case study royal bank of scotland (rbs)
TRANSCRIPT
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Name : Vadan Mehta
SMS ID: 106360
Location; Borivali, Mumbai
Subject: FMB
Course: PGCBM 17
Take-Home Assignments: Royal Bank of Scotland(RBS)
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INTRODUCTION
This document pertains to be take home assignment for Financial markets and Banking (FMB). As per assignment requirements, students suppose to study, analyze and document the financial performance of particular bank. In this regard, I have been given Royal Bank of Scotland (RBS) for the purpose.
Assignment Methodology:
I have attempted the financial performance of the RBS group, from annual reports, available at http://www.investors.rbs.com. This report is containing three parts 1) Financial data2) 2008 Crisis3) Summary
About Royal Bank of Scotland:The Royal Bank of Scotland Group (LSE: RBS) is a British state owned banking and insurance holding company in which HM Treasury holds an 84% controlling share (economic interest; actual voting rights will not rise above 75% in order to retain stock listing). The group is based in Edinburgh, Scotland, and is the world's largest company by assets. The group controls the Royal Bank of Scotland plc,[5] founded in 1727 by a Royal Charter of King George I, the National Westminster Bank, which can trace its lineage back to 1650, and Ulster Bank in Ireland.[6]
RBS Group is the largest banking group in Scotland, and at its earlier peak was the second largest in the UK and Europe (fifth in stock market value), and the fifth largest in the world by market capitalization. According to Forbes Global 2000, it was the tenth largest company in the world. Its shares have a primary listing on the London Stock Exchange. The registered head office of the group and the UK clearing bank are located at St Andrew Square, Edinburgh. In 2005, Queen Elizabeth II opened the bank's new head office building in Gogarburn, Edinburgh.The RBS Group operates a wide variety of banking brands offering personal and business banking, private banking, insurance and corporate finance throughout its operations located in Europe, North America and Asia. In the UK and Republic of Ireland, the main subsidiary companies are: The Royal Bank of Scotland; National Westminster Bank; Ulster Bank; Drummonds; and Coutts & Co. In the United States, it owns Citizens Financial Group, the 8th largest bank in the country. From 2004 to 2009 it was the second largest shareholder in the Bank of China, itself the world's fifth largest bank by market capitalisation in February 2008.[8] Insurance companies include Churchill Insurance, Direct Line, Privilege, and NIG.
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The group issues banknotes in Scotland and Northern Ireland and, as of 2008, Royal Bank of Scotland is the only bank in the UK still to print a £1 note.
Internationalization
The first international office of the bank was opened in New York in 1960. Subsequent international banks were opened in Chicago, Los Angeles, Houston and Hong Kong. In 1988 the bank acquired Citizens Financial Group, a bank based in Rhode Island, United States. Since then, Citizens has acquired several other American banks, and in 2004 acquired Charter One Bank to become the 8th largest bank in the United States.
The Royal Bank also opened offices in Europe and now has subsidiaries in: Austria, Switzerland, France, Italy, Germany, Greece, Spain, Portugal, Denmark, Norway, Sweden and the Federation of Bosnia and Herzegovina. In the Asia-Pacific region, the bank has offices in: Australia, China, Hong Kong, India, Japan and Singapore.
Acquisitions
On 11 February 2000, the Royal Bank of Scotland won the take over of National Westminster Bank (Natwest). This deal has made RBS the second largest banking group in the UK after HSBC Holdings. NatWest and the Royal Bank of Scotland became subsidiaries of the holding company; the Royal Bank of Scotland Group. NatWest as a distinct banking brand was retained, although many back office functions of the bank were merged with the Royal Bank's leading to over 18,000 job losses throughout the UK.
In August 2005, the bank expanded into China, acquiring a 10% stake in the Bank of China for £1.7 billion [14].
A new international headquarters was built at Gogarburn on the outskirts of Edinburgh, and was opened by Queen Elizabeth II and Prince Philip, Duke of Edinburgh in 2005. The St Andrew Square office still remains the official registered head office.
The bank was the 2005 recipient of the Wharton Infosys Business Transformation Award, an award given to enterprises and individuals who use information technology in a society-transforming way.
