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| Group Information |
Company Announcement -
2002 Interim Results
Six months ended 30 June 2002 - Financial Highlights
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First half
2002
£m |
First half
2001
£m |
Increase |
Full year
2001
(restated)
£m |
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Total income |
8,182 |
6,822 |
20% |
14,558 |
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Operating expenses |
3,740 |
3,284 |
14% |
6,841 |
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Profit before tax, goodwill amortisation
and integration costs |
3,151 |
2,751 |
15% |
5,778 |
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Profit before tax |
2,325 |
2,072 |
12% |
4,252 |
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Cost:income ratio |
45.7% |
48.1% |
- |
47.0% |
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Adjusted earnings per ordinary share |
69.8p |
62.6p |
12% |
127.9p |
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Dividends per ordinary share |
12.7p |
11.0p |
15% |
38.0p |
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Sir George Mathewson, Chairman of The Royal Bank of Scotland
Group plc, said:-
"Strong income growth and improved efficiency are key factors
in these results. Our focus on satisfying customers continues to reap rewards
with increased customer numbers across the Group and in particular in Citizens,
Direct Line, Retail Banking and Retail Direct.
Provisions remain at a level consistent with the second half
of 2001, influenced both by growth in our book and particular corporate
situations. Overall credit quality remains strong.
The strength, diversity and flexibility of our Group has
enabled us to grow our profit before tax, goodwill amortisation and integration
costs by 15% and the Board is pleased to increase the interim dividend also by
15%."
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