Half Yearly Report
July 27 2010 - 8:35AM
UK Regulatory
TIDM70NN
RNS Number : 0073Q
Skipton Building Society
27 July 2010
SKIPTON ANNOUNCES 48% INCREASE IN HALF-YEAR PERFORMANCE
Skipton Building Society continues to enhance its financial strength while
maintaining its focus on meeting members' needs, our latest Half-Year Results
show. Tier One capital increased by 34% to 11.4% (30 June 2009: 8.5%).
The Society's clear plan for steering the business through the aftershocks of
the historic economic downturn has boosted performance, compared to the
equivalent period of 2009. Group Profit before tax amounted to GBP21.7m, a 48%
increase compared to GBP14.7m for the six months ended 30 June 2009.
Financial Performance in the six months to 30 June 2010 at a glance:
Improved profits
· Group pre-tax profit of GBP21.7m (H1 2009: GBP14.7m);
Improved capital strength
· Core Tier One capital ratio up 38% to 9.9% (June 2009: 7.2%);
· Tier One capital ratio up 34% to 11.4% (June 2009: 8.5%);
· Solvency ratio up 26% to 15.1% (June 2009: 12.0%).
Strong retail savings franchise
· 83.2% of funding is comprised of retail balances (June 2009: 78.8%).
· Saving membership up 1% to 744,000 (June 2009: 739,000).
· Retail balances represent 99.9% of mortgage balances (June 2009: 89.8%)
Prudent, measured reduction in mortgage assets
· Group mortgage assets reduced by GBP0.6bn since the year end to GBP10.1bn.
Maintained high levels of liquidity
· Liquidity represents 28.7% of shares, deposits and liabilities (June 2009:
22.6%).
Business Highlights
· Our merger with Chesham Building Society completed on 1 June 2010, further
increasing the enlarged Skipton's capital strength; boosting our member base by
21,000 and adding three new branches to our network.
· The Mortgage and Savings division reported a loss of GBP5.7m, compared to a
loss of GBP9.1m for the six months end 30 June 2009.
· Group net interest margin reduced by GBP12.3m to GBP26.5m compared to the
first six months of 2009, but increased by GBP12.3m compared to the second six
months of 2009.
· The charge for mortgage losses amounted to GBP3.2m, compared to GBP22.1m
for the six months ended 30 June 2009, a reduction of GBP18.9m. This reflects a
12% reduction in arrears and greater macro economic stability.
· The Financial Advice division continued to enhance its performance,
reporting a profit of GBP1.7m compared to a loss of GBP0.1m for the comparative
period and is well placed to comply with the Retail Distribution Review
requirements which come into force on 31 December 2011.
· Our Estate Agency Division continued to perform strongly, with revenues and
profits well up against the first half of 2009. New instructions increased 23%
and the level of exchanges rose 13%. Profits for the period amounted to
GBP31.7m (six months to 30 June 2009: GBP20.8m).
Skipton's diversified business model continues to play a significant part in the
Group's success in the face of continued economic challenges, as does its
prudent management of the business and its balance sheet.
Group Chief Executive David Cutter said: "A 48% increase in profit and 34%
increase in our Tier One capital ratio is a very pleasing performance compared
to our June 2009 results. But there is no room for complacency. Uncertainty
stemming from fears over the financial stability of certain European nations and
the impact of the Government's austerity package has highlighted the need for
continued vigilance.
"However, these most recent results once again demonstrate our ability to
prosper despite such adverse conditions while, at the same time, remaining true
to our ethos of offering consistent good value and service to our members.
"Therefore I remain confident that steps we took in the first six months of this
year, coupled with our unique business model, will ensure a sustainable and
strong future for our business."
ENDS
For further information or to arrange interviews, please contact the Skipton
Press Office on
08456 017247,
email newsline@skipton.co.uk or visit the press section of
our website at www.skipton.co.uk
Tracy Fletcher, Head of Corporate Communications
Tel: 01756 705855
If outside Press Office hours (8am - 6pm, Monday to Friday), please call 07867
851628
Skipton Building Society
Results for the Half Year ended 30 June 2010
Unaudited results for the half-year to 30 June 2010
Condensed consolidated income statement
+--------------------------------------+--------------------------------------+-----------+----------+
| | Unaudited | Unaudited | Audited |
+ +--------------------------------------+-----------+----------+
| | 6 months | 6 | 12 |
| | | months | months |
+ +--------------------------------------+-----------+----------+
| | to 30.06.10 | to | to |
| | | 30.06.09 | 31.12.09 |
+ +--------------------------------------+-----------+----------+
| | GBPm | GBPm | GBPm |
+--------------------------------------+--------------------------------------+-----------+----------+
| Continuing operations | | | |
+--------------------------------------+--------------------------------------+-----------+----------+
| Interest receivable and similar | 186.8 | 233.0 | 421.8 |
| income | | | |
+--------------------------------------+--------------------------------------+-----------+----------+
| Interest payable and similar charges | (160.3) | (194.0) | (368.5) |
+--------------------------------------+--------------------------------------+-----------+----------+
| Net interest receivable | 26.5 | 39.0 | 53.3 |
+--------------------------------------+--------------------------------------+-----------+----------+
| Fees and commissions receivable | 191.3 | 167.8 | 389.0 |
+--------------------------------------+--------------------------------------+-----------+----------+
| Fees and commissions payable | (8.9) | (7.8) | (19.4) |
+--------------------------------------+--------------------------------------+-----------+----------+
| Fair value gains / (losses) on | 0.2 | (0.3) | 3.9 |
| financial instruments | | | |
+--------------------------------------+--------------------------------------+-----------+----------+
| Share of profits from joint ventures | 0.2 | 0.1 | 0.2 |
| and associates | | | |
+--------------------------------------+--------------------------------------+-----------+----------+
| Other operating income | 7.2 | 14.8 | 13.0 |
+--------------------------------------+--------------------------------------+-----------+----------+
| Total income | 216.5 | 213.6 | 440.0 |
+--------------------------------------+--------------------------------------+-----------+----------+
| Administrative expenses | (196.1) | (179.9) | (383.7) |
+--------------------------------------+--------------------------------------+-----------+----------+
| Negative goodwill arising on merger | 3.1 | - | - |
+--------------------------------------+--------------------------------------+-----------+----------+
| Impairment losses on loans and | (3.2) | (22.1) | (43.6) |
| advances | | | |
+--------------------------------------+--------------------------------------+-----------+----------+
| Impairment recoveries on debt | - | 3.1 | 1.3 |
| securities | | | |
+--------------------------------------+--------------------------------------+-----------+----------+
| Provisions for liabilities | 1.4 | - | 4.0 |
+--------------------------------------+--------------------------------------+-----------+----------+
| Profit before tax | 21.7 | 14.7 | 18.0 |
+--------------------------------------+--------------------------------------+-----------+----------+
| Tax expense | (5.8) | (5.2) | (4.3) |
+--------------------------------------+--------------------------------------+-----------+----------+
| Profit for the period from | 15.9 | 9.5 | 13.7 |
| continuing operations | | | |
+--------------------------------------+--------------------------------------+-----------+----------+
| | | | |
+--------------------------------------+--------------------------------------+-----------+----------+
| Discontinued operation | | | |
+--------------------------------------+--------------------------------------+-----------+----------+
| Profit from discontinued operation | - | 1.7 | 43.9 |
+--------------------------------------+--------------------------------------+-----------+----------+
| Profit for the period | 15.9 | 11.2 | 57.6 |
+--------------------------------------+--------------------------------------+-----------+----------+
| | | | |
| Profit for the period attributable | | | |
| to: | | | |
+--------------------------------------+--------------------------------------+-----------+----------+
| Members of Skipton Building Society | | | |
+--------------------------------------+--------------------------------------+-----------+----------+
| Profit for the period from | 16.0 | 9.2 | 13.5 |
| continuing operations | | | |
+--------------------------------------+--------------------------------------+-----------+----------+
| Profit for the period from | - | 1.7 | 43.9 |
| discontinued operations | | | |
+--------------------------------------+--------------------------------------+-----------+----------+
| | 16.0 | 10.9 | 57.4 |
+--------------------------------------+--------------------------------------+-----------+----------+
| Non-controlling interests | | | |
+--------------------------------------+--------------------------------------+-----------+----------+
| Profit for the period from | (0.1) | 0.3 | 0.2 |
| continuing operations | | | |
+--------------------------------------+--------------------------------------+-----------+----------+
| | (0.1) | 0.3 | 0.2 |
+--------------------------------------+--------------------------------------+-----------+----------+
| | 15.9 | 11.2 | 57.6 |
+--------------------------------------+--------------------------------------+-----------+----------+
Unaudited results for the half year to 30 June 2010
Condensed consolidated statement of comprehensive income
+------------------------------------------+------------------------------------------+-----------+----------+
| | Unaudited | Unaudited | Audited |
+ +------------------------------------------+-----------+----------+
| | 6 months | 6 | 12 |
| | | months | months |
+ +------------------------------------------+-----------+----------+
| | to 30.06.10 | to | to |
| | | 30.06.09 | 31.12.09 |
+ +------------------------------------------+-----------+----------+
| | GBPm | GBPm | GBPm |
+------------------------------------------+------------------------------------------+-----------+----------+
| Profit for the period | 15.9 | 11.2 | 57.6 |
+------------------------------------------+------------------------------------------+-----------+----------+
| Other comprehensive income: | | | |
+------------------------------------------+------------------------------------------+-----------+----------+
| Available-for-sale investments: | 8.2 | 1.8 | 9.4 |
| valuation gains taken to equity | | | |
+------------------------------------------+------------------------------------------+-----------+----------+
| Cash flow hedges: gains taken to equity | 28.0 | 14.1 | 7.1 |
+------------------------------------------+------------------------------------------+-----------+----------+
| Exchange differences on translation of | 0.5 | 0.1 | 2.6 |
| foreign operations | | | |
+------------------------------------------+------------------------------------------+-----------+----------+
| Movement in reserves attributable to | (0.3) | 0.1 | (1.1) |
| non-controlling interests | | | |
+------------------------------------------+------------------------------------------+-----------+----------+
| Non-controlling interest share | - | - | 0.5 |
| restructure | | | |
+------------------------------------------+------------------------------------------+-----------+----------+
| Actuarial losses on defined benefit | (13.3) | (29.9) | (17.9) |
| pension plans | | | |
+------------------------------------------+------------------------------------------+-----------+----------+
| Income tax relating to components of | (6.3) | 4.0 | 0.7 |
| other comprehensive income | | | |
+------------------------------------------+------------------------------------------+-----------+----------+
| Other comprehensive income for the | 16.8 | (9.8) | 1.3 |
| period, net of tax | | | |
+------------------------------------------+------------------------------------------+-----------+----------+
| Total comprehensive income for the | 32.7 | 1.4 | 58.9 |
| period | | | |
+------------------------------------------+------------------------------------------+-----------+----------+
| | | | |
+------------------------------------------+------------------------------------------+-----------+----------+
| Total comprehensive income attributable | | | |
| to: | | | |
+------------------------------------------+------------------------------------------+-----------+----------+
| Members of Skipton Building Society | 32.8 | 1.1 | 58.7 |
+------------------------------------------+------------------------------------------+-----------+----------+
| Non-controlling interests | (0.1) | 0.3 | 0.2 |
+------------------------------------------+------------------------------------------+-----------+----------+
| | 32.7 | 1.4 | 58.9 |
+------------------------------------------+------------------------------------------+-----------+----------+
Unaudited results for the half-year to 30 June 2010
Condensed consolidated statement of financial position
+---------------------------------------+---------------------------------------+-----------+----------+
| | Unaudited | Unaudited | Audited |
+ +---------------------------------------+-----------+----------+
| | As at 30.06.10 | As at | As at |
| | | 30.06.09 | 31.12.09 |
+ +---------------------------------------+-----------+----------+
| | GBPm | GBPm | GBPm |
+---------------------------------------+---------------------------------------+-----------+----------+
