Old Mutual plc

Ticker code OML Industry Insurance (Life) 5th Floor
Millennium Bridge House
2 Lambeth Hill
London EC4V 4GG
ISIN GB00B77J0862 Sector Financial
Initial Listing 12 July 1999 Financial Year End 31 December
Website www.oldmutual.com Results Released Half-yearly
2010 2011 2012 2013 2014
  GBP Millions GBP Millions GBP Millions GBP Millions GBP Millions
Statement of comprehensive income
Revenue
Gross earned premiums 3,460 3,584 3,725 3,701 3,209
Outward reinsurance -300 -325 -322 -317 -308
Net earned premiums 3,160 3,259 3,403 3,384 2,901
Investment return (non-banking) 9,553 -567 9,880 9,986 6,304
Banking interest and similar income 3,913 3,669 3,431 3,050 3,057
Banking trading, investment and similar income 199 217 214 195 197
Fee and commission income, and income from service activities 2,823 3,035 3,039 3,095 2,894
Other income 149 171 125 100 125
Total revenue  19,797 9,784 20,092 19,810 15,478
           
Expenses
Claims and benefits (including change in insurance contract provisions) -4,956 -3,331 -5,612 -5,410 -4,098
Reinsurance recoveries 222 123 221 246 215
Net claims and benefits incurred -4,734 -3,208 -5,391 -5,164 -3,883
Change in investment contract liabilities -5,833 1,889 -5,361 -5,873 -3,544
Losses on loans and advances -548 -458 -400 -368 -252
Finance costs -269 -58 -214 -81 -54
Banking interest payable and similar expenses -2,441 -2,095 -1,887 -1,616 -1,672
Fee and commission expenses, and other acquisition costs -917 -1,007 -1,064 -976 -863
Change in third-party interest in consolidated funds -299 2 -651 -564 -322
Other operating and administrative expenses -3,643 -3,852 -3,715 -3,653 -3,548
Goodwill impairment -1 -264 - - -
Total expenses  -18,685 -9,051 -18,683 -18,295 -14,138
Share of associated undertakings’ and joint ventures’ profit after tax 5 10 32 21 26
Loss/profit on disposal/acquisition of subsidiaries, associated undertakings and strategic investments -22 251 -56 -4 -2
Profit before tax  1,095 994 1,385 1,532 1,364
Income tax expense -391 -225 -471 -552 -462
Profit from continuing operations after tax  704 769 914 980 902
Discontinued operations 
(Loss)/profit from discontinued operations after tax -728 198 564 3 -50
Profit after tax for the financial year  -24 967 1,478 983 852
           
Attributable to: 
Equity holders of the parent -282 667 1,172 705 582
Non-controlling interests
- Ordinary shares 196 238 256 259 252
- Preferred securities 62 62 50 19 18
Profit after tax for the financial year -24 967 1,478 983 852
           
Earnings per share
Basic earnings per share based on profit from continuing operations (pence) 9 9 13 15 14
Basic earnings per share based on profit from discontinued operations (pence) -15 4 12 - -1
Basic earnings per ordinary share (pence) -7 13 25 15 12
Diluted basic earnings per share based on profit from continuing operations (pence) 8 8 12 14 13
Diluted basic earnings per share based on profit from discontinued operations (pence) -14 4 12 - -1
Diluted basic earnings per ordinary share (pence) -6 12 23 14 12
Weighted average number of ordinary shares (millions) 4,859 4,935 4,587 4,442 4,585
Total other comprehensive income for the financial year from continuing operations 873 -1,239 -459 -1,136 -159
Total other comprehensive income for the financial year from discontinued operations 278 -161 -348 - -
Total other comprehensive income for the financial year 1,151 -1,400 -807 -1,136 -159
Total comprehensive income for the financial year  1,127 -433 671 -153 693
           
Attributable to:
Equity holders of the parent 594 -408 503 -96 441
Non-controlling interests
- Ordinary shares 428 -87 118 -76 234
- Preferred securities 105 62 50 19 18
Total comprehensive income for the financial year 1,127 -433 671 -153 693
Statement of financial position
Total assets 193,552 162,385 146,962 140,331 142,516
Total liabilities 182,078 151,527 137,189 131,294 132,971
Net assets 11,474 10,858 9,773 9,037 9,545
Shareholders' equity
Equity attributable to equity holders of the parent  8,951 8,488 7,816 7,270 7,406
Non-controlling interests
- Ordinary shares 1,763 1,652 1,684 1,502 1,867
- Preferred securities 760 718 273 265 272
Total non-controlling interests 2,523 2,370 1,957 1,767 2,139
Total equity 11,474 10,858 9,773 9,037 9,545

