Northern Rock plc: Half Year Results 2011

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1 Press Release 3 August 2011 Northern Rock plc: Half Year Results 2011 Northern Rock has continued to build momentum during the first half of the year and considerably improved its position over 2010 The underlying loss 1 of 78.8 million in the first six months of 2011 was in line with expectations and significantly reduced compared with the loss of million in the first half of 2010 The Company currently expects to begin trading profitably during the second half of 2012 The Company continues to prepare for a return to private ownership and to explore the option of a sale of Northern Rock Northern Rock plc (the Company, Northern Rock ) today issued its half year results for the six months ended 30 June Ron Sandler, Executive Chairman, commented: Northern Rock has made good progress in the first half of The Company continued to be loss-making, as expected, but losses are significantly reduced and we are generating momentum. The Company expects to begin trading profitably during the second half of The trading environment remains challenging and there is strong competition in the savings and mortgage markets. We are carefully managing the product mix to sustain margins and improve income, and we continue to take steps to align the cost base with the income generating capacity of the Company. We are working closely with UKFI and our advisers to explore the options for a sale of Northern Rock, at the right time and in the best interests of taxpayers. We are pleased with the level of interest we have received, and will continue to explore the sale option over the coming months. In the meantime, it is business as usual. We remain focused on serving our customers, providing them with attractive products and a safe home for their savings and mortgages. Note 1: The underlying loss excludes a gain on hedge accounting volatility of 10.3 million, an item which the Board does not consider to form part of the Company s underlying performance Page 1 of 12

2 KEY POINTS While comparisons with historical performance have been made in this announcement, this is the first set of results for the Company following the operational separation of Northern Rock from Northern Rock (Asset Management) plc ( NRAM ) in late Prior to this, the accounts included both income and costs relating to a broad set of operational services provided to NRAM, which has a distorting effect on some comparisons. Earnings The Company continued to make progress in the first half of the year, despite tough trading conditions As expected, the Company reported a loss for the first six months of 2011, although the loss was significantly smaller than in the first half of 2010, demonstrating the progress being made The statutory loss was 68.5 million (six months to 30 June million) The underlying loss, excluding hedge accounting volatility, was 78.8 million (six months to 30 June million). Income Total income was 40.6 million in the first half of 2011, compared with 28.5 million in the first half of 2010 This included net interest income of 29.8 million, compared with negative net interest income of 48.4 million in the first half of 2010 The improvement in net interest income reflected growth in the mortgage book, an improvement in funding margins, higher returns on liquid assets and reduced retail deposit guarantee fees Other income fell compared with 2010, primarily as a result of the reduction in fee income from NRAM following the separation of the two companies this is partially offset by a reduction in the cost base. Lending and credit quality Gross lending (including retention business) was 1.5 billion in the six months to 30 June 2011 (six months to 30 June billion), while net lending was 0.3 billion in the same period (six months to 30 June billion) The lending profile has been managed for value, and this resulted in a reduction in completions in the first half compared with the same period in 2010 The quality of lending remains high, with mortgage accounts more than three months in arrears at 30 June 2011 representing 0.26% of the book The average loan to value (LTV) for new lending completed in the first half was 69% (six months to 30 June %) and the average indexed LTV of the book was 61% at 30 June 2011 (31 December %). Funding Northern Rock is a predominantly retail funded bank, with retail deposits representing 93% of total funding. Deposit balances are in excess of mortgage balances Retail deposits have been actively managed as the Company continues to focus on improving funding margin. Retail balances were 17.0 billion at 30 June 2011, compared with 16.7 billion at 31 December 2010 The Company completed its first public securitisation issue in April 2011, when it issued 595 million of A1 notes, which diversified the funding base. Demand from investors was positive and the deal was oversubscribed, demonstrating the confidence investors have in the Company s high quality mortgage book. The level of demand resulted in the initial issue being increased in size, and a further issue of A2 notes being completed in June 2011, which raised 542 million. Page 2 of 12