| Assets | | | |
+---------------------------------------+---------------------------------------+-----------+----------+
| Cash in hand and balances with the | 1,565.7 | 1,113.5 | 1,272.1 |
| Bank of England | | | |
+---------------------------------------+---------------------------------------+-----------+----------+
| Loans and advances to credit | 354.0 | 387.5 | 447.5 |
| institutions | | | |
+---------------------------------------+---------------------------------------+-----------+----------+
| Debt securities | 1,798.8 | 1,584.4 | 2,339.3 |
+---------------------------------------+---------------------------------------+-----------+----------+
| Derivative financial instruments | 163.7 | 272.6 | 265.5 |
+---------------------------------------+---------------------------------------+-----------+----------+
| Loans and advances to customers | 10,281.2 | 11,316.3 | 10,813.3 |
+---------------------------------------+---------------------------------------+-----------+----------+
| Corporation tax asset | - | - | 5.6 |
+---------------------------------------+---------------------------------------+-----------+----------+
| Investments in group undertakings | 1.5 | 1.6 | 1.7 |
+---------------------------------------+---------------------------------------+-----------+----------+
| Intangible assets | 193.7 | 243.2 | 182.2 |
+---------------------------------------+---------------------------------------+-----------+----------+
| Property, plant and equipment | 95.9 | 81.5 | 88.7 |
+---------------------------------------+---------------------------------------+-----------+----------+
| Investment property | 5.7 | 12.4 | 10.3 |
+---------------------------------------+---------------------------------------+-----------+----------+
| Deferred tax asset | 43.4 | 49.8 | 45.0 |
+---------------------------------------+---------------------------------------+-----------+----------+
| Other assets | 105.7 | 121.4 | 97.6 |
+---------------------------------------+---------------------------------------+-----------+----------+
| Total assets | 14,609.3 | 15,184.2 | 15,568.8 |
+---------------------------------------+---------------------------------------+-----------+----------+
| | | | |
+---------------------------------------+---------------------------------------+-----------+----------+
| Liabilities | | | |
+---------------------------------------+---------------------------------------+-----------+----------+
| Shares | 10,099.3 | 10,075.3 | 10,470.2 |
+---------------------------------------+---------------------------------------+-----------+----------+
| Amounts owed to credit institutions | 813.2 | 1,031.8 | 942.2 |
+---------------------------------------+---------------------------------------+-----------+----------+
| Amounts owed to other customers | 1,159.9 | 1,708.3 | 1,203.9 |
+---------------------------------------+---------------------------------------+-----------+----------+
| Debt securities in issue | 869.8 | 846.1 | 1,405.6 |
+---------------------------------------+---------------------------------------+-----------+----------+
| Derivative financial instruments | 338.1 | 256.2 | 263.7 |
+---------------------------------------+---------------------------------------+-----------+----------+
| Corporation tax liability | 3.4 | 1.6 | - |
+---------------------------------------+---------------------------------------+-----------+----------+
| Other liabilities | 98.5 | 95.2 | 89.7 |
+---------------------------------------+---------------------------------------+-----------+----------+
| Accruals and deferred income | 36.5 | 54.9 | 50.0 |
+---------------------------------------+---------------------------------------+-----------+----------+
| Deferred tax liability | 15.3 | 12.3 | 13.8 |
+---------------------------------------+---------------------------------------+-----------+----------+
| Provisions for liabilities | 17.9 | 27.0 | 19.3 |
+---------------------------------------+---------------------------------------+-----------+----------+
| Retirement benefit obligations | 56.3 | 72.6 | 47.4 |
+---------------------------------------+---------------------------------------+-----------+----------+
| Subordinated liabilities | 211.8 | 211.0 | 213.0 |
+---------------------------------------+---------------------------------------+-----------+----------+
| Subscribed capital | 84.1 | 83.0 | 83.6 |
+---------------------------------------+---------------------------------------+-----------+----------+
| Total liabilities | 13,804.1 | 14,475.3 | 14,802.4 |
+---------------------------------------+---------------------------------------+-----------+----------+
| | | | |
+---------------------------------------+---------------------------------------+-----------+----------+
| Members' interests | | | |
+---------------------------------------+---------------------------------------+-----------+----------+
| General reserve | 794.0 | 726.4 | 781.5 |