Period ended: 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14
Unit: GBP Millions GBP Millions GBP Millions GBP Millions GBP Millions
Statement type: Audited Audited Audited Audited Audited
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Revenue
Gross earned premiums 3,460 3,584 3,725 3,701 3,209
Outward reinsurance -300 -325 -322 -317 -308
Net earned premiums 3,160 3,259 3,403 3,384 2,901
Investment return (non-banking) 9,553 -567 9,880 9,986 6,304
Banking interest and similar income 3,913 3,669 3,431 3,050 3,057
Banking trading, investment and similar income 199 217 214 195 197
Fee and commission income, and income from service activities 2,823 3,035 3,039 3,095 2,894
Other income 149 171 125 100 125
Total revenue  19,797 9,784 20,092 19,810 15,478
           
Expenses
Claims and benefits (including change in insurance contract provisions) -4,956 -3,331 -5,612 -5,410 -4,098
Reinsurance recoveries 222 123 221 246 215
Net claims and benefits incurred -4,734 -3,208 -5,391 -5,164 -3,883
Change in investment contract liabilities -5,833 1,889 -5,361 -5,873 -3,544
Losses on loans and advances -548 -458 -400 -368 -252
Finance costs -269 -58 -214 -81 -54
Banking interest payable and similar expenses -2,441 -2,095 -1,887 -1,616 -1,672
Fee and commission expenses, and other acquisition costs -917 -1,007 -1,064 -976 -863
Change in third-party interest in consolidated funds -299 2 -651 -564 -322
Other operating and administrative expenses -3,643 -3,852 -3,715 -3,653 -3,548
Goodwill impairment -1 -264 - - -
Total expenses  -18,685 -9,051 -18,683 -18,295 -14,138
Share of associated undertakings’ and joint ventures’ profit after tax 5 10 32 21 26
Loss/profit on disposal/acquisition of subsidiaries, associated undertakings and strategic investments -22 251 -56 -4 -2
Profit before tax  1,095 994 1,385 1,532 1,364
Income tax expense -391 -225 -471 -552 -462
Profit from continuing operations after tax  704 769 914 980 902
Discontinued operations
(Loss)/profit from discontinued operations after tax -728 198 564 3 -50
Profit after tax for the financial year  -24 967 1,478 983 852
           
Attributable to: 
Equity holders of the parent -282 667 1,172 705 582
Non-controlling interests
- Ordinary shares 196 238 256 259 252
- Preferred securities 62 62 50 19 18
Profit after tax for the financial year -24 967 1,478 983 852
Earnings per share
Basic earnings per share based on profit from continuing operations (pence) 9 9 13 15 14
Basic earnings per share based on profit from discontinued operations (pence) -15 4 12 - -1
Basic earnings per ordinary share (pence) -7 13 25 15 12
Diluted basic earnings per share based on profit from continuing operations (pence) 8 8 12 14 13
Diluted basic earnings per share based on profit from discontinued operations (pence) -14 4 12 - -1
Diluted basic earnings per ordinary share (pence) -6 12 23 14 12
Weighted average number of ordinary shares (millions) 4,859 4,935 4,587 4,442 4,585
Other comprehensive income for the financial year
Items that will not be reclassified subsequently to profit or loss 
Fair value movements
Property revaluation 26 39 20 23 22
Measurement movements on defined benefit plans - - 8 70 2
Income tax on items that will not be reclassified subsequently to profit or loss 13 12 6 -12 6
Items that may be reclassified subsequently to profit or loss 
Fair value movements
Net investment hedge -87 28 160 43 -9
Available-for-sale investments
Fair value gains/(losses) 37 -1 30 -5 21
Recycled to profit or loss - -6 -21 -9 -20
Exchange difference recycled to profit or loss on disposal of business - - - - -85
Shadow accounting -15 -22 6 - -5
Currency translation differences on translating foreign operations 882 -1,240 -641 -1,257 -68
Other movements 17 -49 -22 9 -18
Income tax on items that may be reclassified subsequently to profit or loss - - -5 2 -5
Total other comprehensive income for the financial year from continuing operations 873 -1,239 -459 -1,136 -159
Total other comprehensive income for the financial year from discontinued operations 278 -161 -348 - -
Total other comprehensive income for the financial year 1,151 -1,400 -807 -1,136 -159
Total comprehensive income for the financial year  1,127 -433 671 -153 693
           
