Financial Highlights
 |
| |
31 December
2001
£m |
Pro forma
31 December
2000*
£m |
Increase |
|
Total income |
14,581 |
12,358 |
18% |
| |
--------- |
--------- |
|
|
Operating expenses |
6,841 |
6,614 |
3% |
| |
--------- |
--------- |
|
|
Profit before tax, goodwill amortisation
and integration costs |
5,801 |
4,401 |
32% |
| |
--------- |
--------- |
|
|
Profit before tax |
4,275 |
3,327 |
28% |
| |
--------- |
--------- |
|
|
Cost:income ratio |
46.9% |
53.5% |
- |
| |
--------- |
--------- |
|
|
Adjusted earnings per ordinary share |
127.9p |
102.0p |
25% |
| |
--------- |
--------- |
|
|
Dividends per ordinary share |
38.0p |
33.0p |
15% |
| |
--------- |
--------- |
|
* See Notes for the basis of
preparation of the pro forma results.
Sir George Mathewson, Chairman of The Royal Bank of Scotland
Group plc said:-
"2001 was another year of substantial improvement in the
strength and profitability of our Group. All our businesses have grown income
and improved efficiency, producing notable profit increases. Credit quality
remains good, although we have made prudent increases in our level of provisions
to reflect the growth in our business combined with the deterioration in the
short-term economic outlook and a small number of specific customer situations.
The integration of NatWest is progressing well and we expect
to achieve significantly greater revenue benefits and cost savings than
originally envisaged.
Our focus on building strategic options for the Group,
together with our emphasis on growing income in ways which are beneficial for
both customers and shareholders, has delivered another significant uplift in our
performance. I am confident that the resultant strength, diversity and
flexibility of the Group will enable us to continue to build value."