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Name | Symbol | Market | Type |
---|---|---|---|
Royal Bank of Scotland Group PLC | NYSE:RBS | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.09 | 0 | 01:00:00 |
|
|
●
|
Q1 2021
operating profit before tax of £946 million and an
attributable profit of £620 million.
|
●
|
Income
across the UK and RBSI retail and commercial businesses, excluding
notable items, decreased by £203 million, or 8.0%, compared
with Q1 2020 reflecting the lower yield curve, subdued
transactional business activity and lower consumer spending,
partially offset by balance sheet growth.
|
●
|
Bank net interest margin (NIM) of 1.64% was 2 basis points lower
than Q4 2020 principally reflecting lower structural hedge
income, 3 basis points, partly offset by mortgage margin
improvement, 1 basis point.
|
●
|
Other
expenses, excluding operating lease depreciation (OLD) and Ulster
Bank RoI direct costs, were £72 million, or 4.5%, lower than
Q1 2020.
|
●
|
A net
impairment release of £102 million in Q1 2021 reflects
releases in non-default portfolios, principally in Commercial
Banking.
|
Robust balance sheet with strong capital and liquidity
levels
|
|
●
|
CET1 ratio of 18.2% was 30 basis points lower than Q4 2020,
reflecting the directed buy back, associated pension contribution,
and foreseeable dividend accrual partially offset by the reduction
in RWAs and the attributable profit for the
period.
|
●
|
The liquidity coverage ratio (LCR) of 158%, representing £64.9
billion above 100%, decreased by 7 percentage points compared with
Q4 2020, following a repayment of the Term Funding
Scheme with additional incentives for SMEs
(TFSME).
|
●
|
Net
lending decreased by £1.8 billion to £358.7 billion in
comparison to Q4 2020. Across the UK and RBSI retail and commercial
businesses, net lending excluding UK Government support schemes,
increased by £2.2 billion, or 3.0% on an annualised basis,
including £3.4 billion related to mortgages. Retail Banking
gross new mortgage lending was £9.6 billion in the
quarter.
|
●
|
Customer
deposits increased by £21.6 billion compared with Q4 2020 to
£453.3 billon. Across the UK and RBSI retail and commercial
businesses customer deposits increased by £12.1 billion, or
3.0%, as customers sought to retain liquidity and reduced spending.
Treasury repo activity drove a further £10.9 billion increase
in the quarter.
|
●
|
RWAs
decreased by £5.6 billion compared with Q4 2020 mainly
reflecting reductions in Retail Banking and Commercial
Banking.
|
Outlook(1)
|
We
retain the outlook guidance provided in the 2020 Annual Results
document.
|
Note:
|
(1) The guidance, targets,
expectations and trends discussed in this section represent NatWest
Group plc management's current expectations and are subject to
change, including as a result of the factors described in the
NatWest Group plc "Risk Factors" section on pages 345 to 362
of the 2020 Annual Report and Accounts and on pages 156 to 172 of
the NatWest Markets Group Plc 2020 Annual Report and Accounts.
These statements constitute forward-looking statements. Refer to
Forward-looking statements in this
announcement.
|
●
|
NatWest Group is participating in the new mortgage guarantee
scheme, which provides a
UK Government guarantee to lenders on mortgages with just a 5%
deposit and will help many customers for whom home ownership has
felt far out of reach.
|
●
|
As part of our Digital Regular Saver, launched in 2020, we recently
announced a £10,000 prize draw that will provide further
incentive to our customers to start and continue saving, helping
them build financial security.
|
●
|
Our Personal Portfolio Funds - available through NatWest Invest,
Royal Bank Invest and Coutts Invest - support customers to invest
in their futures. Less than five years since their launch, Assets
under Management have exceeded £1 billion, with 30% growth in
Q1 2021.
|
●
|
We teamed up with the creators of 'No Really, I'm Fine' - a mental
health podcast - to bring listeners the 'Mind Over Money' podcast
tackling the issue of financial wellbeing, with practical tips to
avoid scams, manage spending habits and deal with a financial
crisis.
|
Businesses
|
|
●
|
In response to our SME Recovery Report, NatWest Group announced a
£6 billion funding commitment to support SMEs to scale and
grow, with £4 billion allocated outside London. We also formed
new strategic partnerships with Business in The Community (BITC),
Hatch and Digital Boost, to empower underrepresented entrepreneurs
and communities to embed new skills and technology.
|
●
|
Commercial Banking is playing a key role in helping customers
recover and grow, through Pay As You Grow for existing Bounce Back
Loans and supporting access to finance through the new Recovery
Loan Scheme.
|
●
|
Coutts has partnered with the Business Growth Fund to develop the
UK Enterprise Fund. This fund will co-invest equity growth capital,
taking minority stakes in businesses looking to scale in the UK,
with a focus on investing in female and diverse
entrepreneurs.
|
●
|
NatWest Group has joined forces with Microsoft to help UK
businesses better understand their carbon footprint and create
tailored action plans to reduce their carbon emissions, leveraging
digital technologies.
|
●
|
In our sixth year as
headline sponsor of National Careers Week, we announced the
creation of 240 social mobility apprenticeships across contact
centre, digital, technology and innovation skills. The new roles
will support young people facing barriers in their early career,
giving them the tools and support they need to
succeed.
|
●
|
In response to the pandemic's significant impact
on young
people, in
partnership with the Bank Workers Charity, we have launched a free online counselling and
wellbeing support service - Kooth - for
the dependants of current and former colleagues in the
UK,
aged 11-18 years old.
