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Author: Kirkie001 Three stars, 500 posts Number: of 55704  
Subject: NatWest 2011 Annual Report Date: 24/04/2012 10:01
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Not up on the RBS Investor Relations website as far as I can tell, but was filed with the SEC yesterday, so I'd imagine that it will be posted later today:

http://www.sec.gov/Archives/edgar/data/702162/00009501031200...

Headlines are a £3.8bn loss for the year (£4.2bn at an operating level). Within shareholders' equity, this was more than offset by Parent Company funding of £5.2bn. Would be interesting to see how this compares with what their budgets were for capital movements.

It is, to be blunt, not a very pretty picture.

Cost of funding increasing; which directly hits their NII margin. Large PPI claims/provision hit, and large Ulster Bank impairments (both of which are, of course, known and shouldn't be a surprise to anyone assuming they read the Feb announcements closely enough!).

There's a LOT of information in there if you're a banking nerd and want to dig into the detail.

Also a Fixed Income presentation from Feb that I found wandering around the corporate website:

http://www.investors.rbs.com/download/slides/Fixed_Income_In...

K
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