The Group’s total loss after tax comprises of a loss after tax of €928 million attributable to the Royal Bank of Scotland Group (RBS) acquired businesses, a gain after tax of €87 million attributable to the Dutch State acquired businesses, a loss after tax of €48 million attributable to the Group’s Central Items, and a gain after tax of €3 million attributable to Banco Santander’s remaining acquired businesses in ABN AMRO Group, classified as discontinued operations.
Despite reporting a loss, the result from continuing operations improved significantly compared with the latter half of 2008. The majority of the improvement is attributable to the RBS acquired businesses where the large valuation losses and losses on transfers of portfolios and activities to RBS recorded in 2008 have not reoccurred in the 1st quarter 2009 at the 2008 level.
By quarter ending March 2009, the Group’s tier 1 was 12.7% compared to 31 December 2008: 10.9% and the total capital ratio was 16.8% compared to 31 December 2008: 14.4%. This reflects a reduction in risk weighted assets in the first quarter and a €3 billion capital injection by RBS.