|
●
|
In Q1 2021, we launched the Chartered Banker Institute Enterprise
Membership to our colleagues, providing access to award winning
professional content, toolkits and development material, one of the
many ways we are supporting our colleagues to be the best they can
be.
|
Communities
|
|
●
|
One of our Edinburgh offices has been transformed into a mass
vaccination centre, at no cost to the NHS. The centre is running 12
hours a day, seven days a week and is currently capable of
providing 480 appointments every day.
|
●
|
In Q1 2021, NatWest Group issued a €1 billion affordable
housing social bond, the first of its kind by a UK bank. The
proceeds will support lending to not-for-profit, UK housing
associations as part of our commitment to provide £3 billion
of funding to the UK's affordable housing sector by the end of
2022.
|
●
|
NatWest Group launched an innovative offering with Octopus Energy
to help people and businesses switch to electric vehicles. It
provides tailored
advice, charging infrastructure funding solutions and access to
some of the latest renewable technologies.
|
●
|
NatWest Group was recently announced as a corporate patron of the
National Emergencies Trust (NET). Alongside the NET's other
patrons, we'll play an active role in shaping the response to
future emergencies, having helped to raise £10 million for the
NET Coronavirus Appeal in 2020.
|
|
|
|
Quarter ended
|
|||
|
|
|
|
31 March
|
31
December
|
31
March
|
|
|
|
|
2021
|
2020
|
2020
|
Total
income
|
|
|
|
£2,659m
|
£2,535m
|
£3,162m
|
Operating
expenses
|
|
|
|
(£1,815m)
|
(£2,341m)
|
(£1,841m)
|
Profit
before impairment releases/(losses)
|
|
|
|
£844m
|
£194m
|
£1,321m
|
Operating
profit before tax
|
|
|
|
£946m
|
£64m
|
£519m
|
Profit/(loss)
attributable to ordinary shareholders
|
|
|
|
£620m
|
(£109m)
|
£288m
|
|
|
|
|
|
|
|
Excluding notable items within total
income (1)
|
|
|
|
|
|
|
Total
income excluding notable items
|
|
|
|
£2,673m
|
£2,616m
|
£3,047m
|
Operating
expenses
|
|
|
|
(£1,815m)
|
(£2,341m)
|
(£1,841m)
|
Profit
before impairment releases/(losses) and excluding notable
items
|
|
|
£858m
|
£275m
|
£1,206m
|
|
Operating
profit before tax and excluding notable items
|
|
|
|
£960m
|
£145m
|
£404m
|
|
|
|
|
|
|
|
Performance key metrics and ratios
|
|
|
|
|
|
|
Bank net interest margin (NatWest Group NIM excluding
NWM) (2)
|
|
|
1.64%
|
1.66%
|
1.89%
|
|
Bank average interest earning assets (NatWest Group excluding
NWM) (2)
|
|
|
£480bn
|
£473bn
|
£422bn
|
|
Cost:income ratio (2)
|
|
|
|
67.8%
|
92.2%
|
57.7%
|
Loan impairment rate (2)
|
|
|
|
(11bps)
|
14bps
|
90bps
|
Earnings
per share - basic
|
|
|
|
5.1p
|
(0.9p)
|
2.4p
|
Return on tangible equity (2)
|
|
|
|
7.9%
|
(1.4%)
|
3.6%
|
|
31 March
|
31
December
|
31
March
|
|
2021
|
2020
|
2020
|
Balance sheet
|
|
|
|
Total
assets
|
£769.8bn
|
£799.5bn
|
£817.6bn
|
Funded assets (2)
|
£646.8bn
|
£633.0bn
|
£608.9bn
|
Loans
to customers - amortised cost
|
£358.7bn
|
£360.5bn
|
£351.3bn
|
Loans to customers and banks - amortised cost and
FVOCI (3)
|
£371.0bn
|
£372.4bn
|
£364.0bn
|
Impairment
provisions - amortised cost
|
£5.6bn
|
£6.0bn
|
£4.2bn
|
Total impairment provisions (3)
|
£5.8bn
|
£6.2bn
|
£4.3bn
|
Expected credit loss (ECL) coverage ratio (3)
|
1.56%
|
1.66%
|
1.19%
|
Assets under management and administration
(AUMA) (2)
|
£32.6bn
|
£32.1bn
|
£26.7bn
|
Customer
deposits
|
£453.3bn
|
£431.7bn
|
£384.8bn
|
|
|
|
|
Liquidity and funding
|
|
|
|
Liquidity
coverage ratio (LCR)
|
158%
|
165%
|
152%
|
Liquidity
portfolio
|
£263bn
|
£262bn
|
£201bn
|
Net stable funding ratio (NSFR) (4)
|
153%
|
151%
|
138%
|
Loan:deposit ratio (2)
|
79%
|
84%
|
91%
|
Total
wholesale funding
|
£61bn
|
£71bn
|
£86bn
|
Short-term
wholesale funding
|
£20bn
|
£19bn
|
£32bn
|
|
|
|
|
Capital and leverage
|
|
|
|
Common Equity Tier (CET1) ratio (5)
|
18.2%
|
18.5%
|
16.6%
|
Total
capital ratio
|
24.0%
|
24.5%
|
21.4%
|
Pro forma CET1 ratio, pre dividend accrual (6)
|
18.6%
|
18.8%
|
16.6%
|
Risk-weighted
assets (RWAs)
|
£164.7bn
|
£170.3bn
|
£185.2bn
|
CRR leverage ratio (5)
|
5.0%
|
5.2%
|
5.1%
|
UK
leverage ratio
|
6.2%
|
6.4%
|
5.8%
|
Tangible
net asset value (TNAV) per ordinary share
|
261p
|
261p
|
273p
|
Number of ordinary shares in issue (millions) (7)
|
11,560
|
12,129
|
12,094
|
(1)
|
Refer to page 5 for details of
notable items within total income.
