This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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

And so just briefly on the headlines of the results, which most of you will have seen, as you know fundamentally, RBS is doing the job in some ways of 2 different jobs. We are, as I have said in the media, in the process of diffusing the biggest time bomb ever put in a bank's balance sheet, and that progress is going extremely well. And at the same time, we're running a very big global complicated bank competing against lots of other people serving our customers. And we believe that we've made progress and could be paired -- can be compared reasonably for that effort as well.

And you'll see, I'm not going to read every line, that in 2011, we made progress right across the board in strengthening our balance sheet, strengthening the way it's funded, running down well ahead of schedule on Non-Core division and its assets; in the Core bank, making good profits and good progress, albeit, in the case of GBM in particular, only in line with the industry, which was down. And so we can see just on these few numbers in the second slide that we have operating profit, if you like, in the bit of our bank that you can compare to Barclays or Lloyds or whatever else you want to compare it to, GBP 6.1 billion of profits and a return on equity of 10.5% and stable net interest margin and so on as you read down this. And that bank is funded entirely, at least as to its loan book, by deposits with a 94% cost-income ratio.

Read the rest of this transcript for free on

3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 -1.15%
FB $117.58 0.73%
GOOG $693.01 0.29%
TSLA $240.76 -2.81%
YHOO $36.60 0.03%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs