FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For February 25, 2010
Commission File Number: 001-10306
The Royal Bank of Scotland Group plc
RBS, Gogarburn, PO Box 1000
Edinburgh EH12 1HQ
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
| Form 20-F X | Form 40-F |
| Yes | No X |
The following information was issued as a Company announcement in London, England and is furnished pursuant to General Instruction B to the General Instructions to Form 6-K:
|
|
Adjustments
|
|
||
|
|
Pro forma
|
RFS Minority
interest
|
Reallocation
of one-off items
|
Statutory
|
|
|
£m
|
£m
|
£m
|
£m
|
|
|
|
|
|
|
|
Net interest income
|
13,567
|
2,937
|
-
|
16,504
|
|
|
|
|
|
|
|
Non-interest income (excluding insurance net premium
income)
|
10,592
|
2,128
|
3,922
|
16,642
|
|
Insurance net premium income
|
5,266
|
278
|
-
|
5,544
|
|
|
|
|
|
|
|
Non-interest income
|
15,858
|
2,406
|
3,922
|
22,186
|
|
|
|
|
|
|
|
Total income
|
29,425
|
5,343
|
3,922
|
38,690
|
|
Operating expenses
|
(17,401)
|
(4,096)
|
19
|
(21,478)
|
|
|
|
|
|
|
|
Profit before other operating charges
|
12,024
|
1,247
|
3,941
|
17,212
|
|
Insurance net claims
|
(4,357)
|
(500)
|
-
|
(4,857)
|
|
|
|
|
|
|
|
Operating profit/(loss) before impairment losses
|
7,667
|
747
|
3,941
|
12,355
|
|
Impairment losses
|
(13,899)
|
(1,051)
|
-
|
(14,950)
|
|
|
|
|
|
|
|
Operating (loss)/profit
|
(6,232)
|
(304)
|
3,941
|
(2,595)
|
|
Amortisation of purchased intangible assets
|
(272)
|
-
|
272
|
-
|
|
Write-down of goodwill and other intangible assets
|
(363)
|
-
|
363
|
-
|
|
Integration and restructuring costs
|
(1,286)
|
-
|
1,286
|
-
|
|
Gain on redemption of own debt
|
3,790
|
-
|
(3,790)
|
-
|
|
Strategic disposals
|
132
|
-
|
(132)
|
-
|
|
Gains on pensions curtailment
|
2,148
|
-
|
(2,148)
|
-
|
|
Bonus tax
|
(208)
|
-
|
208
|
-
|
|
|
|
|
|
|
|
Operating loss before tax
|
(2,291)
|
(304)
|
-
|
(2,595)
|
|
Tax
|
339
|
32
|
-
|
371
|
|
|
|
|
|
|
|
Loss from continuing operations
|
(1,952)
|
(272)
|
-
|
(2,224)
|
|
Loss from discontinued operations, net of tax
|
(72)
|
(27)
|
-
|
(99)
|
|
|
|
|
|
|
|
Loss for the period
|
(2,024)
|
(299)
|
-
|
(2,323)
|
|
Minority interests
|
(648)
|
299
|
-
|
(349)
|
|
Preference share and other dividends
|
(935)
|
-
|
-
|
(935)
|
|
|
|
|
|
|
|
Loss attributable to ordinary shareholders
|
(3,607)
|
-
|
-
|
(3,607)
|
2
|
|
|
Adjustments
|
|
|
|
|
Pro forma
|
RFS Minority
interest
|
Reallocation
of one-off items
|
Statutory
|
|
|
£m
|
£m
|
£m
|
£m
|
|
|
|
|
|
|
|
Net interest income
|
15,764
|
2,911
|
-
|
18,675
|
|
|
|
|
|
|
|
Non-interest income (excluding insurance net premium
income)
|
(874)
|
1,299
|
442
|
867
|
|
Insurance net premium income
|
5,709
|
617
|
-
|
6,326
|
|
|
|
|
|
|
|