|
(2)
|
Refer to the Appendix for details
of the basis of preparation and reconciliation of non-financial and
performance measures.
|
(3)
|
Refer to page 15 for further
details. 31 March 2020 has been restated for the accounting policy
change for balances held with central banks. Refer to Accounting
policy changes effective 1 January 2020 on page 264 in the NatWest
Group plc 2020 Annual Report and Accounts for further
details.
|
(4)
|
NSFR reported in line with CRR2
regulations finalised in June 2019.
|
(5)
|
Based on CRR end point including
the IFRS 9 transitional adjustment of £1.7 billion. Excluding
this adjustment, the CET1 ratio would be 17.2% and the CRR leverage
ratio would be 4.7%.
|
(6)
|
The pro forma CET1 ratio at 31
March 2021 excludes foreseeable charges of £547 million for
ordinary dividend including £200 million (11bps) in Q1 2021
(31 December 2020 excludes foreseeable charges of £364 million
for ordinary dividend (3p per share) and £266 million
pension
contribution). At 31
March 2020 there was no charge in CET1 for foreseeable dividends or
charges.
|
(7)
|
In March 2021, there was an
agreement with HM Treasury to buy 591 million ordinary shares in
the Company from UK Government Investments Ltd (UKGI). NatWest
Group cancelled 391 million of the purchased ordinary shares, and
held the remaining 200 million in own shares held.
The
number of ordinary shares in
issue excludes own shares held.
|
|
In the
first quarter of 2021 we have continued to make progress against
our strategic objectives and have delivered a good financial
performance. We continue to support our customers through this
period of uncertainty and expect to grow lending, excluding UK
Government financial support schemes, in our UK and RBSI retail and
commercial businesses above the market rate in 2021, whilst
reducing costs by around 4%. The Q1 2021 results include a small
impairment release, as support schemes continue to mitigate
realised levels of default. Finally, our capital and liquidity
positions remain robust.
|
Financial performance
Total
income decreased by £503 million, or 15.9%, compared with Q1
2020. Excluding notable items, income decreased by £374
million, or 12.3%, due to the lower yield curve, subdued
transactional business activity and a more normalised level of
customer activity in NatWest Markets, partially offset by balance
sheet growth. Bank NIM of 1.64% decreased by 2 basis points
compared with Q4 2020 as lower structural hedge income, 3 basis
points, was partly offset by mortgage margin improvement, 1 basis
point.
|
|
We
achieved a cost reduction of £72 million, or 4.5%, compared
with Q1 2020 mainly reflecting actions taken in NatWest Markets in
line with the strategic announcement made in February 2020 and
other actions across Retail Banking and Commercial Banking.
Headcount was 5.7% lower than Q1 2020. Strategic costs in the
quarter of £160 million included £53 million redundancy
charges, £24 million related to property charges and a
£14 million charge related to technology spend.
|
|
Whilst
we continue to navigate a high degree of uncertainty in the wider
economic environment, a net impairment release of £102 million
in the quarter reflects releases in non-default portfolios,
principally in Commercial Banking, as support schemes continue to
mitigate realised levels of default. Total impairment provisions
decreased by £0.4 billion to £5.8 billion in the quarter,
which resulted in a reduction in the ECL coverage ratio from 1.66%
at Q4 2020 to 1.56%.
|
|
As a
result, we are pleased to report an attributable profit of
£620 million, with earnings per share of 5.1 pence and a
return on tangible equity (RoTE) of 7.9%.
|
We
continued to support our customers during this period of
uncertainty, whilst taking a measured approach to risk. Across the
UK and RBSI retail and commercial businesses, net lending excluding
UK Government support schemes increased by £2.2 billion, or
3.0% on an annualised basis, including £3.4 billion of
mortgage growth partially offset by lower unsecured balances and a
reduction in SME & mid corporate lending.
|
|
Customer
deposits increased by £21.6 billion, or 5.0%, to £453.3
billon in the quarter. Across the UK and RBSI retail and commercial
businesses customer deposits increased by £12.1 billion, or
3.0%, as customers sought to retain liquidity and reduced spending.
Treasury repo activity drove a further £10.9 billion increase
in the quarter.
|
Capital and leverage
|
Following
the successful directed buy back in March 2021, the CET1 ratio
remains robust at 18.2%, or 17.2% excluding IFRS 9 transitional
relief. The 30 basis points reduction in the quarter reflected the
directed buy back, and associated pension contribution, 72 basis
points, and foreseeable dividend accrual, 11 basis points,
partially offset by the reduction in RWAs and the attributable
profit for the period. The total capital ratio decreased by 50
basis points in the quarter to 24.0%.
|
|
RWAs of
£164.7 billion decreased by £5.6 billion, or 3.3%, in the
quarter reflecting business movements, including lower unsecured
lending, of £2.5 billion, risk parameter improvements of
£1.0 billion, Commercial Banking capital management activity
and FX movements of £1.3 billion.
TNAV
per share was in line with Q4 2020 at 261 pence as the attributable
profit and directed buy back were offset by movements in FX
reserves, cash flow hedging reserves and the dividend linked
pension contribution.
|
The UK
leverage ratio of 6.2% decreased by 20 basis points in the
quarter.
|
The
liquidity portfolio was £263 billion at the end of Q1 2021,
broadly stable with Q4 2020, and the LCR decreased by 7 percentage
points to 158%, representing £64.9 billion headroom above
100%, reflecting the £5.0 billion TFSME repayment in January
2021, the redemption of own debt, directed buy back and other
balance sheet movements, partially offset by the 3.0% increase in
customer deposits. The loan:deposit ratio reduced by 5 percentage
points in the quarter to 79%.
|
|
|
|
Quarter ended
|
|||
|
|
|
|
31 March
|
31
December
|
31
March
|
|
|
|
|
2021
|
2020
|
2020
|
|
|
|
|
£m
|
£m
|
£m
|
Net interest income
|
|
|
|
1,931
|
1,971
|
1,942
|
Own
credit adjustments
|
|
|
|
2
|
(43)
|
155
|
Other
non-interest income
|
|
|
|
726
|
607
|
1,065
|
Non-interest income
|
|
|
|
728
|
564
|
1,220
|
Total income
|
|
|
|
2,659
|
2,535
|
3,162
|
Litigation
and conduct costs
|
|
|
|
(16)
|
(194)
|
4
|
Strategic
costs
|
|
|
|
(160)
|
(326)
|
(131)
|
Other
expenses
|
|
|
|
(1,639)
|
(1,821)
|
(1,714)
|
Operating expenses
|
|
|
|
(1,815)
|
(2,341)
|
(1,841)
|
Profit before impairment releases/(losses)
|
|
|
|
844
|
194
|
1,321
|
Impairment
releases/(losses)
|
|
|
|
102
|
(130)
|
(802)
|
Operating profit before tax
|
|
|
|
946
|
64
|
519
|
Tax
charge
|
|
|
|
(233)
|
(84)
|
(188)
|
Profit/(loss) for the period
|
|
|
|
713
|
(20)
|
331
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
Ordinary
shareholders
|
|
|
|
620
|
(109)
|
288
|
Preference
shareholders
|
|
|
|
5
|
5
|
8
|
Paid-in
equity holders
|
|
|
|
87
|
83
|
97
|
Non-controlling
interests
|
|
|
|
1
|
1
|
(62)
|
Notable items within total income
|
|
|
|
|
|
|
Own
credit adjustments (OCA)
|
|
|
|
2
|
(43)
|
155
|
FX
recycling loss in Central items & other
|
|
|
|
-
|
(1)
|
(64)
|
Liquidity
Asset Bond sale gain
|
|
|
|
-
|
2
|
93
|
IFRS volatility in Central items &
other (1)
|
|
|
|
(1)
|
45
|
(66)
|
Loss on
redemption of own debt
|
|
|
|
(118)
|
-
|
-
|
Retail
Banking debt sale gain
|
|
|
|
-
|
1
|
-
|
Metro
Bank mortgage portfolio acquisition loss
|
|
|
|
-
|
(58)
|
-
|
Commercial
Banking fair value and disposal loss
|
|
|
|
(14)
|
(27)
|
(19)
|
NatWest Markets asset disposals/strategic risk
reduction (2)
|
|
|
(4)
|
(8)
|
-
|
|
Share
of gains under equity accounting for Business Growth
Fund
|
|
|
121
|
8
|
16
|
|
Total
|
|
|
|
(14)
|
(81)
|
115
|
|
|
|
Quarter ended
|
||||
|
|
|
|
|
31 March
|
31
December
|
31
March
|
|
|
|
|
|
2021
|
2020
|
2020
|
|
|
|
|
|
£m
|
£m
|
£m
|
Total
income
|
|
|
|
|
1,056
|
974
|
1,150
|
Operating
expenses
|
|
|
|
|
(587)
|
(818)
|
(529)
|
of which:
Other expenses
|
|
|
|
|
(557)
|
(566)
|
(592)
|
Impairment
losses
|
|
|
|
|
(34)
|
(65)
|
(297)
|
Operating
profit
|
|
|
|
|
435
|
91
|
324
|
Return
on equity
|
|
|
|
|
23.0%
|
3.8%
|
15.5%
|
Net
interest margin
|
|
|
|
|
2.06%
|
2.03%
|
2.28%
|
Cost:income
ratio
|
|
|
|
|
55.6%
|
84.0%
|
46.0%
|
Loan
impairment rate
|
|
|
|
|
8bps
|
15bps
|
72bps
|
|
|
|
As at
|
|||
|
|
|
|
|
31 March
|
31
December
|
|
|
|
|
|
2021
|
2020
|
|
|
|
|
|
£bn
|
£bn
|
Net
loans to customers - amortised cost
|
|
|
|
|
174.8
|
172.3
|
Customer
deposits
|
|
|
|
|
179.1
|
171.8
|
RWAs
|
|
|
|
|
35.0
|
36.7
|
During
Q1 2021, Retail Banking continued to pursue sustainable growth with
an intelligent approach to risk. Lending growth in the quarter was
supported by a strong performance in mortgages, with gross new
mortgage lending of £9.6 billion in the quarter, partially
offset by the continued UK Government restrictions impacting
customer spending and resulting in higher repayments of unsecured
balances.