3 Operating Expenses Operating expenses in the first half of 2011 were million, compared with million in the first half of 2010, including exceptional costs of 11.6 million (six months to 30 June million) This is the first set of Northern Rock results which do not include costs incurred on behalf of NRAM results included expenses in relation to NRAM activity, with the associated income from recharges recognised within fee and commission income As highlighted in the 2010 full year results announcement, the net cost base prior to separation from NRAM (total costs of servicing Northern Rock and NRAM, less recharges to NRAM for services provided) was lower than Northern Rock s cost base post-separation Separation from NRAM has enabled a sharper focus on cost management, with a significant emphasis on process improvement and consolidation of operations A consultation began in March 2011 which will result in up to 680 job losses this year. Approximately half of those affected left the business at the end of the first half, with the remainder expected to leave during the course of the second half of the year The effect of this, and other initiatives, will be seen in the reported second half cost figures. Capital and liquidity The Company holds a conservative level of liquidity and is strongly capitalised, being well positioned to meet Basel III regulatory requirements The Company has a Tier 1 and Total Capital ratio of 34.5% at 30 June 2011 (31 December % (restated)) Liquid assets represented 34.9% of total assets at 30 June 2011 (31 December %). Return to the private sector A key objective remains to return the Company to the private sector, at the right time and in the best interests of taxpayers The Chancellor of the Exchequer announced his decision to put Northern Rock up for sale in June. Following this, the Company, with UKFI and advisers, has started to explore the option of a sale Information on the Company has been shared with interested parties, indicative offers have been received and the process is continuing. Outlook Market conditions remain challenging for a small bank like Northern Rock, with subdued mortgage demand, competition for volume and pressure on margins in both mortgages and savings Against this background, Northern Rock is being managed for value Income will be increased by continuing to grow loan balances and enhancing the product range within the Company s risk appetite in order to improve returns Cost management will remain a key area of focus to ensure the Company achieves a cost base appropriate to the income generating capacity of the business The Company expects to be loss-making for the full year 2011, but with a significantly improved position over 2010 Momentum has been established and the Company currently expects to begin trading profitably during the second half of Media Contacts: Northern Rock Brunswick Brian Giles Anita Scott Simon Hall Charlotte Kenyon Tel: Tel: Page 3 of 12

4 HALF YEAR RESULTS 2011 KEY AREAS Northern Rock plc Half Year Results 2011 Earnings The Company continued to make progress in the first half of the year, despite tough trading conditions. The environment remained challenging for a small, predominantly retail funded bank like Northern Rock, with Bank of England Base Rate low and unchanged in the first half. The retail savings market is highly competitive and competition in the lower risk segments of the mortgage market where the Company focuses is intense. The financial performance of the Company for the six months to 30 June 2011 was in line with expectations. An underlying loss of 78.8 million was significantly lower than the loss for the first half of 2010 of million, demonstrating the progress being made. On a statutory basis, which includes hedge accounting volatility, the loss was 68.5 million, compared with a loss of million in the first half of The improvement in earnings in the first half of the year, compared with the first half of 2010, was driven by an increase in net interest income, along with a reduction in both recurring and non-recurring costs. The loss in the first half of 2011 was also lower than the second half of 2010, reflecting the benefits of improved trading, partially offset by the drag on earnings from the increased net cost base, following the separation of Northern Rock from NRAM. Income Total income in the six months to 30 June 2011 was 40.6 million, compared with 28.5 million in the first half of Included within total income, net interest income was 29.8 million, compared with negative net interest income of 48.4 million in the first half of This improvement in net interest income was partly driven by growth in high quality mortgage assets, which replaced some lower yielding excess liquid assets. Active management of the retail savings book, along with diversification of funding through the Company s first public securitisation issue, also benefited net interest income. The successful release of the Government retail and wholesale funding guarantees during 2010 has enabled enhancements to the management of liquid assets. Higher returns have been generated on liquid assets in the first half of the year, as liquid assets have been invested with a range of low risk counterparties, rather than being held almost entirely with the Bank of England. This has increased both net interest income and other income through gains on available for sale securities. Costs related to the Government guarantees which are included within net interest income reduced in the first half, following the removal of guarantees for variable rate savings in May 2010 and as fixed rate guaranteed balances continued to mature. Interest margin improved in the first half of the year as a result of the improvement in net interest income. Underlying interest margin (excluding accounting volatility on derivatives) was 0.25% for the first half, compared with a negative margin of (0.54)% for the first half of Fee and commission income includes commission income generated on sales of third party products, such as building and contents insurance and fees receivable on redemption of mortgages, as well as the income from NRAM and Bradford & Bingley plc relating to the recharge of services provided under service level agreements. Fee and commission income was 17.5 million in the first half of the year, 81 million lower than the first half of 2010, primarily reflecting the reduction in income from the recharge following operational separation of Northern Rock from NRAM. Page 4 of 12

