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| Snapshot of the year |
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Overview |
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Good operational performance supported by: |
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Diversity of income streams. |
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Strong risk management processes. |
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Senior management 'hands-on' culture. |
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Met four of our five financial objectives. |
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Balanced portfolio of businesses showing resilience. |
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Very tough trading environment impacting the financial
markets. |
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Financial highlights |
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Operating profit before tax* up 15.2% to £537.7 million. |
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Adjusted attributable earnings* up 14.6% to £344.7 million. |
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Adjusted earnings per share* up 6.8% to 56.9 pence. |
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Proposed full year dividend up 8.7% to 25.0 pence. |
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Customer deposits up 13.9% to £12.1 billion. |
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up 27.3% to £12.9 billion. |
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Third party assets under management of £52.7 billion. |
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Financial objectives** |
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Target |
31 March
2008 |
31 March
2007 |
| ROE |
>20% |
23.6% |
26.1% |
| Cost to income ratio |
<65% |
56.1% |
59.0% |
| Adjusted EPS* growth |
10% > UK RPI |
6.8% |
27.2% |
| Dividend cover (times) |
1.7-2.3 |
2.3 |
2.3 |
| Capital adequacy ratio^ |
12% to 15% |
Plc:15.3% |
Plc:24.7% |
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Ltd:13.9% |
Ltd:14.7% |
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Benefiting from business and geographic breadth and diversity |
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Before goodwill and non-operating items. |
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Capital adequacy figures for 2008 are presented in terms of Basel II and for 2007 in terms of Basel I. |
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These targets were disclosed in May 2004 and are medium to long-term targets. We aim to achieve them through varying
market conditions. |
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