|
|
|
|
●
|
Retail
Banking continues to support customers whose income has been
impacted by COVID-19. As at 31 March 2021, Retail Banking had
c.12,000 active mortgage repayment holidays, representing around 1%
of the book by volume, and approximately 16,000, or 2%, of personal
loan customers on active repayment holidays at the end of Q1
2021.
|
●
|
Total
income was £94 million, or 8.2%, lower than Q1 2020 primarily
due to lower deposit returns and unsecured balances, combined with
regulatory changes impacting fee income, partially offset by strong
balance growth in mortgages and improved mortgage margins. Net
interest margin increased by 3 basis points compared with Q4 2020
reflecting mortgage margin improvement, partially offset by lower
hedge returns and lower unsecured balance mix. Mortgage completion
margins of around 180 basis points were higher than the back book
margin of around 160 basis points. Application margins were around
180 basis points in the quarter but decreased to around 165 basis
points in the latter part of Q1 2021 primarily due to rising swap
rates.
|
●
|
Other
expenses were £35 million, or 5.9%, lower than Q1 2020
primarily reflecting a reduction in headcount.
|
●
|
Impairment
losses of £34 million in Q1 2021 continue to reflect a low
level of Stage 3 defaults, which benefitted from a £17 million
provision release relating to a planned debt sale, and a small
release from accounts flowing from Stage 2 back to Stage
1.
|
●
|
Net
loans to customers increased by £2.5 billion, or 1.5%,
compared with Q4 2020 due to continued strong mortgage growth of
£3.0 billion, with gross new mortgage lending in the quarter
of £9.6 billion, and flow share of approximately 13%. Personal
advances and cards reduced by £0.2 billion and £0.3
billion respectively as customers spent less and made higher
repayments, reflecting the impact of the UK Government
restrictions.
|
●
|
Customer
deposits increased by £7.3 billion, or 4.2%, compared with Q4
2020 as continued UK Government initiatives combined with
restrictions, resulted in lower customer spend and increased
savings.
|
●
|
RWAs
decreased by £1.7 billion, or 4.6%, compared with Q4 2020
largely reflecting lower unsecured balances and continued quality
improvements supported by rising house prices and customer
behaviour.
|
|
|
|
Quarter ended
|
|||
|
|
|
|
31 March
|
31
December
|
31
March
|
|
|
|
|
2021
|
2020
|
2020
|
|
|
|
|
£m
|
£m
|
£m
|
Total
income
|
|
|
|
185
|
184
|
201
|
Operating
expenses
|
|
|
|
(121)
|
(91)
|
(123)
|
of which:
Other expenses
|
|
|
|
(122)
|
(119)
|
(118)
|
Impairment
releases/(losses)
|
|
|
|
-
|
(26)
|
(29)
|
Operating
profit
|
|
|
|
64
|
67
|
49
|
Return
on equity
|
|
|
|
12.4%
|
13.3%
|
9.8%
|
Net
interest margin
|
|
|
|
1.79%
|
1.86%
|
2.25%
|
Cost:income
ratio
|
|
|
|
65.4%
|
49.5%
|
61.2%
|
Loan
impairment rate
|
|
|
|
0bps
|
61bps
|
73bps
|
|
|
|
As at
|
|||
|
|
|
|
31 March
|
31 December
|
|
|
|
|
|
2021
|
2020
|
|
|
|
|
|
£bn
|
£bn
|
|
Net loans to customers - amortised cost
|
|
|
|
17.5
|
17.0
|
|
Customer deposits
|
|
|
|
33.5
|
32.4
|
|
RWAs
|
|
|
|
11.2
|
10.9
|
|
Assets Under Management (AUMs)
|
|
|
|
29.4
|
29.1
|
|
Assets Under Administration (AUAs) (1)
|
|
|
|
3.2
|
3.0
|
|
Total Assets Under Management and Administration
(AUMA)
|
|
|
|
32.6
|
32.1
|
|
Note:
|
|
(1) Private Banking manages AUA
portfolios on behalf of Retail Banking and RBS International and
receives a management fee in respect of providing this
service.
|
|
Private
Banking delivered a resilient operating performance in the quarter,
including strong balance growth, which supported a Q1 2021 return
on equity of 12.4%. AUMA growth in the quarter included record
investment inflows of £245 million into digital investment
products: NatWest Invest, Royal Bank Invest and Coutts Invest, more
than double the level seen in Q4 2020.
|
|
|
|
●
|
Private
Banking remains committed to supporting clients through a range of
initiatives, including the provision of mortgage and personal loan
repayment deferrals in appropriate circumstances and via
participation in the UK Government's financial support schemes. As
at 31 March 2021, £61 million BBLS, £234 million CBILS
and £44 million CLBILS had been approved.
|
●
|
Total
income was £16 million, or 8.0%, lower than Q1 2020 primarily
reflecting lower deposit returns partially offset by strong balance
growth. Net interest margin decreased by 7 basis points compared
with Q4 2020 reflecting lower deposit returns and higher liquidity
portfolio costs.
|
●
|
Net
loans to customers increased by £0.5 billion, or 2.9%,
compared with Q4 2020 due to mortgage lending growth.
|
●
|
AUMAs
increased by £0.5 billion, or 1.6%, compared with Q4 2020
reflecting positive investment performance of £0.1 billion and
net new money inflows of £0.4 billion, which were impacted by
EEA resident client outflows following the UK's exit from the
EU.
