division

Bruce Packard

Arturo de Frias Marques - Grupo Santander, Research Division


Philip R. Hampton

Right. Well, let's start. And good morning, ladies and gentlemen. Welcome to our full year results. I think the results overall showed good progress, with our Core businesses making around GBP 6 billion profits. But, of course, we're still dealing with the big challenges from the financial excesses of a few years ago that come up in our Non-Core division. And this year, we've got some very big charges with Greece PPI and others, which are largely, though not universally legacy-type problems. Step by step, I think it's clear that this bank, this business is being fixed.

I'll say one more thing, and then I'll hand over to Steven to explain how it's being fixed. The other thing I'd like to say or really rather reemphasize is that, of course, we are a very odd business in ownership terms, once listed on the stock market, but majority owned by the U.K. government. And of course, there are representatives of UKFI with their commercial arm's length relationship.

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