5 Fee and commission expense represents third party administration and other fees payable not included in interest expense. Fee and commission expense was 13.1 million in the first half of the year, compared with 13.8 million in the first half of Residential Lending An analysis of the movement in residential lending balances is set out in the following table: Six months to 30 June 2011 Six months to 30 June months to 31 Dec 2010 bn bn bn Opening balance Gross lending Redemptions & repayments (1.2) (1.1) (2.3) Closing balance Note: Lending flows represent cash flows excluding fair value adjustments. Balances are stated including fair value adjustments. Gross lending and redemptions & repayments are stated including retention business. Mortgage balances at 30 June 2011 were 12.5 billion, compared with 12.2 billion at the end of Gross mortgage lending in the first half of 2011 was 1.5 billion, including mortgage retention business of 0.3 billion. Net residential lending was 0.3 billion in the first six months of the year. The lending profile has been managed for value rather than volume, which resulted in a reduction in completions in the first half compared with the same period in All mortgage lending is carefully managed with affordability for customers the key consideration to minimise risk and maximise returns. The average LTV of new lending in the first half of 2011 was 69% (12 months to 31 December %). During the first half, Northern Rock s mortgage product range has been widened cautiously, with new products added to the range such as a 90% LTV product and Freedom to Fix, which allows customers to select a Tracker mortgage with the option to switch to a Fixed Rate product in the future without incurring penalty fees. More product enhancements are planned over the coming months to ensure Northern Rock offers a range of mortgages to meet customer needs within the Company s risk appetite. The gross mortgage market remains subdued due to the economic backdrop and interest rate environment. Competition for volume in the market is strong and lenders are pricing aggressively. In this context, the Company has concentrated on managing new business margins for value. Credit Quality An analysis of residential arrears is set out in the following table: 30 June December June 2010 Cases % Cases % Cases % Over 3 6 months Over 6 12 months Over 12 months Total CML average Source: Northern Rock and Council of Mortgage Lenders (CML) 1. The latest CML data available is as at 31 March 2011 Page 5 of 12

6 Residential mortgage accounts over three months in arrears were 0.26% at 30 June 2011 (31 December %). The number of arrears cases has continued to gradually increase over the first half of the year, as the profile of the book matures from the zero arrears position at the start of The arrears rate remains significantly below industry average, reflecting the high quality of the Company s mortgage lending, with an average indexed LTV on the mortgage book of 61% at 30 June 2011 (31 December %). The stock of unsold repossessed properties was 10 at 30 June The loan loss impairment charge for the first half of 2011 was 2.3 million. The charge remains low relative to the size of the mortgage book, reflecting the low risk profile of the loans. Loan loss impairment balances were 4.7 million at 30 June 2011, compared with 2.4 million at 31 December Funding An analysis of funding balances is set out in the following table: 30 June 2011 bn 31 December 2010 bn 30 June 2010 bn Retail Wholesale Securitisation Total Retail deposit balances have been actively managed in the first half of 2011 as the Company has continued to focus on improving funding margin and reducing the level of fixed rate deposits. Retail balances were 17.0 billion at 30 June 2011, compared with 16.7 billion at 31 December The retail savings product range was expanded in the first half to include products not previously offered, including an online ISA account and fixed rate bonds which allow penaltyfree access to savings during the fixed rate period. The Company completed its first public securitisation issue in April, which provides useful diversification of the funding base. Demand for the issue from investors was positive the deal was oversubscribed which allowed the size of the initial issue of A1 notes to increase to 595 million and a subsequent issue of A2 notes which raised 542 million. These transactions demonstrate the confidence investors have in the Company s high quality mortgage book. While the funding base has been diversified, Northern Rock remains a predominantly retail funded bank, with retail deposits representing 93% of total funding, and deposit balances in excess of mortgage balances. Operating Expenses Operating expenses in the first half of 2011 were million, compared with million in the first half of This is the first set of Northern Rock results which report on a period following the operational separation of Northern Rock from NRAM in November Prior to separation, the costs of running both companies were incurred by Northern Rock and NRAM were recharged for services provided under a service level agreement. Following operational separation, fee income from NRAM has fallen significantly reflecting the reduced level of services provided. Income from NRAM is recognised within fee and commission income. Page 6 of 12