|
|
|
|
|
|
Quarter ended
|
|||||
|
|
|
|
|
31 March
|
31
December
|
31
March
|
|
|
|
|
|
|
2021
|
2020
|
2020
|
|
|
|
|
|
|
£m
|
£m
|
£m
|
|
Total
income
|
|
|
|
|
941
|
951
|
1,008
|
|
Operating
expenses
|
|
|
|
|
(583)
|
(656)
|
(610)
|
|
of which:
Other expenses (excluding OLD)
|
|
|
|
|
(513)
|
(560)
|
(532)
|
|
Impairment
releases/(losses)
|
|
|
|
|
117
|
(10)
|
(435)
|
|
Operating
profit/(loss)
|
|
|
|
|
475
|
285
|
(37)
|
|
Return
on equity
|
|
|
|
|
14.9%
|
8.1%
|
(2.5%)
|
|
Net
interest margin
|
|
|
|
|
1.54%
|
1.56%
|
1.83%
|
|
Cost:income
ratio
|
|
|
|
|
60.5%
|
67.8%
|
59.1%
|
|
Loan
impairment rate
|
|
|
|
|
(43)bps
|
4bps
|
157bps
|
|
|
|
|
|
As at
|
||||||
|
|
|
|
|
31 March
|
31 December
|
|
||
|
|
|
|
|
2021
|
2020
|
|
||
|
|
|
|
|
£bn
|
£bn
|
|
||
Net loans to customers - amortised cost
|
|
|
|
|
106.6
|
108.2
|
|
||
Customer deposits
|
|
|
|
|
169.4
|
167.7
|
|
||
RWAs
|
|
|
|
|
71.6
|
75.1
|
|
Commercial
Banking delivered a solid performance in Q1 2021 despite the
continued impact of UK Government restrictions and a challenging
operating environment. Commercial Banking will continue to
play a key role in helping its customers recover and grow as
the wider economy re-opens through Pay As You Grow, for existing
Bounce Back Loan customers, and by supporting continued access to
finance through the new Recovery Loan Scheme.
|
|
|
|
●
|
Commercial
Banking continues to support customers through a comprehensive
package of initiatives including participation in the UK
Government's financial support schemes. As at 31 March 2021,
£9.1 billion BBLS, £4.0 billion CBILS and £1.3
billion CLBILS had been approved and there were active payment
holidays on c.8,900 customer accounts, representing 2% of the
lending book by value, compared to 4% at the end of
2020.
|
●
|
Total
income was £67 million, or 6.6%, lower than Q1 2020 reflecting
lower deposit returns and subdued transactional business activity.
Net interest margin decreased by 2 basis points compared with Q4
2020 mainly reflecting lower hedge returns.
|
●
|
Other
expenses, excluding OLD, decreased by £19 million, or 3.6%,
compared with Q1 2020 as cost reduction actions were partially
offset by higher remediation costs and increased back office
operations costs.
|
●
|
A net
impairment release of £117 million in Q1 2021 mainly reflected
a modest improvement in underlying portfolio credit metrics, with
minimal Stage 3 defaults.
|
●
|
Net
loans to customers decreased by £1.6 billion, or 1.5%,
compared with Q4 2020 as lower SME & mid corporates lending and
net RCF repayments of £0.3 billion were partially offset by
£0.5 billion drawdowns against UK Government financial support
schemes, including £0.3 billion related to BBLS and £0.2
billion related to CBILS. RCF utilisation remained stable with Q4
2020 at c.22% of committed facilities.
|
●
|
Customer
deposits increased by £1.7 billion, or 1.0%, compared with Q4
2020 as customers continued to build and retain liquidity in light
of economic uncertainty and the continued impact of UK Government
initiatives.
|
●
|
RWAs
decreased by £3.5 billion, or 4.7%, compared with Q4 2020
reflecting lower lending volumes, £0.6 billion active capital
management, £0.5 billion lower operational risk and a
£0.2 billion risk parameter improvement.