Attributable to:
Equity holders of the parent 594 -408 503 -96 441
Non-controlling interests
- Ordinary shares 428 -87 118 -76 234
- Preferred securities 105 62 50 19 18
Total comprehensive income for the financial year  1,127 -433 671 -153 693

Period ended: 30-Jun-13 31-Dec-13 30-Jun-14 31-Dec-14 30-Jun-15
Period length: 6-months 6-months 6-months 6-months 6-months
Unit: GBP Millions GBP Millions GBP Millions GBP Millions GBP Millions
Statement type: Unaudited Audited Unaudited Audited Unaudited
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Revenue
Gross earned premiums 1,995 1,706 1,618 1,591 1,589
Outward reinsurance -162 -155 -154 -154 -151
Net earned premiums 1,833 1,551 1,464 1,437 1,438
Investment return (non-banking) 4,489 5,497 3,529 2,775 3,186
Banking interest and similar income 1,573 1,477 1,415 1,642 1,691
Banking trading, investment and similar income 110 85 83 114 110
Fee and commission income, and income from service activities 1,576 1,519 1,413 1,481 1,537
Other income 60 40 54 71 70
Total revenue  9,641 10,169 7,958 7,520 8,032
           
Expenses
Claims and benefits (including change in insurance contract provisions) -2,295 -3,115 -2,260 -1,838 -1,738
Reinsurance recoveries 118 128 66 149 120
Net claims and benefits incurred -2,177 -2,987 -2,194 -1,689 -1,618
Change in investment contract liabilities -3,000 -2,873 -1,845 -1,699 -2,035
Losses on loans and advances -234 -134 -130 -122 -134
Finance costs -23 -58 -64 10 -45
Banking interest payable and similar expenses -832 -784 -770 -902 -962
Fee and commission expenses, and other acquisition costs -538 -438 -437 -426 -459
Change in third-party interest in consolidated funds -271 -293 -194 -128 -207
Other operating and administrative expenses -1,770 -1,883 -1,760 -1,788 -1,928
Goodwill impairment - - - - -
Total expenses  -8,845 -9,450 -7,394 -6,744 -7,388
Share of associated undertakings’ and joint ventures’ profit after tax 10 11 10 16 37
Loss/profit on disposal/acquisition of subsidiaries, associated undertakings and strategic investments -1 -3 -10 8 2
Profit before tax  805 727 564 800 683
Income tax expense -250 -302 -218 -244 -243
Profit from continuing operations after tax  555 425 346 556 440
Discontinued operations - - - - -
(Loss)/profit from discontinued operations after tax -8 11 -10 -40 -21
Profit after tax for the financial year  547 436 336 516 419
           