Non-interest income
|
4,835
|
1,916
|
442
|
7,193
|
|
|
|
|
|
|
|
Total income
|
20,599
|
4,827
|
442
|
25,868
|
|
Operating expenses
|
(16,188)
|
(19,303)
|
(18,711)
|
(54,202)
|
|
|
|
|
|
|
|
Profit/(loss) before other operating charges
|
4,411
|
(14,476)
|
(18,269)
|
(28,334)
|
|
Insurance net claims
|
(3,917)
|
(513)
|
-
|
(4,430)
|
|
|
|
|
|
|
|
Operating profit/(loss) before impairment losses
|
494
|
(14,989)
|
(18,269)
|
(32,764)
|
|
Impairment losses
|
(7,432)
|
(640)
|
-
|
(8,072)
|
|
|
|
|
|
|
|
Operating loss
|
(6,938)
|
(15,629)
|
(18,269)
|
(40,836)
|
|
Amortisation of purchased intangible assets
|
(443)
|
-
|
443
|
-
|
|
Write-down of goodwill and other intangible assets
|
(16,911)
|
-
|
16,911
|
-
|
|
Integration and restructuring costs
|
(1,357)
|
-
|
1,357
|
-
|
|
Strategic disposals
|
442
|
-
|
(442)
|
-
|
|
|
|
|
|
|
|
Operating loss before tax
|
(25,207)
|
(15,629)
|
-
|
(40,836)
|
|
Tax
|
1,995
|
328
|
-
|
2,323
|
|
|
|
|
|
|
|
Loss from continuing operations
|
(23,212)
|
(15,301)
|
-
|
(38,513)
|
|
(Loss)/profit from discontinued operations, net of tax
|
(86)
|
4,057
|
-
|
3,971
|
|
|
|
|
|
|
|
Loss for the period
|
(23,298)
|
(11,244)
|
-
|
(34,542)
|
|
Minority interests
|
(412)
|
11,244
|
-
|
10,832
|
|
Preference share and other dividends
|
(596)
|
-
|
-
|
(596)
|
|
|
|
|
|
|
|
Loss attributable to ordinary shareholders
|
(24,306)
|
-
|
-
|
(24,306)
|
3
|
|
Adjustments
|
|
||
|
|
Pro forma
|
RFS Minority
interest
|
Reallocation
of one-off items
|
Statutory
|
|
|
£m
|
£m
|
£m
|
£m
|
|
|
|
|
|
|
|
Net interest income
|
3,446
|
821
|
-
|
4,267
|
|
|
|
|
|
|
|
Non-interest income (excluding insurance net premium
income)
|
2,786
|
431
|
(166)
|
3,051
|
|
Insurance net premium income
|
1,308
|
143
|
-
|
1,451
|
|
|
|
|
|
|
|
Non-interest income
|
4,094
|
574
|
(166)
|
4,502
|
|
|
|
|
|
|
|
Total income
|
7,540
|
1,395
|
(166)
|
8,769
|
|
Operating expenses
|
(4,473)
|
(1,163)
|
1,601
|
(4,035)
|
|
|
|
|
|
|
|
Profit before other operating charges
|
3,067
|
232
|
1,435
|
4,734
|
|
Insurance net claims
|
(1,321)
|
(193)
|
-
|
(1,514)
|
|
|
|
|
|
|
|
Operating profit before impairment losses
|
1,746
|
39
|
1,435
|
3,220
|
|
Impairment losses
|
(3,099)
|
(303)
|
-
|
(3,402)
|
|
|
|
|
|
|
|
Operating (loss)/profit
|
(1,353)
|
(264)
|
1,435
|
(182)
|
|
Amortisation of purchased intangible assets
|
(59)
|
-
|
59
|
-
|
|
Write-down of goodwill and other intangible assets
|
(52)
|
-
|
52
|
-
|
|
Integration and restructuring costs
|
(228)
|
-
|
228
|
-
|
|
Strategic disposals
|
(166)
|
-
|
166
|
-
|
|
Gains on pensions curtailment
|
2,148
|
-
|
(2,148)
|
-
|
|
Bonus tax
|
(208)
|
-
|
208
|
-
|
|
|
|
|
|
|
|
Operating loss before tax
|
82
|
(264)
|
-
|
(182)
|