|
|
|
|
Quarter ended
|
|||||
|
|
|
|
|
31 March
|
31
December
|
31
March
|
|
|
|
|
|
|
2021
|
2020
|
2020
|
|
|
|
|
|
|
£m
|
£m
|
£m
|
|
Total
income
|
|
|
|
|
123
|
126
|
144
|
|
Operating
expenses
|
|
|
|
|
(57)
|
(112)
|
(61)
|
|
of which:
Other expenses
|
|
|
|
|
(52)
|
(73)
|
(60)
|
|
Impairment
releases/(losses)
|
|
|
|
|
2
|
(27)
|
(15)
|
|
Operating
profit/(loss)
|
|
|
|
|
68
|
(13)
|
68
|
|
Return
on equity
|
|
|
|
|
17.5%
|
(5.5%)
|
19.4%
|
|
Net
interest margin
|
|
|
|
|
1.06%
|
1.03%
|
1.45%
|
|
Cost:income
ratio
|
|
|
|
|
46.3%
|
88.9%
|
42.4%
|
|
Loan
impairment rate
|
|
|
|
|
(5)bps
|
81bps
|
44bps
|
|
|
|
|
|
|
As at
|
||||||
|
|
|
|
|
31 March
|
31 December
|
|
||
|
|
|
|
|
2021
|
2020
|
|
||
|
|
|
|
|
£bn
|
£bn
|
|
||
Net loans to customers - amortised cost
|
|
|
|
|
14.7
|
13.3
|
|
||
Customer deposits
|
|
|
|
|
33.3
|
31.3
|
|
||
RWAs
|
|
|
|
|
7.7
|
7.5
|
|
|
|
|
Quarter ended
|
||||
|
|
|
|
|
31 March
|
31
December
|
31
March
|
|
|
|
|
|
2021
|
2020
|
2020
|
|
|
|
|
|
£m
|
£m
|
£m
|
Total
income
|
|
|
|
|
189
|
73
|
543
|
of which:
|
|
|
|
|
|
|
|
- Income
excluding asset disposals/strategic risk reduction and
own credit
adjustments
|
|
191
|
124
|
388
|
|||
- Asset
disposals/strategic risk reduction (2)
|
|
|
|
(4)
|
(8)
|
-
|
|
- Own credit
adjustments
|
|
|
|
|
2
|
(43)
|
155
|
Operating
expenses
|
|
|
|
|
(275)
|
(301)
|
(342)
|
of which:
Other expenses
|
|
|
|
|
(240)
|
(244)
|
(298)
|
Impairment
releases/(losses)
|
|
|
|
|
6
|
(2)
|
5
|
Operating
(loss)/profit
|
|
|
|
|
(80)
|
(230)
|
206
|
Return
on equity
|
|
|
|
|
(6.3%)
|
(15.0%)
|
8.7%
|
Cost:income
ratio
|
|
|
|
|
145.5%
|
nm
|
63.0%
|
NatWest
Markets continued to make good progress on refocusing to better
support NatWest Group's customers and to create a more sustainable
business. During the quarter NatWest Markets maintained its strong
performance in climate and sustainability financing delivering
£3.0 billion of financing towards NatWest Group's 2021 target.
Building on the momentum gained in 2020, further changes to
simplify its operations were announced in the first quarter of
2021, including plans to consolidate its operational footprint in
Asia. NatWest Markets also announced the last part of the One
Bank strategy to bring teams and expertise together from across the
bank.
|
|
●
|
Total
income was £354 million, or 65.2%, lower than Q1 2020
reflecting more normalised levels of customer activity, with the
prior period impacted by exceptional levels of market activity
generated by the initial spread of the COVID-19 virus, a £153
million reduction in OCA, as credit spreads tightened, and disposal
losses of £4 million in the current period.
|
●
|
Other
expenses were £58 million, or 19.5%, lower than Q1 2020
reflecting continued reductions in line with the strategic
announcement in February 2020.
|
●
|
RWAs
decreased by £0.4 billion compared with Q4 2020 reflecting
£0.6 billion lower counterparty credit risk and £0.5
billion lower credit risk partially offset by a £0.7 billion
increase in market risk as customer activity increased from the
seasonally lower level at the end of 2020.
|
|
|
|
Quarter ended
|
|||||
|
|
|
|
|
31 March
|
31
December
|
31
March
|
|
|
|
|
|
|
2021
|
2020
|
2020
|
|
|
|
|
|
|
€m
|
€m
|
€m
|
|
Total
income
|
|
|
|
|
142
|
144
|
150
|
|
Operating
expenses
|
|
|
|
|
(143)
|
(127)
|
(143)
|
|
of which:
Other expenses
|
|
|
|
|
(132)
|
(112)
|
(137)
|
|
Impairment
releases/(losses)
|
|
|
|
|
14
|
3
|
(32)
|
|
Operating
profit/(loss)
|
|
|
|
|
13
|
20
|
(25)
|
|
Return
on equity
|
|
|
|
|
2.6%
|
3.9%
|
(4.3%)
|
|
Net
interest margin
|
|
|
|
|
1.49%
|
1.48%
|
1.56%
|
|
Cost:income
ratio
|
|
|
|
|
100.7%
|
88.2%
|
95.3%
|
|
Loan
impairment rate
|
|
|
|
|
(27)bps
|
(6)bps
|
58bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at
|
||||||
|
|
|
|
|
31 March
|
31 December
|
|
||
|
|
|
|
|
2021
|
2020
|
|
||
|
|
|
|
|
€bn
|
€bn
|
|
||
Net loans to customers - amortised cost
|
|
|
|
|
19.8
|
20.0
|
|
||
Customer deposits
|
|
|
|
|
21.7
|
21.8
|
|
||
RWAs
|
|
|
|
|
13.1
|
13.2
|
|
Note:
(1)
Ratios have been presented on a Euro basis. Comparatives have been
restated.
|
||||||||
|
||||||||
Plans remain on
track to proceed with a phased withdrawal from the Republic of
Ireland over the coming years, which will be managed in an orderly
and considered manner. Ulster Bank RoI remains open for business
and continues to support its customers through this transition and
challenges of COVID-19. Constructive discussions remain
ongoing with Allied Irish Banks, p.l.c. for the sale of a
c.€4.0 billion portfolio of performing commercial loans and
continue with Permanent TSB Group Holdings p.l.c. among other
strategic banking counterparties about their potential interest in
other parts of the bank.
|
||||||||
|
|
|||||||
●
|
Total income was
€8 million, or 5.3%, lower than Q1 2020 reflecting a
reduction in lending volumes and fee income due to COVID-19, partly
offset by an increase in FX gains. Net interest margin of 1.49% was
broadly stable compared with Q4 2020.
|
|||||||
●
|
Other expenses were
€5 million, or 3.6%, lower than Q1 2020 due to a 6.9%
reduction in headcount and lower back office operations costs,
partly offset by increased government levies.
|
|||||||
●
|
A net impairment
release of €14 million in the quarter primarily reflects
improvements in the mortgage portfolio.
