Royal Bk Scot Grp RBS No wonder the banks were castigated recently for their inability to communicate in anything resembling English and given a fairly stern warning of the real dangers of insisting on sticking to jargon. As is usual with banks RBS did not listen and obviously does not believe that there any dangers – how could there be – it is a bank, it therefore knows everything and is completely beyond criticism. Its interim management statement published today show the disdain with which it regards its customers but sadly, what else can one expect.
Thus, if one has the time, one can read of such delights as;
- central items adjusted operating profit,
- foreign exchange (FX) reserve recycling gain – it is so into jargon that it believes that its readers will not know what plain simple “foreign exchange” means and need to have it explained to them that it is FX
- NIM of 2.17%
- 8 basis points higher – dont they know that “basis” is a noun not an adjective – perhaps they do not care
- PBB & CPB are down 8% – great if we knew what they are, perhaps we could celebrate
- 3 customer facing businesses – in which direction do all the other businesses face?
- CIB adjusted income
These are just a few of the horrors in the highlights, Wait until you get into the complicated bits, if you have not given up in despair first.
As for the actual third quarter and nine months results, I suggest you set a couple of weeks aside, take a deep breath, reach for a dictionary and try not to fall asleep from boredom.
Intl Con Airline Group IAG is increasing its interim dividend by 10% despite a tough third quarter operating environment, in which it was also beset by significant adverse currency movements and air traffic control strikes. Despite all these woes it claims a strong performance, with operating profit down only slightly from 1250 to 1205m. Euro. Adverse currency movements cost it 162m Euro. Passenger unit revenue for the quarter fell by 13.7% but non fuel costs were down by 6.9% and fuel costs by 25.8%. Profit after tax for the nine months to date is now up by 25.8% and diluted earnings per share by 23.8%.