|
Tax
|
(649)
|
(18)
|
-
|
(667)
|
|
|
|
|
|
|
|
Loss from continuing operations
|
(567)
|
(282)
|
-
|
(849)
|
|
Loss from discontinued operations, net of tax
|
(7)
|
(11)
|
-
|
(18)
|
|
|
|
|
|
|
|
Loss for the period
|
(574)
|
(293)
|
-
|
(867)
|
|
Minority interests
|
(47)
|
293
|
-
|
246
|
|
Preference share and other dividends
|
(144)
|
-
|
-
|
(144)
|
|
|
|
|
|
|
|
Loss attributable to ordinary shareholders
|
(765)
|
-
|
-
|
(765)
|
4
|
|
Adjustments
|
|
||
|
|
Pro forma
|
RFS Minority
interest
|
Reallocation
of one-off items
|
Statutory
|
|
|
£m
|
£m
|
£m
|
£m
|
|
|
|
|
|
|
|
Net interest income
|
3,261
|
602
|
-
|
3,863
|
|
|
|
|
|
|
|
Non-interest income (excluding insurance net premium
income)
|
2,532
|
568
|
(155)
|
2,945
|
|
Insurance net premium income
|
1,301
|
(29)
|
-
|
1,272
|
|
|
|
|
|
|
|
Non-interest income
|
3,833
|
539
|
(155)
|
4,217
|
|
|
|
|
|
|
|
Total income
|
7,094
|
1,141
|
(155)
|
8,080
|
|
Operating expenses
|
(4,195)
|
(960)
|
(397)
|
(5,552)
|
|
|
|
|
|
|
|
Profit/(loss) before other operating charges
|
2,899
|
181
|
(552)
|
2,528
|
|
Insurance net claims
|
(1,145)
|
(64)
|
-
|
(1,209)
|
|
|
|
|
|
|
|
Operating profit/(loss) before impairment losses
|
1,754
|
117
|
(552)
|
1,319
|
|
Impairment losses
|
(3,279)
|
(209)
|
-
|
(3,488)
|
|
|
|
|
|
|
|
Operating loss
|
(1,525)
|
(92)
|
(552)
|
(2,169)
|
|
Amortisation of purchased intangible assets
|
(73)
|
-
|
73
|
-
|
|
Integration and restructuring costs
|
(324)
|
-
|
324
|
-
|
|
Strategic disposals
|
(155)
|
-
|
155
|
-
|
|
|
|
|
|
|
|
Operating loss before tax
|
(2,077)
|
(92)
|
-
|
(2,169)
|
|
Tax
|
576
|
21
|
-
|
597
|
|
|
|
|
|
|
|
Loss from continuing operations
|
(1,501)
|
(71)
|
-
|
(1,572)
|
|
Loss from discontinued operations, net of tax
|
(7)
|
(12)
|
-
|
(19)
|
|
|
|
|
|
|
|
Loss for the period
|
(1,508)
|
(83)
|
-
|
(1,591)
|
|
Minority interests
|
(47)
|
83
|
-
|
36
|
|
Preference share and other dividends
|
(245)
|
-
|
-
|
(245)
|
|
|
|
|
|
|
|
Loss attributable to ordinary shareholders
|
(1,800)
|
-
|
-
|
(1,800)
|
5
|
|
Adjustments
|
|
||
|
|
Pro forma
|
RFS Minority
interest
|
Reallocation
of one-off items
|
Statutory
|
|
|
£m
|
£m
|
£m
|
£m
|
|
|
|
|
|
|
|
Net interest income
|
4,427
|
763
|
-
|
5,190
|
|
|
|
|
|
|
|
Non-interest income (excluding insurance net premium
income)
|
(5,503)
|
312
|
442
|
(4,749)
|
|
Insurance net premium income
|
1,439
|
184
|
-
|
1,623
|
|
|
|
|
|
|
|
Non-interest income
|
(4,064)
|
496
|
442
|
(3,126)
|
|
|
|
|
|
|
|
Total income
|
363
|
1,259
|
442
|
2,064
|
|
Operating expenses
|
(3,735)
|
(16,702)
|
(17,725)
|
(38,162)
|
|
|
|
|
|
|
|
Loss before other operating charges
|
(3,372)
|
(15,443)
|
(17,283)
|
(36,098)
|
|
Insurance net claims
|