+---------------------------------------+---------------------------------------+-----------+----------+
| Available-for-sale reserve | (0.2) | (12.0) | (6.2) |
+---------------------------------------+---------------------------------------+-----------+----------+
| Cash flow hedging reserve | 4.2 | (10.9) | (16.0) |
+---------------------------------------+---------------------------------------+-----------+----------+
| Translation reserve | 4.1 | 1.1 | 3.6 |
+---------------------------------------+---------------------------------------+-----------+----------+
| Attributable to Members of Skipton | 802.1 | 704.6 | 762.9 |
| Building Society | | | |
+---------------------------------------+---------------------------------------+-----------+----------+
| Non-controlling interests | 3.1 | 4.3 | 3.5 |
+---------------------------------------+---------------------------------------+-----------+----------+
| Total members' interests | 805.2 | 708.9 | 766.4 |
+---------------------------------------+---------------------------------------+-----------+----------+
| | | | |
+---------------------------------------+---------------------------------------+-----------+----------+
| Total members' interests and | 14,609.3 | 15,184.2 | 15,568.8 |
| liabilities | | | |
+---------------------------------------+---------------------------------------+-----------+----------+
Condensed consolidated statement of changes in members' interests
+---------------------------+---------------------------+--------------------+--------+-------------+--------+-----------------+-------+
| Unaudited 6 months as at | General | Available-for-sale | Cash | Translation | Sub | Non-controlling | Total |
| 30 June 2010 | reserve | financial assets | flow | of foreign | Total | interests | |
| | | | hedges | operations | | | |
+ +---------------------------+--------------------+--------+-------------+--------+-----------------+-------+
| | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm |
+---------------------------+---------------------------+--------------------+--------+-------------+--------+-----------------+-------+
| Balance at 1 January 2010 | 781.5 | (6.2) | (16.0) | 3.6 | 762.9 | 3.5 | 766.4 |
+---------------------------+---------------------------+--------------------+--------+-------------+--------+-----------------+-------+
| Profit for the period | 16.0 | - | - | - | 16.0 | (0.1) | 15.9 |
+---------------------------+---------------------------+--------------------+--------+-------------+--------+-----------------+-------+
| Other comprehensive | | | | | | | |
| income | | | | | | | |
+---------------------------+---------------------------+--------------------+--------+-------------+--------+-----------------+-------+
| Actuarial loss on | (9.6) | - | - | - | (9.6) | - | (9.6) |
| retirement benefit | | | | | | | |
| obligations | | | | | | | |
+---------------------------+---------------------------+--------------------+--------+-------------+--------+-----------------+-------+
| Net gains from changes in | - | 6.0 | 20.2 | - | 26.2 | - | 26.2 |
| fair value | | | | | | | |
+---------------------------+---------------------------+--------------------+--------+-------------+--------+-----------------+-------+
| Exchange differences on | - | - | - | 0.5 | 0.5 | - | 0.5 |
| translation of foreign | | | | | | | |
| operations | | | | | | | |
+---------------------------+---------------------------+--------------------+--------+-------------+--------+-----------------+-------+
| Movement in reserves | - | - | - | - | - | (0.3) | (0.3) |
| attributable to | | | | | | | |
| non-controlling interests | | | | | | | |
+---------------------------+---------------------------+--------------------+--------+-------------+--------+-----------------+-------+
| Total other comprehensive | (9.6) | 6.0 | 20.2 | 0.5 | 17.1 | (0.3) | 16.8 |
| income | | | | | | | |
+---------------------------+---------------------------+--------------------+--------+-------------+--------+-----------------+-------+
| Total comprehensive | 6.4 | 6.0 | 20.2 | 0.5 | 33.1 | (0.4) | 32.7 |
| income for the period | | | | | | | |
+---------------------------+---------------------------+--------------------+--------+-------------+--------+-----------------+-------+
| Transfer of | 6.1 | - | - | - | 6.1 | - | 6.1 |
| engagements | | | | | | | |
+---------------------------+---------------------------+--------------------+--------+-------------+--------+-----------------+-------+
| Balance at 30 June 2010 | 794.0 | (0.2) | 4.2 | 4.1 | 802.1 | 3.1 | 805.2 |
+---------------------------+---------------------------+--------------------+--------+-------------+--------+-----------------+-------+
+---------------------------+---------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Unaudited 6 months as at | General | Available-for-sale | Cash | Translation | Sub | Non-controlling | Total |
| 30 June 2009 | reserve | financial assets | flow | of foreign | Total | interests | |
| | | | hedges | operations | | | |