The Group was part of a consortium with Belgian bank Fortis and Spanish bank Banco Santander that acquired Dutch Bank ABN AMRO a on 10 October 2007. Rivals speculated that RBS had overpaid for the Dutch bank[15] although the bank pointed out that of the £49bn paid for ABN AMRO, RBS's share was only £10bn (equivalent to £167
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Financial PerformanceBased on data from http://www.investors.rbs.com, following financial summary snap shot obtained:
2005 2006 2007 2008 2009
Capital base £m £m £m £m £m
Total assets (£m)
776827 871432 1900519 2401652 1,696,486
Total liabilities (£m)
739283 825942 1809093 2321154 1,601,855
Total Equity (£m)
37,544 45,490 91,426 80,498 94,631
(Loss)/profit for the year
5,558 6,497 7,712 -34,373 -2,323
Tier 1 capital
28,218 30,041 44,364 69,847 76,421
Tier 2 capital22,437 27,491 33,693 32,223 15,389
Tier 3 capital - - 200 260Less: 50,655 57,532 78,257 102,330 91,810- Supervisory deductions
-7282 -10583 -10283 -4155 -4,565
Total capital 43373 46949 67974 98175 87,245Risk Weigthed Capital
371000 400300 609000 695800 541,000
Net interest income
9,918 10,596 12,069 18,675 16,504
Financial Ratios
Capital-Assets Ratio
5% 5% 5% 3% 6%
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Tier 1 Capital Ratio
7.61% 7.50% 7.28% 10.04% 14.13%
Basel Risk Weighted
Capital Ratio11.69% 11.73% 11.16% 14.11% 16.13%
Net Interest Margin
1.28% 1.22% 0.64% 0.78% 0.97%
Return of Equity 15% 14% 8% -43% -2%
Return on Asset 0.72% 0.75% 0.41% -1.43% -0.14%
Notes:1) Only Statutory balance sheet figures were taken.
2) Detailed Balances Sheets and Income statements (From year 2008 to 2005) is available at Annexure 1,2 and 3.
3) Data, can be obtained for verification purpose at http://www.investors.rbs.com/our_performance/annualreports.cfm?year=2009
4) 2008 data are on a Basel II basis; data for 2007 are on a Basel I basis.
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Analyzing the performance
Based on above information, financial trends are plotted in chart mentioned below:RBS Key Financial Performance Ratios
-4.00%
-2.00%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%
18.00%
2005 2006 2007 2008 2009
Year
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
Tier 1 Capital Ratio
Basel Risk Weighted Capital Ratio
Net Interest Margin
Return on Asset
Return of Equity
Observation1) Tier-1 Capital ratio rose from 7% to 14% during 2005 to 2009. This ratio gives us
the proportion of equity held against the amount of risk weighted assets. It means that Tier-1 capital has increased and Risk weighted assets are decreasing proportionally.
2) Basel Risk weighted capital ratio (total Capital ratio, inclusive for Tier-2 and Tier-3 Capital) has increased from 11.6% to 16.1%.
3) Net Interest margin has decrease from 1.27% to 0.97% (Lowest was at 0.76% (2007). This ratio gives us the extent of gross profits earned on the traditional activity of investing in interest bearing assets. Traditionally, a lower/declining value of this ratio has been considered as an indicator of greater efficiency in the banking sector. However, a low/declining value of this ratio is indicative of greater competition and could possibly drive banks to take on greater risks to increase their profitability.
4) Return on Equity is heavily dropped from 13% to -2% (Lowest was at-40% during 2008). This ratio gives us the extent of returns earned by the bank on the capital invested by shareholders. Minus ratio indicates that RBS is suffering from loss then profit. Same fact is indicted on Return on asset ratio. Negative RoE is due to heavy loss RBS has incurred during financial year 2008 due to volatile international financial markets and huge investment has been made on acquisition of ABN Amro.