7 The net cost base of the Company prior to separation from NRAM (total costs of servicing Northern Rock and NRAM, less recharges to NRAM for services provided) was lower than Northern Rock s cost base post-separation. This increase in the net cost base caused a drag on earnings in the first half of Operational separation from NRAM has enabled a focus on process improvement to reduce complexity and lower cost. This has contributed to a significant reduction in the actual cost base over the first half of the year compared with the position following separation from NRAM. Operating expenses in the first half of 2011 included 11.6 million of exceptional expenses (six months to 30 June million), relating primarily to the redundancy consultation which began in March 2011 that will result in up to 680 job losses this year. Approximately half of the job losses took effect at the end of the first half, so the reduction in operating expenses from this cannot yet be seen in reported costs. The remaining job losses are expected during the second half of the year, subject to the consultation process. The effect of this and other improvements will be seen in the reported second half cost figures. Capital and Liquidity Northern Rock remains a safe, stable business for customers. The Company is strongly capitalised and well positioned to meet Basel III regulatory capital requirements, with a Tier 1 and Total Capital ratio of 34.5% at 30 June 2011 (31 December % (restated)). The capital ratio at 31 December 2010 has been restated due to a change in the method of calculation agreed with the FSA. Capital requirements are now calculated using a Variable Scalar methodology with certain constraints agreed with the FSA, whereas previously capital requirements were calculated using a Through the Cycle methodology. This enhanced calculation basis reduces the pro-cyclicality associated with the Through the Cycle methodology previously used. The Company held liquid assets of 7.0 billion at 30 June 2011, which represented 34.9% of total assets. While this high level of liquidity acts as a drag on earnings, returns on liquidity have been increased in the first half of the year to the benefit of net interest income. Previously, liquidity was held almost entirely with the Bank of England, but is now invested with a range of low risk counterparties. Return to the Private Sector A key objective of the Company remains a return to the private sector, at the right time and in the best interests of taxpayers. With this objective in mind, Deutsche Bank was appointed in March as corporate finance adviser to support the Company and UKFI in the evaluation of strategic options. The Chancellor of the Exchequer announced his decision to put Northern Rock up for sale in June. Following this, the Company, with UKFI and advisers, has started to explore the option of a sale of the Company. Information on the Company has been shared with interested parties, indicative offers have been received and the process is continuing. Outlook Northern Rock remains committed to its customers, providing them with attractive savings products, competitive mortgages and a high standard of service. Market conditions remain challenging for a small, predominantly retail funded bank like Northern Rock, with a subdued mortgage market, competition for volume and pressure on margins in both the mortgage and savings markets. Page 7 of 12

8 Against this background, Northern Rock is being managed for value. Income will be increased by continuing to grow total loan balances and enhancing the product range within the Company s risk appetite in order to improve returns. Costs will remain a key area of focus to ensure the Company has a cost base appropriate to the income generating capacity of the business. As anticipated, the Company was loss-making for the first six months of the year, but with a lower loss than in the first half of While the Company expects to be loss-making for the full year 2011, the position is anticipated to be improved compared with With the momentum that has been established, the Company currently expects to begin trading profitably during the second half of Page 8 of 12

9 Appendix 1 FINANCIAL INFORMATION CONSOLIDATED INCOME STATEMENT Six months to 30 June 2011 (Unaudited) m Six months to 30 June 2010 (Unaudited) m 12 months to 31 December 2010 (Audited) m Interest and similar income Interest and similar expense (208.4) (240.1) (447.8) Net interest income / (expense) 29.8 (48.4) (41.0) Fee and commission income Fee and commission expense (13.1) (13.8) (25.1) Other income / (expense) 6.4 (7.8) (3.6) Total income Administrative expenses (88.5) (129.9) (250.7) Depreciation and amortisation (6.7) (8.4) (15.9) Exceptional restructuring costs (11.6) (32.4) (59.9) Operating expenses (106.8) (170.7) (326.5) Impairment losses on loans and advances (2.3) (0.4) (1.9) Loss before taxation (68.5) (142.6) (223.5) Taxation Loss for the year attributable to owners (68.5) (142.6) (223.5) Note: Loss before taxation (68.5) (142.6) (223.5) Hedge accounting volatility (10.3) 2.6 (8.9) Underlying loss before taxation (78.8) (140.0) (232.4) Page 9 of 12