+ +---------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm |
+---------------------------+---------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Balance at 1 January 2009 | 737.0 | (13.2) | (21.2) | 1.0 | 703.6 | 3.9 | 707.5 |
+---------------------------+---------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Profit for the period | 10.9 | - | - | - | 10.9 | 0.3 | 11.2 |
+---------------------------+---------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Other comprehensive | | | | | | | |
| income | | | | | | | |
+---------------------------+---------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Actuarial loss on | (21.5) | - | - | - | (21.5) | - | (21.5) |
| retirement benefit | | | | | | | |
| obligations | | | | | | | |
+---------------------------+---------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Net gains/ (losses) from | - | (0.2) | 10.3 | - | 10.1 | - | 10.1 |
| changes in fair value | | | | | | | |
+---------------------------+---------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Exchange differences on | - | - | - | 0.1 | 0.1 | - | 0.1 |
| translation of foreign | | | | | | | |
| operations | | | | | | | |
+---------------------------+---------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Movement in reserves | - | - | - | - | - | 0.1 | 0.1 |
| attributable to | | | | | | | |
| non-controlling interests | | | | | | | |
+---------------------------+---------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Transfer of engagements | - | 1.4 | - | - | 1.4 | - | 1.4 |
+---------------------------+---------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Total other comprehensive | (21.5) | 1.2 | 10.3 | 0.1 | (9.9) | 0.1 | (9.8) |
| income | | | | | | | |
+---------------------------+---------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Total comprehensive | (10.6) | 1.2 | 10.3 | 0.1 | 1.0 | 0.4 | 1.4 |
| income for the period | | | | | | | |
+---------------------------+---------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Balance at 30 June 2009 | 726.4 | (12.0) | (10.9) | 1.1 | 704.6 | 4.3 | 708.9 |
+---------------------------+---------------------------+--------------------+--------+-------------+--------+-----------------+--------+
+----------------------------+----------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Audited 12 months as at 31 | General | Available-for-sale | Cash | Translation | Sub | Non-controlling | Total |
| December 2009 | reserve | financial assets | flow | of foreign | Total | interests | |
| | | | hedges | operations | | | |
+ +----------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm | GBPm |
+----------------------------+----------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Balance at 1 January 2009 | 737.0 | (13.2) | (21.2) | 1.0 | 703.6 | 3.9 | 707.5 |
+----------------------------+----------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Profit for the financial | 57.4 | - | - | - | 57.4 | 0.2 | 57.6 |
| year | | | | | | | |
+----------------------------+----------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Other comprehensive income | | | | | | | |
+----------------------------+----------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Actuarial loss on | (12.9) | - | - | - | (12.9) | - | (12.9) |
| retirement benefit | | | | | | | |
| obligations | | | | | | | |
+----------------------------+----------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Net gains from changes in | - | 5.6 | 5.2 | - | 10.8 | - | 10.8 |
| fair value | | | | | | | |
+----------------------------+----------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Exchange differences on | - | - | - | 2.6 | 2.6 | - | 2.6 |
| translation of foreign | | | | | | | |
| operations | | | | | | | |
+----------------------------+----------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Movement in reserves | - | - | - | - | - | (1.1) | (1.1) |
| attributable to | | | | | | | |
| non-controlling interests | | | | | | | |
+----------------------------+----------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Non-controlling interest | - | - | - | - | - | 0.5 | 0.5 |
| share restructure | | | | | | | |
+----------------------------+----------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Transfer of engagements | - | 1.4 | - | - | 1.4 | - | 1.4 |
+----------------------------+----------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Total other comprehensive | (12.9) | 7.0 | 5.2 | 2.6 | 1.9 | (0.6) | 1.3 |
| income | | | | | | | |
+----------------------------+----------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Total comprehensive income | 44.5 | 7.0 | 5.2 | 2.6 | 59.3 | (0.4) | 58.9 |
| for the period | | | | | | | |
+----------------------------+----------------------------+--------------------+--------+-------------+--------+-----------------+--------+
| Balance at 31 December | 781.5 | (6.2) | (16.0) | 3.6 | 762.9 | 3.5 | 766.4 |
| 2009 | | | | | | | |