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2008 Financial CrisisAs we can see from Chart above that , RBS,s RoE has been dropped from 12% to -40% at 2008. Key financial figures for 2008 is below:
Pro formaUnderlying profit (1) £80 millionLoss attributable to ordinary shareholders (2) £7.9 billion
Total income (3) £26.9 billionImpairment losses (4) £7.0 billionCredit market losses (5) £7.8 billionWrite-down of goodwill and
£16.2 billionother intangible assets (6)
Total capital ratio 14.20%Core Tier 1 capital ratio (7) 7.00%Tier 1 capital ratio 9.90%Basic loss per ordinary share (8) (61.0p)
StatutoryLoss before tax £40.7 billionLoss attributable to ordinary shareholders
£24.1 billion
Basic loss per ordinary share (145.7p)Core Tier 1 capital ratio 6.80%
RBS estimated bad debts and write-downs on the value of past acquisitions could leave it as much as £16.2 bn (in the red) for 2008 – higher than the current record of £15bn set by mobile phone group Vodafone in 2006.. The reason for this debacle is huge investment in risky asset, as CDS market and senseless acquisition of ABM Amro. The share prices are plunged by 70% as per figure ( ref: www.moneycentral.msn.com)
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Ref. : Moneycenral.msn.com
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Rapid Acquisitions
First grumblings from RBS shareholders started in 2004 when RBS bought the US-based Charter One bank for $10.3bn (£5.9bn). Other major deals, such as the take over of Churchill Insurance and the purchase of a $1.6bn stake in Bank of China, reinforced the impression among skeptics of an RBS taking too many risks. By the time of the Charter One deal, questions were being asked about the bank's capital, and by the end of 2006 vocal shareholders' demands for a buy back were met and RBS has publicly ruled out any more big deals.
But then came ABN Amro. Just as the credit markets were freezing over, consortium of RBS, Fortis and Santander were ramping up their bidding war with rival suitor Barclays. In desire to win, it now looks as if RBS went too far, creating an internally-funded cash offer that Barclays' share bid did not stand a chance of beating but that left RBS dangerously leveraged. The RBS consortium bid €71 billion, as opposed to Barclays’s €66 billion – and this notwithstanding the fact that ABN had sold off its American subsidiary LaSalle, which was one of RBS’s reasons for being interested in the deal in the first place. The ABN deal totally stretched a balance sheet that was already stretched. ABN deal has pushed RBS over the edge and into the abyss. After repeated protestations of his bank's financial health, RBS has surprised shareholders in April with one of the biggest rights issues in British corporate history, aimed at raising more than £12bn to shore-up a balance sheet that was suffering under £16bn-worth of writedowns. But it was too late and between then and the start of this month RBS lost more than 80 per cent of its market capitalization.
Credit Default Swaps
After the billions lost over the US subprime market and leveraged loans, investment banks such as Morgan Stanley, Deutsche Bank, Barclays, UBS and RBS face losses on credit default swaps (CDS) – contracts that allow an investor to be repaid if a company loan or a bond defaults.
CDS contracts became a favourite tool of speculators, mostly hedge funds, which bought the contracts without having any link to the original lending. They bought the contract to trade or in the expectation the company would in fact default, meaning they could claim back the full value of a loan they never made.
ABN was not the only problem for RBS. Alongside the eight-year acquisition spree, RBS also massively expanded its investment banking business, building on both the City-leading conventional products inherited with NatWest and also the small Greenwich Capital operation concentrating on the then-novel field of mortgage-backed securities in the US. It was the combination of acquisition and the aggressive push into the area of investment banking, many of which subsequently soured, that caused the problem.
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Derivatives Growth
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
2004 2006 2007 2008 2009
Asset Derivatives
Lia Derivatives
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RBS said a review of past acquisitions, most notably its share of Dutch bank ABN Amro, would result in a non-cash hit of £15bn-£20bn. It also expects core losses of between £7bn and £8bn as a result of credit and market conditions in the year 2008’ss fourth quarter
These rapid and unplanned acquistions have made RBS one the top 10 banks of the world but also increased the riskiness of the business.
Derivatives
Where on the balance sheet are all these bad debt and toxic assets are reflecting ? The losses were so huge that one shouldn’t have to look for them in this way – in fact it’s bizarre to be doing so, minutely parsing the accounts for evidence of a gigantic disaster. While examining the balance sheet, one can see that derivatives are increasing rapidly (as shown in Chart)
YEAR 2004 2006 2007 2008 2009
Asset Derivatives
95,663 116,681 337,410 992,559 441,454
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Lia Derivatives 96,438 118,112 332,060 971,364 424,141
Derivatives, assets and liabilities increased reflecting the acquisition of ABN Amro, growth in trading volumes and the effects of interest and exchange rate movements amidst current market conditions.’ Looking at the balance sheet, we see that derivatives have indeed become a much, much bigger part of it, to the tune of £337 billion of assets (2007) , as opposed to £116 billion the year before. Is that where it all went wrong? When you read the report’s words about derivatives, it makes them sound as if they were used to hedge risks: ‘Companies in the Group transact derivatives as principal either as a trading activity or to manage balance sheet foreign exchange, interest rate and credit risk.’ Nothing there about the famous sub-prime mortgage derivatives which have blown up the global banking system. When we go looking for sub-prime elsewhere in the 2008 RBS Annual report, we find this:
The Group has a leading position in structuring, distributing and trading asset-backed securities (ABS). These activities include buying mortgage-backed securities, including securities backed by US sub-prime mortgages, and repackaging them into collateralised debt obligations (CDOs) for subsequent sale to investors. The Group retains exposure to some of the super senior tranches of these CDOs which are all carried at fair value.