(1,056)
|
(139)
|
-
|
(1,195)
|
|
|
|
|
|
|
|
Operating loss before impairment losses
|
(4,428)
|
(15,582)
|
(17,283)
|
(37,293)
|
|
Impairment losses
|
(4,673)
|
(341)
|
-
|
(5,014)
|
|
|
|
|
|
|
|
Operating loss
|
(9,101)
|
(15,923)
|
(17,283)
|
(42,307)
|
|
Amortisation of purchased intangible assets
|
(62)
|
-
|
62
|
-
|
|
Write-down of goodwill and other intangible assets
|
(16,911)
|
-
|
16,911
|
-
|
|
Integration and restructuring costs
|
(752)
|
-
|
752
|
-
|
|
Strategic disposals
|
442
|
-
|
(442)
|
-
|
|
|
|
|
|
|
|
Operating Loss before tax
|
(26,384)
|
(15,923)
|
-
|
(42,307)
|
|
Tax
|
2,416
|
359
|
-
|
2,775
|
|
|
|
|
|
|
|
Loss from continuing operations
|
(23,968)
|
(15,564)
|
-
|
(39,532)
|
|
Profit from discontinued operations, net of tax
|
1
|
210
|
-
|
211
|
|
|
|
|
|
|
|
Loss for the period
|
(23,967)
|
(15,354)
|
-
|
(39,321)
|
|
Minority interests
|
(221)
|
15,354
|
-
|
15,133
|
|
Preference share and other dividends
|
(162)
|
-
|
-
|
(162)
|
|
|
|
|
|
|
|
Loss attributable to ordinary shareholders
|
(24,350)
|
-
|
-
|
(24,350)
|
6
|
|
Pro forma
|
Transfers
|
Statutory
|
|
|
£m
|
£m
|
£m
|
|
|
|
|
|
|
Assets
|
|
|
|
|
Cash and balances at central banks
|
51,548
|
713
|
52,261
|
|
Net loans and advances to banks
|
48,777
|
7,879
|
56,656
|
|
Reverse repurchase agreements and stock borrowing
|
35,097
|
-
|
35,097
|
|
Loans and advances to banks
|
83,874
|
7,879
|
91,753
|
|
Net loans and advances to customers
|
554,654
|
132,699
|
687,353
|
|
Reverse repurchase agreements and stock borrowing
|
41,040
|
-
|
41,040
|
|
Loans and advances to customers
|
595,694
|
132,699
|
728,393
|
|
Debt securities
|
249,095
|
18,159
|
267,254
|
|
Equity shares
|
15,960
|
3,568
|
19,528
|
|
Settlement balances
|
12,024
|
9
|
12,033
|
|
Derivatives
|
438,199
|
3,255
|
441,454
|
|
Intangible assets
|
14,786
|
3,061
|
17,847
|
|
Property, plant and equipment
|
17,773
|
1,624
|
19,397
|
|
Deferred taxation
|
6,492
|
547
|
7,039
|
|
Prepayments, accrued income and other assets
|
18,604
|
2,381
|
20,985
|
|
Assets of disposal groups
|
18,432
|
110
|
18,542
|
|
|
|
|
|
|
Total assets
|
1,522,481
|
174,005
|
1,696,486
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Bank deposits
|
115,642
|
(11,504)
|
104,138
|
|
Repurchase agreements and stock lending
|
38,006
|
-
|
38,006
|
|
Deposits by banks
|
153,648
|
(11,504)
|
142,144
|
|
Customer deposits
|
414,251
|
131,598
|
545,849
|
|
Repurchase agreements and stock lending
|
68,353
|
-
|
68,353
|
|
Customer accounts
|
482,604
|
131,598
|
614,202
|
|
Debt securities in issue
|
246,329
|
21,239
|
267,568
|
|
Settlement balances and short positions
|
50,875
|
1
|
50,876
|
|
Derivatives
|
421,534
|
2,607
|
424,141
|
|