Attributable to:
Equity holders of the parent 414 291 213 369 260
Non-controlling interests
- Ordinary shares 124 135 114 138 149
- Preferred securities 9 10 9 9 10
Profit after tax for the financial year 547 436 336 516 419
Earnings per share
Basic earnings per share based on profit from continuing operations (pence) 9.1 5.8 4.7 8.8 5.9
Basic earnings per share based on profit from discontinued operations (pence) -0.2 0.3 -0.2 -0.9 -0.5
Basic earnings per ordinary share (pence) 8.9 6.1 4.5 7.9 5.4
Diluted basic earnings per share based on profit from continuing operations (pence) 8.5 5.3 4.3 8.2 5.4
Diluted basic earnings per share based on profit from discontinued operations (pence) -0.2 0.3 -0.2 -0.8 -0.4
Diluted basic earnings per ordinary share (pence) 8.3 5.6 4.1 7.4 5.0
Weighted average number of ordinary shares (millions) 4,436 4,442 4,462 4,598 4,598
Other comprehensive income for the financial year
Items that will not be reclassified subsequently to profit or loss 
Fair value movements
Property revaluation -3 26 6 16 -2
Measurement movements on defined benefit plans 2 68 1 1 8
Income tax on items that will not be reclassified subsequently to profit or loss 4 -16 3 -4 -
Items that may be reclassified subsequently to profit or loss
Fair value movements
Net investment hedge 9 34 14 -23 6
Available-for-sale investments
Fair value gains/(losses) -7 2 15 6 -9
Recycled to profit or loss -8 -1 - -20 -
Exchange difference recycled to profit or loss on disposal of business - - -1 -84 -30
Shadow accounting - - - -5 -
Currency translation differences on translating foreign operations -346 -911 -269 201 -442
Other movements 4 5 2 -20 -13
Income tax on items that may be reclassified subsequently to profit or loss 1 1 -3 -2 -
Total other comprehensive income for the financial year from continuing operations -344 -792 -232 66 -482
Total other comprehensive income for the financial year from discontinued operations - - - - -
Total other comprehensive income for the financial year -344 -792 -232 66 -482
Total comprehensive income for the financial year  203 -356 104 582 -63
           
Attributable to: 
Equity holders of the parent 202 -298 36 398 -86
Non-controlling interests
- Ordinary shares -8 -68 56 178 13
- Preferred securities 9 10 9 9 10
Total comprehensive income for the financial year 203 -356 101 585 -63

Period ended: 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14
Unit: GBP Millions GBP Millions GBP Millions GBP Millions GBP Millions
Statement type: Audited Audited Audited Audited Audited
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Assets
Goodwill and other intangible assets 4,965 3,358 3,056 2,835 2,763
Mandatory reserve deposits with central banks 1,079 951 921 759 829
Property, plant and equipment 1,015 925 847 722 765
Investment property 2,040 2,064 1,947 1,811 1,678
Deferred tax assets 416 339 345 303 283
Investments in associated undertakings and joint ventures 162 111 152 168 518
Deferred acquisition costs 1,534 1,351 1,288 1,211 862
Reinsurers’ share of policyholder liabilities 1,104 989 1,406 1,875 2,314
Loans and advances 51,968 40,001 38,495 33,386 34,857
Investments and securities 106,153 81,253 88,513 88,417 87,547
Current tax receivable 156 138 103 128 92
Trade, other receivables and other assets 3,934 3,348 3,006 2,583 2,362
Derivative financial instruments 2,503 1,795 1,780 1,259 1,227
Cash and cash equivalents 4,132 3,624 5,061 4,869 4,944
Non-current assets held for sale 12,391 22,138 42 5 1,475
Total assets  193,552 162,385 146,962 140,331 142,516
           
Liabilities
Long-term business insurance policyholder liabilities 19,699 15,815 14,655 12,126 10,519
Investment contract liabilities 78,932 60,535 65,533 69,015 68,841
Property & casualty liabilities 397 325 346 332 319
Third-party interests in consolidated funds 3,584 1,893 6,116 5,478 5,986
Borrowed funds 4,204 3,656 3,050 2,644 3,044
Provisions and accruals 260 269 265 195 284
Deferred revenue 730 701 689 628 330
Deferred tax liabilities 858 504 404 491 454
Current tax payable 238 199 287 237 189
Trade, other payables and other liabilities 5,851 4,243 4,940 4,300 4,276
Amounts owed to bank depositors 53,236 41,215 39,499 34,370 36,243
Derivative financial instruments 1,870 1,755 1,402 1,478 1,201
Non-current liabilities held for sale 12,219 20,417 3 - 1,285
Total liabilities 182,078 151,527 137,189 131,294 132,971
           
Net assets 11,474 10,858 9,773 9,037 9,545
           
Shareholders' equity
Equity attributable to equity holders of the parent 8,951 8,488 7,816 7,270 7,406
Non-controlling interests
- Ordinary shares 1,763 1,652 1,684 1,502 1,867
- Preferred securities 760 718 273 265 272
Total non-controlling interests 2,523 2,370 1,957 1,767 2,139
Total equity 11,474 10,858 9,773 9,037 9,545