At 31 December 2007 the Group’s exposure to these super senior tranches, net of hedges and write-downs, totalled £2.6 billion to high grade CDOs, which include commercial loan collateral as well as prime and sub-prime mortgage collateral, and £1.3 billion to mezzanine CDOs, which are based primarily on residential mortgage collateral. Both categories of CDO have high attachment points.[3] There was also £1.2 billion of exposure to sub-prime mortgages through a trading inventory of mortgage-backed securities and CDOs and £100 million through securitisation residuals.
Right. So they have a ‘leading position’ in this stuff. It consists of £2.6 billion in allegedly high grade CDOs, £1.3 billion in the next grade down, and another £1.2 billion of diverse exposure to sub-prime, for a total of £5.1 billion. Thus crisis in Sub-prime category had big hit for RBS as well.
SUMMARY
A balance sheet is divided into assets and liabilities. Assets are things which belong to you, liabilities are things which belong to other people. A bank balance sheets list customer deposits as liabilities and customer’s borrowed loan as assets. High levels of
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deposits mean high levels of liabilities; and high levels of liabilities oblige a bank to have high levels of assets. Since banks are mainly in the business of lending money, high levels of assets mean high levels of loans. That means that a bank’s main assets are other people’s debts. This is another distinctive feature of bank balance sheets, the fact that its principal assets are other people’s debts to it. Thus any bank should be very much careful while dealing with liquidity, it has since that liquidity is belongs to someone else.
RBS, in it’s hunger for expansion has forgotten this basic fact and as a result ended by being a defaulter.
Reference:
1) www.rbs.com2) www.investorrbs.com3) It’s Finished by John Lanchester4) The rise and fall of 'Fred the Shred' by Sarah Arnott5) The Rise and Fall of RBS: How Fred Goodwin Went from Hero to Zero by Chris
Sinner6) www.moneycentral.msn.com7) Financial Markets & Banking, compiled by Prof.Santosh Sangem
Annexure 1CONSOLIDATED BALANCE SHEET
Statutory Statutory
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2009 2008 2007 2006 2005
Assets £m Assets £m Assets £m Assets £m £m
Cash and balances at central banks
52,261Cash and balances at central banks
12,400Cash and balances at central banks
17,866Cash and balances at central banks
6,121 4,759
Net loans and advances to banks
56,656Loans and advances to banks
138,197Treasury and other eligible bills
18,229Treasury and other eligible bills
5,491 5,538
Reverse repurchase agreements and stock borrowing
35,097Loans and advances to customers
874,722Loans and advances to banks
219,460Loans and advances to banks
82,606 70,587
Loans and advances to banks
91,753 Debt securities 267,549Loans and advances to customers
829,250Loans and advances to customers
466,893 417,226
Net loans and advances to customers
687,353 Equity shares 26,330 Debt securities 276,427 Debt securities 127,251 120,965
Reverse repurchase agreements and stock borrowing
41,040Settlement balances
17,832 Equity shares 53,026 Equity shares 13,504 9,301
Loans and advances to customers
728,393 Derivatives 992,559Settlement balances
16,589Property, plant and equipment
18,420 18,053
Debt securities 267,254 Intangible assets 20,049 Derivatives 337,410 Derivatives 116,681 95,663
Equity shares 19,528Property, plant and equipment
18,949 Intangible assets 48,492Settlement balances
7,425 6,005
Settlement balances
12,033 Deferred tax 7,082Property, plant and equipment
18,750 Intangible assets 18,904 19,932
Derivatives 441,454Prepayments, accrued income and other assets
24,402Prepayments, accrued income and other assets
19,066Prepayments, accrued income and other assets
8,136 8,798
Intangible assets
17,847Assets of disposal groups