Accruals, deferred income and other liabilities
|
24,624
|
5,703
|
30,327
|
|
Retirement benefit liabilities
|
2,715
|
248
|
2,963
|
|
Deferred taxation
|
2,161
|
650
|
2,811
|
|
Insurance liabilities
|
7,633
|
2,648
|
10,281
|
|
Subordinated liabilities
|
31,538
|
6,114
|
37,652
|
|
Liabilities of disposal groups
|
18,857
|
33
|
18,890
|
|
|
|
|
|
|
Total liabilities
|
1,442,518
|
159,337
|
1,601,855
|
|
|
|
|
|
|
Equity
|
|
|
|
|
Minority interests
|
2,227
|
14,668
|
16,895
|
|
Owners' equity
|
77,736
|
-
|
77,736
|
|
|
|
|
|
|
Total equity
|
79,963
|
14,668
|
94,631
|
|
|
|
|
|
|
Total liabilities and equity
|
1,522,481
|
174,005
|
1,696,486
|
7
|
|
Pro forma
|
Transfers
|
Statutory
|
|
|
£m
|
£m
|
£m
|
|
|
|
|
|
|
Assets
|
|
|
|
|
Cash and balances at central banks
|
36,567
|
580
|
37,147
|
|
Net loans and advances to banks
|
60,274
|
8,584
|
68,858
|
|
Reverse repurchase agreements and stock borrowing
|
37,190
|
-
|
37,190
|
|
Loans and advances to banks
|
97,464
|
8,584
|
106,048
|
|
Net loans and advances to customers
|
587,996
|
137,770
|
725,766
|
|
Reverse repurchase agreements and stock borrowing
|
43,463
|
-
|
43,463
|
|
Loans and advances to customers
|
631,459
|
137,770
|
769,229
|
|
Debt securities
|
251,281
|
19,085
|
270,366
|
|
Equity shares
|
16,830
|
3,764
|
20,594
|
|
Settlement balances
|
28,634
|
5
|
28,639
|
|
Derivatives
|
552,466
|
2,606
|
555,072
|
|
Intangible assets
|
15,339
|
3,192
|
18,531
|
|
Property, plant and equipment
|
18,208
|
1,692
|
19,900
|
|
Deferred taxation
|
7,667
|
700
|
8,367
|
|
Prepayments, accrued income and other assets
|
19,664
|
2,721
|
22,385
|
|
Assets of disposal groups
|
4,737
|
140
|
4,877
|
|
|
|
|
|
|
Total assets
|
1,680,316
|
180,839
|
1,861,155
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Bank deposits
|
138,584
|
(12,033)
|
126,551
|
|
Repurchase agreements and stock lending
|
39,816
|
-
|
39,816
|
|
Deposits by banks
|
178,400
|
(12,033)
|
166,367
|
|
Customer deposits
|
423,769
|
132,319
|
556,088
|
|
Repurchase agreements and stock lending
|
69,465
|
-
|
69,465
|
|
Customer accounts
|
493,234
|
132,319
|
625,553
|
|
Debt securities in issue
|
266,213
|
26,206
|
292,419
|
|
Settlement balances and short positions
|
71,891
|
61
|
71,952
|
|
Derivatives
|
537,522
|
2,483
|
540,005
|
|
Accruals, deferred income and other liabilities
|
20,754
|
8,048
|
28,802
|
|
Retirement benefit liabilities
|
1,410
|
398
|
1,808
|
|
Deferred taxation
|
3,275
|
815
|
4,090
|
|
Insurance liabilities
|
7,480
|
2,633
|
10,113
|
|
Subordinated liabilities
|
33,085
|
4,578
|
37,663
|
|
Liabilities of disposal groups
|
8,201
|
31
|
8,232
|
|
|
|
|
|
|
Total liabilities
|
1,621,465
|
165,539
|
1,787,004
|
|
|
|
|
|
|
Equity
|
|
|
|
|