+----------------------------+----------------------------+--------------------+--------+-------------+--------+-----------------+--------+
Unaudited results for the half-year to 30 June 2010
Condensed consolidated cash flow statement
+------------------------------------------+------------------------------------------+-----------+-----------+
| | Unaudited | Unaudited | Audited |
+ +------------------------------------------+-----------+-----------+
| | 6 months | 6 | 12 |
| | | months | months |
+ +------------------------------------------+-----------+-----------+
| | to 30.06.10 | to | to |
| | | 30.06.09 | 31.12.09 |
+ +------------------------------------------+-----------+-----------+
| | GBPm | GBPm | GBPm |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Cash flows from operating activities | | | |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Profit before taxation from continuing | 21.7 | 14.7 | 18.0 |
| operations | | | |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Profit before taxation from discontinued | - | 2.3 | 45.5 |
| operations | | | |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Adjustments for: | | | |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Impairment losses on loans and advances | 3.2 | 22.1 | 43.6 |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Impairment recoveries on debt securities | - | (3.1) | (1.3) |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Loans and advances written off, net of | (12.8) | (14.2) | (29.9) |
| recoveries | | | |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Goodwill impairment | 4.8 | - | 12.0 |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Depreciation and amortisation | 9.6 | 11.5 | 23.2 |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Interest on capital and subordinated | 12.3 | 10.5 | 23.3 |
| liabilities | | | |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Loss on sale of property, plant and | - | 0.1 | 0.2 |
| equipment and investment property | | | |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Negative goodwill arising on merger | (3.1) | - | - |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Share of profits from joint ventures and | (0.2) | (0.1) | (0.2) |
| associates | | | |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Profit on disposal of subsidiary | - | - | (39.7) |
| undertakings | | | |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Dividends received from joint venture | 0.5 | - | - |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Other non-cash movements | 41.7 | 6.6 | 54.2 |
+------------------------------------------+------------------------------------------+-----------+-----------+
| | 77.7 | 50.4 | 148.9 |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Changes in operating assets and | | | |
| liabilities: | | | |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Movement in prepayments and accrued | (13.8) | 5.3 | 7.9 |
| income | | | |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Movement in accruals and deferred income | (28.5) | (154.1) | (197.8) |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Movement in provisions for liabilities | (1.6) | (0.6) | (8.3) |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Movement in loans and advances to | 568.8 | 53.4 | 329.2 |
| customers | | | |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Interest received from loans and | 227.3 | 245.2 | 997.2 |
| advances to customers | | | |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Movement in shares | (419.3) | 463.0 | 482.4 |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Interest paid on shares | (137.4) | (140.3) | (283.3) |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Net movement in amounts owed to credit | | (581.2) | (1,152.8) |
| institutions and other customers | (178.6) | | |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Net movement in debt securities in issue | (478.7) | (500.8) | 47.7 |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Net movement in loans and advances to | 127.2 | 836.9 | 851.7 |
| credit institutions | | | |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Net movement in other assets | 5.1 | (10.6) | 3.2 |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Net movement in other liabilities | 25.0 | 28.7 | 16.1 |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Income taxes paid | 1.0 | 8.4 | (0.3) |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Net cash flows from operating activities | (225.8) | 303.7 | 1,241.8 |
+------------------------------------------+------------------------------------------+-----------+-----------+
Unaudited results for the half-year to 30 June 2010
Condensed consolidated cash flow statement (continued)
+------------------------------------------+------------------------------------------+-----------+-----------+
| | Unaudited | Unaudited | Audited |
+ +------------------------------------------+-----------+-----------+
| | 6 months | 6 | 12 |
| | | months | months |
+ +------------------------------------------+-----------+-----------+