1,581Assets of disposal groups
45,954
Property, plant and equipment
19,397
Deferred taxation
7,039
Prepayments, accrued income and other assets
20,985
Assets of disposal groups
18,542
Total assets 1,696,486 Total assets 2,401,652 Total assets 1,900,519 Total assets 871,432 776,827
Liabilities
Liabilities Deposits by banks
258,044Deposits by banks
312,633Deposits by banks
132,143 110,407
Bank deposits 104,138Customer accounts
639,512Customer accounts
682,365Customer accounts
384,222 342,867
Repurchase agreements and stock lending
38,006Debt securities in issue
300,289Debt securities in issue
273,615Debt securities in issue
85,963 90,420
Deposits by banks
142,144Settlement balances and short positions
54,277Settlement balances and short positions
91,021Settlement balances and short positions
49,476 43,988
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Customers deposits
545,849 Derivatives 971,364 Derivatives 332,060 Derivatives 118,112 96,438
Repurchase agreements and stock lending
68,353
Accruals, deferred income and other liabilities
31,482
Accruals, deferred income and other liabilities
34,024
Accruals, deferred income and other liabilities
15,660 14,247
Customer accounts
614,202Retirement benefit liabilities
2,032Retirement benefit liabilities
496Retirement benefit liabilities
1,992 3,735
Debt securities in issue
267,568 Deferred tax 4,165 Deferred taxation 5,510 Deferred taxation 3,264 1,695
Settlement balances and short positions
50,876Insurance liabilities
9,976Insurance liabilities
10,162Insurance liabilities
7,456 7,212
Derivatives 424,141Subordinated liabilities
49,154Subordinated liabilities
37,979Subordinated liabilities
27,654 28,274
Accruals, deferred income and other liabilities
30,327Liabilities of disposal groups
859Liabilities of disposal groups
29,228
Retirement benefit liabilities
2,963 Total liabilities 2,321,154 Total liabilities 1,809,093 Total liabilities 825,942 739,283
Deferred taxation
2,811 Equity
Insurance liabilities
10,281 Minority interests 21,619 Minority interests 38,388 Minority interests 5,263 2,109
Subordinated liabilities
37,652 Equity owners 58,879 Equity owners 53,038Shareholders’ equity
Liabilities of disposal groups
18,890 Called up share capital
815 826
Total liabilities 1,601,855 Reserves 39,412 34,609
Minority interests
16,895
Owners' equity 77,736
Total equity 94,631 Total equity 80,498 Total equity 91,426 Total equity 45,490 37,544
Total liabilities and equity
1,696,486Total liabilities and equity
2,401,652Total liabilities and equity
1,900,519Total liabilities and equity
871,432 776,827
Annexure 2
INCOME STATEMENT
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Note2008 2007 2006 2005 2004£m £m £m £m £m
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Interest receivable 49,522 32,252 24,688 21,331 16,632
Interest payable -30,847 -20,183
-14,092
-11,413
-7,561
Net interest income 1 18,675 12,069 10,596 9,918 9,071
Fees and commissions receivable 2 9,831 8,278 7,116 6,750 6,473
Fees and commissions payable 2 -2,386 -2,193 -1,922 -1,841 -1,926
(Loss)/income from trading activities 2 -8,477 1,292 2,675 2,343 1,988
Other operating income (excluding insurance premium income) 2 1,899 4,833 3,564 2,953 2,138
Insurance net premium income 24 6,326 6,087 5,973 5,779 5,647
Non-interest income 7,193 18,297 17,406 15,984 14,320
Total income 25,868 30,366 28,002 25,902 23,391
Staff costs 10,241 7,338 6,723 5,992 5,188
Premises and equipment 2,593 1,703 1,421 1,313 1,177
Other administrative expenses 5,464 2,969 2,658 2,816 2,323
Depreciation and amortisation 3,154 1,932 1,678 1,825 1,674
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Write-down of goodwill and other intangible assets
32,581 — —
Operating expenses 3 54,033 13,942 12,480 11,946 10,362
(Loss)/profit before other operating charges and impairment
-28,165 16,424 15,522 13,956 13,029
Insurance net claims 24 4,430 4,624 4,458 4,313 4,260