10 CONSOLIDATED BALANCE SHEET Assets 30 June 2011 (Unaudited) m 30 June 2010 (Unaudited) m 31 December 2010 (Audited) m Cash and balances with central banks 1, , ,646.0 Derivative financial instruments Loans and advances to banks , Loans and advances to customers 12, , ,197.5 Fair value adjustments of portfolio hedging Investment securities 4, Intangible assets Property, plant and equipment Retirement benefit asset Other assets Prepayments and accrued income Total assets 19, , ,561.8 Liabilities Deposits by banks Customer accounts 17, , ,903.2 Derivative financial instruments Debt securities in issue 1, Other liabilities Current income tax liability Accruals and deferred income Provision for liabilities and charges , , ,374.3 Equity Share capital 1, , ,400.0 Other reserves (2.7) (9.1) (5.5) Retained earnings (275.6) (125.2) (207.0) Total equity 1, , ,187.5 Total equity and liabilities 19, , ,561.8 Page 10 of 12

11 Basis of Preparation This condensed set of financial statements has been prepared using the same accounting policies as those adopted in the preparation of the full year's audited financial statements for the year ended 31 December 2010, which are in accordance with EU endorsed International Financial Reporting Standards ("IFRSs") and summarised in the notes to those accounts. The Company's accounting policies at 30 June 2011 remain unchanged from the previous year end. This condensed set of financial statements has been prepared on the going concern basis. The information in respect of the six months ended 30 June 2011 and the comparative six months ending 30 June 2010 is unaudited and does not constitute statutory accounts within the meaning of section 434 of the Companies Act The information in respect of the 12 months ended 31 December 2010 has been extracted from the financial statements made up to that date which have been delivered to the Registrar of Companies. The audit report on those accounts was unqualified, did not contain any emphasis of matter paragraph and did not contain any statement under section 498 of the Companies Act. Notes to Editors: Legal and Capital Restructure The legal and capital restructure of the former Northern Rock was successfully completed on 1 January This resulted in the creation of two separate entities: Northern Rock (Asset Management) plc, the original company renamed and a new bank, Northern Rock plc. This announcement is made by Northern Rock plc. At the point of completion of the restructure, the profile of the two companies was: Northern Rock plc, a savings and mortgage bank that holds and services all customer savings accounts and approximately 10 billion of mortgages. The new bank is regulated as a deposit taker and mortgage lender by the FSA. It offers new savings products and new mortgage lending to increase mortgage supply and help sustain a competitive market. Northern Rock plc also holds certain wholesale deposits. Northern Rock Asset Management plc (NRAM), the original company renamed, which holds approximately 50 billion of residential mortgages and unsecured loans of 4 billion. NRAM holds the Government loan plus Northern Rock's non-deposit wholesale and secured funding instruments. NRAM does not hold any retail deposits and does not offer any new mortgage lending. For the majority of 2010, Northern Rock plc provided NRAM with a broad set of operational services. In October 2010, NRAM became part of UK Asset Resolution (UKAR) ahead of separation of Northern Rock plc and NRAM in November Following separation, the scope of services provided by Northern Rock plc to NRAM has been focussed on IT, and a programme is underway to transfer the NRAM loan book to UKAR systems. Page 11 of 12

12 Important Notice This document contains certain forward-looking statements with respect to the plans and objectives of Northern Rock plc, its current goals and expectations relating to its future financial condition and performance and the future operations of its business. Forward-looking statements are sometimes, but not always, identified by the use of a date in the future or by such words as anticipates, aims, due, could, may, should, expects, believes, intends, plans, potential, reasonably possible, targets, goal or estimates (although their absence does not mean that a statement is not forward looking). By their nature, forward-looking statements are unpredictable and involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Northern Rock plc s actual future results or developments may differ materially from the results and developments expressed or implied in these forward-looking statements as a result of a variety of factors, including (but not limited to) UK domestic and global economic and business conditions, market related risks such as interest rate and exchange rate volatility, delays in implementing proposals, difficulties with computer systems, legislative, fiscal, competition and regulatory developments and changes, the impact of any legal or other proceedings against Northern Rock plc, changes in customer preferences and other factors. All forward-looking statements in this announcement are based on information available to Northern Rock plc as of the date hereof. All written or oral forward-looking statements attributable to Northern Rock plc or any person acting on behalf of Northern Rock plc are expressly qualified in their entirety by the foregoing. Other than in accordance with its legal or regulatory obligations, neither Northern Rock plc nor anyone acting on its behalf undertakes any obligation to update or revise any forward looking statement, whether as a result of new information, future events or otherwise. Northern Rock plc Registered in England and Wales under company number Registered Office: Northern Rock House, Gosforth, Newcastle upon Tyne, NE3 4PL. Authorised and regulated by the Financial Services Authority. Page 12 of 12

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