UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 under
the Securities Exchange Act of 1934
For March 23, 2012
Commission File Number 001-14624
RBS Holdings N.V.
Gustav Mahlerlaan 10
1082 PP Amsterdam
The Netherlands
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):___
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):___
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
If “Yes” is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82-
The following information was issued as a Company announcement in Amsterdam, The Netherlands on March 23, 2012:
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RBS Holdings N.V. publishes its 2011 Annual Report
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RBS Holdings N.V. today announces the publication of its 2011 Annual Report and Accounts. RBS Holdings N.V. and its banking entity RBS N.V. (‘RBSH Group’) are majority owned by The Royal Bank of Scotland Group plc.
Key financials
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2011
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2010
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for the year ended 31 December
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€m
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€m
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Total income
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3,929
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3,872
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Profit before impairment losses
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1,502
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492
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Operating (loss)/profit before tax
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(263)
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425
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2011
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2010
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at 31 December
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€m
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€m
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Total assets
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146,672
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200,382
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Loans and advances to customers
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29,578
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44,496
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Deposits
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86,121
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86,890
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Equity attributable to controlling interests
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3,318
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4,948
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Capital ratios
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– Core Tier 1 |
8.4%
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8.7%
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– Tier 1 |
12.0%
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11.0%
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– Total |
17.5%
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15.8%
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Summary consolidated income statement
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2011
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2010
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€m
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€m
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Net interest income
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688
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1,427
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Fees and commissions receivable
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1,039
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1,152
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Fees and commissions payable
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(367)
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214
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Other non-interest income
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2,569
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1,079
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Non-interest income
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3,241
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2,445
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Total income
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3,929
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3,872
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Operating expenses
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(2,427)
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(3,380)
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Profit before impairment losses
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1,502
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492
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Impairment losses
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(1,765)
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(67)
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Profit /(loss) before tax
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(263)
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425
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Tax charge
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(433)
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(302)
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Profit / (loss) from continuing operations
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(696)
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123
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Profit from discontinued operations, net of tax
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40
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985
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Profit / (loss) for the year
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(656)
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1,108
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Attributable to:
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Non-controlling interests
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-
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(2)
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Controlling interests
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(656)
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1,110
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Results of operations in 2011
2011 saw good progress in terms of risk reduction and financial soundness despite a much tougher market environment in which to achieve these goals. Customer service and support was sustained well.
However, RBS Holdings N.V. recorded a loss for the period of €656 million. The loss resulted from significant non-operating items which occurred in 2011 including an impairment loss of €1,463 million in respect of the impairment of Greek government bonds as a result of Greece’s continuing fiscal difficulties. This charge wrote the bonds down to their market price as at 31 December 2011. This loss was partially offset by a gain of €1,290 million on movements in the fair value of own debt, as the volatile market conditions led to a significant widening in RBS N.V.’s credit spreads during the second half of the year.
Net interest income decreased in 2011 principally reflecting the significant changes in the structure of the balance sheet in the Non-Core segment and in Global Banking and Markets (GBM). The decrease in Non-Core was largely as a result of the divestitures of operations in 2010. The decrease in GBM was largely due to transfers of businesses to RBS plc in 2011. In addition, RBS Holdings N.V.’s interest margin was negatively affected by the cost of carrying higher liquidity reserves and central bank balances.
The profit from Non–interest income increased due to a gain of €1,290 million on movements in the fair value of own debt. This was partially offset by lower trading income in 2011 principally reflecting the significant changes in the structure of the balance sheet in Non-Core and GBM as discussed above. In addition, lower results in GBM were seen, reflecting depressed primary market volumes and limited opportunities in the secondary market.
Impairments for 2011 amounted to €1,765 million comprising of an impairment charge of €1,463 million on Greek bonds, as discussed above and commercial loan impairments of €302 million.
Total equity as at the 31 December 2011 was €3.3 billion, a decrease of €1.6 billion compared to 31 December 2010.
The RBS Holdings N.V. 2011 Annual Report and Accounts is available on the RBS website (www.RBS.com).
For further information, please contact
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RBS Group Investor Relations
Investor.relations@rbs.com
+44 207 672 1758
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RBS Group Media Relations
+44 131 523 4414(UK)
+31 20 464 1150 (NL)
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: 23 March 2012
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RBS HOLDINGS N.V. (Registrant)
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/s/ Pieter van der Harst
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Name: |
Pieter van der Harst
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Title: |
Chief Financial Officer
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