Impairment 12 8,072 1,968 1,878 1,707 1,485
Operating (loss)/profit before tax -40,667 9,832 9,186 7,936 7,284
Tax 6 -2,323 2,044 2,689 2,378 1,995
(Loss)/profit from continuing operations -38,344 7,788 6,497 5,558 5,289
Profit/(loss) from discontinued operations, net of tax 20 3,971 -76 —
(Loss)/profit for the year -34,373 7,712 6,497 5,558 5,289
(Loss)/profit attributable to:
Minority interests -10,832 163 104 57 177
Other owners 7 596 246 191 109 256
Ordinary shareholders -24,137 7,303 6,202 5,392 4,856
Per 25p ordinary share:
Basic earnings 10 (145.7p) 64.0p 54.4p 169.4p 157.4p
Diluted earnings 10 (145.7p) 63.4p 53.9p 168.3p 155.9pDividends 8 19.3p 27.0p 21.6p 60.6p 52.5p
KEY FINANCIALS Pro forma Statutory
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for the year ended 31 December
2008 2007 2008 2007 2006 2005£m £m £m £m £m £m
Total income (1) 26,875 33,564 25,868 30,366 28,002 25,569
Underlying profit (2) 80 10,314 — — 9,414 8,251
(Loss)/profit before tax (3) -8,127 8,962 -40,667 9,832 9,186 7,936
(Loss)/profit attributable to ordinary shareholders
-24,051 6,823 -24,137 7,303 6,202 5,392
Cost:income ratio (4) 59.20% 49.50% 208.90% 45.90% 42.10% 42.40%
Basic (loss)/earnings per share (pence) (5)
(61.0p) 40.8p (145.7p) 64.0p 194.7 169.4
Adjusted (loss)/earnings per share (pence) (5, 6)
(5.2p) 44.5p — — 200 175.9
at 31 December
Pro forma Statutory
2008 2007 2008 2007 £m £m £m £m Total assets 2,218,693 1,595,066 2,401,652 1,840,829 871,432 776,827Loans and advances to customers
731,165 700,191 874,722 828,538 466,893 417,226
Deposits 780,395 860,621 897,556 994,657 516,365 453,274
Owners' equity 58,879 53,038 58,879 53,038 40,227 35,435
Risk asset ratio –Tier 1 (7) 9.90% 7.00% 10.00% 7.30% 7.50% 7.60%
Risk asset ratio –Total
14.20% 11.30% 14.10% 11.2 11.70% 11.70%
Notes:-1
Pro forma total income excludes credit market write-downs and one-off items and share of shared assets. In the consolidated income statement, these items are included in total income.-2
Underlying profit represents pro forma profit before tax, credit market write-downs and one-off items impairment losses on reclassified assets, purchased intangibles amortisation, write-down of goodwill and other intangible assets, integration costs, restructuring costs and share of shared assets.-3
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Pro forma excludes write-down of goodwill and other intangible assets.
Pro forma cost:income ratio represents operating expenses excluding purchased intangibles amortisation, write-down of goodwill and other intangible assets, integration costs, restructuring costs and share of shared assets expressed as a percentage of total income excluding credit market write-downs and one-off items.
-5
Prior year per share data have been restated to reflect the rights issue in June 2008 and the capitalisation issue in September 2008.
-6
Adjusted earnings per share is based on earnings adjusted for purchased intangibles amortisation, write-down of goodwill and other intangible assets, integration costs, restructuring costs, share of shared assets and credit market write-downs and one-off items.
-7
2008 data are on a Basel II basis; data for 2007 are on a Basel I basis.
Annexure 3
Key Ratios from www.moneycentral.msn.com
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Year
Avg P/E
Price/
Sales
Price/
Book
Net Profit Margin (%)
Book Value/ Share
Debt/ Equit
y
Return on
Equity (%)
Return on
Assets (%)
Interest Coverag
e
2009
-290.
4 16.65 0.52 -19.6 $42.43 0.51 -3.4 -0.2 0.8
2008-
83.1 6.81 0.78 -87.8 $45.91 0.86 -47 -1.2 -0.3200
7 452 61.7 2.53 35.2$163.0
7 0.75 14.4 0.4 1.5
2006 NA NA NA 38.6$127.6
5 0.72 15.9 0.7 1.7
2005 NA NA NA 38.9$110.9
1 0.84 15.5 0.7 1.7
2004 NA NA NA 36.2$106.9
2 0.6 12.3 0.7 22003 NA NA NA 28.2 $88.11 0.65 16.4 0.9 2.12002 NA NA NA 35.3 $93.30 0.52 15.6 NA 1.8
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