Period ended: 30-Jun-13 31-Dec-13 30-Jun-14 31-Dec-14 30-Jun-15
Unit: GBP Millions GBP Millions GBP Millions GBP Millions GBP Millions
Statement type: Unaudited Audited Unaudited Audited Unaudited
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Assets
Goodwill and other intangible assets 3,056 2,835 2,500 2,763 3,344
Mandatory reserve deposits with central banks 760 759 767 829 808
Property, plant and equipment 794 722 730 765 726
Investment property 1,911 1,811 1,778 1,678 1,318
Deferred tax assets 334 303 247 283 247
Investments in associated undertakings and joint ventures 130 168 201 518 470
Deferred acquisition costs 1,264 1,211 909 862 804
Reinsurers’ share of policyholder liabilities 1,629 1,875 1,987 2,314 2,394
Loans and advances 37,418 33,386 33,727 34,857 34,655
Investments and securities 88,915 88,417 86,198 87,547 87,033
Current tax receivable 109 128 101 92 95
Trade, other receivables and other assets 2,955 2,583 2,780 2,362 2,938
Derivative financial instruments 1,417 1,259 1,104 1,227 1,161
Cash and cash equivalents 5,035 4,869 4,289 4,944 5,034
Non-current assets held for sale 5 5 4,473 1,475 1,114
Total assets  145,732 140,331 141,791 142,516 142,141
           
Liabilities
Long-term business insurance policyholder liabilities 81,443 81,141 78,092 79,360 78,637
Property & casualty liabilities 350 332 319 319 394
Third-party interests in consolidated funds 5,479 5,478 6,456 5,986 5,678
Borrowed funds 2,563 2,644 2,783 3,044 3,566
Provisions and accruals 207 195 198 284 228
Deferred revenue 664 628 367 330 291
Deferred tax liabilities 435 491 424 454 476
Current tax payable 250 237 205 189 169
Trade, other payables and other liabilities 5,076 4,300 4,068 4,276 5,173
Amounts owed to bank depositors 38,009 34,370 34,540 36,243 36,000
Derivative financial instruments 1,623 1,478 1,174 1,201 1,161
Non-current liabilities held for sale 0 0 4,294 1,285 833
Total liabilities 136,099 131,294 132,920 132,971 132,606
           
Net assets 9,633 9,037 8,871 9,545 9,535
           
Shareholders' equity
Equity attributable to equity holders of the parent 7,729 7,270 7,062 7,406 7,188
Non-controlling interests
- Ordinary shares 1,632 1,502 1,536 1,867 2,075
- Preferred securities 272 265 273 272 272
Total non-controlling interests 1,904 1,767 1,809 2,139 2,347
Total equity 9,633 9,037 8,871 9,545 9,535

Period ended: 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14
Unit: GBP Millions GBP Millions GBP Millions GBP Millions GBP Millions
Statement type: Audited Audited Audited Audited Audited
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Cash flows from operating activities 
Profit before tax 1,095 994 1,385 1,532 1,364
Non-cash movement in profit before tax -515 1,372 249 1,423 2,058
Net changes in working capital 3,195 -1,415 1,039 447 739
Taxation paid -356 -402 -295 -458 -402
Net cash inflow from operating activities  3,419 549 2,378 2,944 3,759
           
Cash flows from investing activities 
Net acquisitions of financial investments -2,349 43 -1,449 -1,658 -2,873
Acquisition of investment properties -162 -57 -55 -47 -48
Proceeds from disposal of investment properties 272 6 67 22 115
Acquisition of property, plant and equipment -145 -184 -120 -113 -154
Proceeds from disposal of property, plant and equipment - 43 7 6 14
Acquisition of intangible assets -76 -91 -72 -86 -76
Acquisition of interests in subsidiaries, associated undertakings, joint ventures and strategic investments -75 103 -23 -119 -429
Disposal of interests in subsidiaries, associated undertakings, joint ventures and strategic investments -16 -329 1,883 8 95
Net cash outflow from investing activities  -2,551 -466 238 -1,987 -3,356
           