| | to 30.06.10 | to | to |
| | | 30.06.09 | 31.12.09 |
+ +------------------------------------------+-----------+-----------+
| | GBPm | GBPm | GBPm |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Net cash flows from operating activities | (225.8) | 303.7 | 1,241.8 |
+------------------------------------------+------------------------------------------+-----------+-----------+
| | | | |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Cash flows from investing activities | | | |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Purchase of debt securities | (1,368.4) | (3,355.4) | (6,036.0) |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Proceeds from disposal of debt | 1,930.8 | 3,837.4 | 5,771.8 |
| securities | | | |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Purchase of intangible assets | (4.2) | (5.7) | (11.7) |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Purchase of property, plant and | (6.8) | (9.9) | (23.9) |
| equipment and investment property | | | |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Proceeds from disposal of property, | 0.2 | 0.5 | 0.9 |
| plant and equipment and investment | | | |
| property | | | |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Dividends paid to non-controlling | (2.5) | - | (3.8) |
| interests | | | |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Cash acquired on transfer of engagements | - | 17.9 | 17.9 |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Further investment in subsidiary | (20.9) | (6.5) | (6.9) |
| undertakings | | | |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Cash received from sale of subsidiary | - | - | 97.8 |
| undertakings | | | |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Debt repaid on sale of subsidiary | - | - | (19.7) |
| undertaking | | | |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Net cash flows from investing activities | 528.2 | 478.3 | (213.6) |
+------------------------------------------+------------------------------------------+-----------+-----------+
| | | | |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Cash flows from financing activities | | | |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Interest paid on subordinated | (8.3) | (7.7) | (16.2) |
| liabilities | | | |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Interest paid on Permanent Interest | (4.1) | (2.8) | (7.1) |
| Bearing Shares | | | |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Net cash flows from financing activities | (12.4) | (10.5) | (23.3) |
+------------------------------------------+------------------------------------------+-----------+-----------+
| | | | |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Net increase in cash and cash | 290.0 | 771.5 | 1,004.9 |
| equivalents | | | |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Cash and cash equivalents at 1 January | 1,396.3 | 391.4 | 391.4 |
+------------------------------------------+------------------------------------------+-----------+-----------+
| Cash and cash equivalents at end of | 1,686.3 | 1,162.9 | 1,396.3 |
| period | | | |
+------------------------------------------+------------------------------------------+-----------+-----------+
Analysis of the cash balances as shown in the statement of financial position:
+--------------------------------------------+--------------------------------------------+-----------+----------+
| | Unaudited | Unaudited | Audited |
+ +--------------------------------------------+-----------+----------+
| | 6 months | 6 | 12 |
| | | months | months |
+ +--------------------------------------------+-----------+----------+
| | to 30.06.10 | to | to |
| | | 30.06.09 | 31.12.09 |
+ +--------------------------------------------+-----------+----------+
| | GBPm | GBPm | GBPm |
+--------------------------------------------+--------------------------------------------+-----------+----------+
| Cash in hand and balances with the Bank of | 1,565.7 | 1,113.5 | 1,272.1 |
| England | | | |
+--------------------------------------------+--------------------------------------------+-----------+----------+
| Mandatory reserve deposit with the Bank of | (11.6) | (10.8) | (11.7) |
| England | | | |
+--------------------------------------------+--------------------------------------------+-----------+----------+
| | 1,554.1 | 1,102.7 | 1,260.4 |
+--------------------------------------------+--------------------------------------------+-----------+----------+
| Loans and advances to credit institutions | 132.2 | 60.2 | 135.9 |
| repayable on demand | | | |
+--------------------------------------------+--------------------------------------------+-----------+----------+
| Included in cash and cash equivalents at | 1,686.3 | 1,162.9 | 1,396.3 |
| end of period | | | |
+--------------------------------------------+--------------------------------------------+-----------+----------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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