Minority interests
|
2,185
|
15,300
|
17,485
|
|
Owners' equity
|
56,666
|
-
|
56,666
|
|
|
|
|
|
|
Total equity
|
58,851
|
15,300
|
74,151
|
|
|
|
|
|
|
Total liabilities and equity
|
1,680,316
|
180,839
|
1,861,155
|
8
|
|
Pro forma
|
Transfers
|
Statutory
|
|
|
£m
|
£m
|
£m
|
|
|
|
|
|
|
Assets
|
|
|
|
|
Cash and balances at central banks
|
11,830
|
570
|
12,400
|
|
Net loans and advances to banks
|
70,728
|
8,698
|
79,426
|
|
Reverse repurchase agreements and stock borrowing
|
58,771
|
-
|
58,771
|
|
Loans and advances to banks
|
129,499
|
8,698
|
138,197
|
|
Net loans and advances to customers
|
691,976
|
143,433
|
835,409
|
|
Reverse repurchase agreements and stock borrowings
|
39,289
|
24
|
39,313
|
|
Loans and advances to customers
|
731,265
|
143,457
|
874,722
|
|
Debt securities
|
253,159
|
14,390
|
267,549
|
|
Equity shares
|
22,198
|
4,132
|
26,330
|
|
Settlement balances
|
17,812
|
20
|
17,832
|
|
Derivatives
|
991,495
|
1,064
|
992,559
|
|
Intangible assets
|
16,415
|
3,634
|
20,049
|
|
Property, plant and equipment
|
17,181
|
1,768
|
18,949
|
|
Deferred taxation
|
5,786
|
1,296
|
7,082
|
|
Prepayments, accrued income and other assets
|
21,573
|
2,829
|
24,402
|
|
Assets of disposal groups
|
480
|
1,101
|
1,581
|
|
|
|
|
|
|
Total assets
|
2,218,693
|
182,959
|
2,401,652
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Bank deposits
|
178,943
|
(4,565)
|
174,378
|
|
Repurchase agreements and stock lending
|
83,666
|
-
|
83,666
|
|
Deposits by banks
|
262,609
|
(4,565)
|
258,044
|
|
Customer deposits
|
460,318
|
121,051
|
581,369
|
|
Repurchase agreements and stock lending
|
58,143
|
-
|
58,143
|
|
Customer accounts
|
518,461
|
121,051
|
639,512
|
|
Debt securities in issue
|
269,458
|
30,831
|
300,289
|
|
Settlement balances and short positions
|
54,264
|
13
|
54,277
|
|
Derivatives
|
969,409
|
1,955
|
971,364
|
|
Accruals, deferred income and other liabilities
|
24,140
|
7,342
|
31,482
|
|
Retirement benefit liabilities
|
1,564
|
468
|
2,032
|
|
Deferred taxation
|
3,177
|
988
|
4,165
|
|
Insurance liabilities
|
7,480
|
2,496
|
9,976
|
|
Subordinated liabilities
|
43,678
|
5,476
|
49,154
|
|
Liabilities of disposal groups
|
138
|
721
|
859
|
|
|
|
|
|
|
Total liabilities
|
2,154,378
|
166,776
|
2,321,154
|
|
|
|
|
|
|
Equity
|
|
|
|
|
Minority interests
|
5,436
|
16,183
|
21,619
|
|
Owners' equity
|
58,879
|
-
|
58,879
|
|
|
|
|
|
|
Total equity
|
64,315
|
16,183
|
80,498
|
|
|
|
|
|
|
Total liabilities and equity
|
2,218,693
|
182,959
|
2,401,652
|
9
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: 25 February 2010
| THE ROYAL BANK OF SCOTLAND GROUP plc (Registrant) |
| By: | /s/ A N Taylor |
| Name: Title: |
A N Taylor Head of Group Secretariat |