Cash flows from financing activities 
Dividends paid to
- Ordinary equity holders of the Company -102 -97 -1,172 -336 -394
- Non-controlling interests and preferred security interests -196 -206 -211 -183 -177
Dividends received from associated undertakings 7 13 5
Interest paid (excluding banking interest paid) -79 -87 -85 -51 -48
Proceeds from issue of ordinary shares (including by subsidiaries to non-controlling interests) 5 10 35 11 12
Net disposal of treasury shares -25 -17 19 55 72
Disposal of non-controlling interests in OM Asset Management plc - - - - 184
Sale of share held by BEE trusts - - - - -
Issue of subordinated and other debt 492 890 290 586 584
Subordinated and other debt repaid -104 -905 -1,293 -578 -290
Net cash outflow from financing activities  -9 -412 -2,410 -483 -52
           
Net increase in cash and cash equivalents 859 -329 206 474 351
Net decrease in cash and cash equivalents – discontinued operations  -364 346 -129 - -
Effects of exchange rate changes on cash and cash equivalents 376 -594 -380 -828 -193
Cash and cash equivalents at beginning of the year 4,761 5,632 6,285 5,982 5,628
Cash and cash equivalents at end of the year  5,632 5,055 5,982 5,628 5,786
           
Consisting of:
Cash and cash equivalents 4,132 3,624 5,061 4,869 4,944
Mandatory reserve deposits with central banks 1,079 951 921 759 829
Cash and cash equivalents included in assets held for sale 421 480 - - 13
Total 5,632 5,055 5,982 5,628 5,786

Period ended: 30-Jun-13 31-Dec-13 30-Jun-14 31-Dec-14 30-Jun-15
Period length: 6-months 6-months 6-months 6-months 6-months
Unit: MKW million MKW million MKW million MKW million MKW million
Statement type: Unaudited Audited Unaudited Audited Unaudited
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Cash flows from operating activities 
Profit before tax 805 727 564 800 683
Non-cash movement in profit before tax 620 803 806 1,252 1,134
Net changes in working capital 228 219 -370 1,109 866
Taxation paid -225 -233 -175 -227 -252
Net cash inflow from operating activities  1,428 1,516 825 2,934 2,431
           
Cash flows from investing activities 
Net acquisitions of financial investments -590 -1,068 -824 -2,049 -1,787
Acquisition of investment properties -7 -40 -31 -17 -37
Proceeds from disposal of investment properties 9 13 39 76 4
Acquisition of property, plant and equipment -50 -63 -65 -89 -35
Proceeds from disposal of property, plant and equipment 6 - 5 9 3
Acquisition of intangible assets -31 -55 -29 -47 -40
Acquisition of interests in subsidiaries, associated undertakings, joint ventures and strategic investments -31 -88 -58 -371 -625
Disposal of interests in subsidiaries, associated undertakings, joint ventures and strategic investments 12 -4 48 47 9
Net cash outflow from investing activities  -682 -1,305 -915 -2,441 -2,508
           
Cash flows from financing activities 
Dividends paid to
- Ordinary equity holders of the Company -238 -98 -279 -115 -296
- Non-controlling interests and preferred security interests -95 -88 -90 -87 -108
Dividends received from associated undertakings 12 1 4 1 3
Interest paid (excluding banking interest paid) -26 -25 -24 -24 -24
Proceeds from issue of ordinary shares (including by subsidiaries to non-controlling interests) 9 2 9 3 2
Net disposal of treasury shares -29 84 38 34 -12
Disposal of non-controlling interests in OM Asset Management plc - - - 184 163
Sale of shares held by BEE trusts - - - - 172
Issue of subordinated and other debt - 586 357 227 880
Subordinated and other debt repaid -262 -316 -196 -94 -349
Net cash outflow from financing activities  -629 146 -181 129 431
           
Net increase in cash and cash equivalents 117 357 -271 622 354
Net decrease in cash and cash equivalents – discontinued operations  - - - - -
Effects of exchange rate changes on cash and cash equivalents -304 -524 -234 41 -270
Cash and cash equivalents at beginning of the period 5,982 5,795 5,628 5,123 5,786
Cash and cash equivalents at end of the period  5,795 5,628 5,123 5,786 5,870
           
Consisting of:
Cash and cash equivalents 5,035 4,869 4,289 4,944 5,034
Mandatory reserve deposits with central banks 760 759 767 829 808
Cash and cash equivalents included in assets held for sale - - 67 13 28
Total 5,795 5,628 5,123 5,786 5,870