|
|||||||
●
|
Net loans to
customers decreased by €0.2 billion, or 1.0%, compared with
Q4 2020 as repayments continued to exceed gross new lending of
€0.4 billion.
|
|||||||
●
|
Customer deposits
decreased by €0.1 billion, or 0.5%, compared with Q4 2020
mainly due to a reduction in commercial balances. The loan:deposit
ratio remained broadly stable at 91%.
|
|
Quarter ended
|
|
||||
|
31 March
|
31
December
|
31
March
|
|
|
|
|
2021
|
2020
|
2020
|
|
|
|
|
£m
|
£m
|
£m
|
|
|
|
Central
items not allocated
|
(27)
|
(154)
|
(70)
|
|
|
|
●
|
A
£27 million operating loss within central items not allocated
mainly reflects a £118 million day one loss on redemption of
own debt related to the repurchase of legacy instruments, which
will result in annual net interest savings of c.£49 million,
and strategic costs, largely offset by the £121 million share
of gains under equity accounting for Business Growth Fund and other
treasury income.
|
|
|
|
Quarter ended 31 March 2021
|
|||||||
|
|
|
|
International Banking & Markets
|
|
|
|
|
|
Retail
|
Private
|
Commercial
|
RBS
|
NatWest
|
Ulster
|
Central items
|
Total NatWest
|
|
Banking
|
Banking
|
Banking
|
International
|
Markets
|
Bank RoI
|
& other
|
Group
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Income statement
|
|
|
|
|
|
|
|
|
Net
interest income
|
973
|
115
|
643
|
89
|
(7)
|
94
|
24
|
1,931
|
Non-interest
income
|
83
|
70
|
298
|
34
|
194
|
30
|
17
|
726
|
Own
credit adjustments
|
-
|
-
|
-
|
-
|
2
|
-
|
-
|
2
|
Total income
|
1,056
|
185
|
941
|
123
|
189
|
124
|
41
|
2,659
|
Direct
expenses
|
|
|
|
|
|
|
|
|
- staff costs
|
(116)
|
(34)
|
(141)
|
(26)
|
(111)
|
(47)
|
(397)
|
(872)
|
- other costs
|
(61)
|
(9)
|
(66)
|
(13)
|
(29)
|
(23)
|
(566)
|
(767)
|
Indirect
expenses
|
(380)
|
(79)
|
(341)
|
(13)
|
(100)
|
(45)
|
958
|
-
|
Strategic
costs
|
|
|
|
|
|
|
|
|
- direct
|
(11)
|
-
|
(26)
|
(4)
|
(30)
|
-
|
(89)
|
(160)
|
- indirect
|
(17)
|
(4)
|
(9)
|
(1)
|
(5)
|
(1)
|
37
|
-
|
Litigation
and conduct costs
|
(2)
|
5
|
-
|
-
|
-
|
(9)
|
(10)
|
(16)
|
Operating expenses
|
(587)
|
(121)
|
(583)
|
(57)
|
(275)
|
(125)
|
(67)
|
(1,815)
|
Operating
profit/(loss)before impairment (losses)/releases
|
469
|
64
|
358
|
66
|
(86)
|
(1)
|
(26)
|
844
|
Impairment
(losses)/releases
|
(34)
|
-
|
117
|
2
|
6
|
12
|
(1)
|
102
|
Operating profit/(loss)
|
435
|
64
|
475
|
68
|
(80)
|
11
|
(27)
|
946
|
Additional information
|
|
|
|
|
|
|
|
|
Return on equity (1)
|
23.0%
|
12.4%
|
14.9%
|
17.5%
|
(6.3%)
|
2.5%
|
nm
|
7.9%
|
Cost:income ratio (1)
|
55.6%
|
65.4%
|
60.5%
|
46.3%
|
145.5%
|
100.8%
|
nm
|
67.8%
|
Total
assets (£bn)
|
199.2
|
26.9
|
187.1
|
36.7
|
226.8
|
25.9
|
67.2
|
769.8
|
Funded assets (£bn) (1)
|
199.2
|
26.9
|
187.1
|
36.7
|
105.7
|
25.9
|
65.3
|
646.8
|
Net
loans to customers - amortised cost (£bn)
|
174.8
|
17.5
|
106.6
|
14.7
|
7.5
|
16.9
|
20.7
|
358.7
|
Loan impairment rate (1)
|
8bps
|
0bps
|
(43)bps
|
(5)bps
|
nm
|
(27)bps
|
nm
|
(11)bps
|
Impairment
provisions (£bn)
|
(1.8)
|
(0.1)
|
(2.7)
|
(0.1)
|
(0.1)
|
(0.7)
|
(0.1)
|
(5.6)
|
Impairment
provisions - stage 3 (£bn)
|
(0.8)
|
-
|
(0.9)
|
-
|
(0.1)
|
(0.5)
|
(0.1)
|
(2.4)
|
Customer
deposits (£bn)
|
179.1
|
33.5
|
169.4
|
33.3
|
2.4
|
18.4
|
17.2
|
453.3
|
Risk-weighted
assets (RWAs) (£bn)
|
35.0
|
11.2
|
71.6
|
7.7
|
26.5
|
11.1
|
1.6
|
164.7
|
RWA
equivalent (RWAe) (£bn)
|
35.0
|
11.2
|
71.7
|
7.7
|
29.2
|
11.1
|
1.7
|
167.6
|
Employee
numbers (FTEs - thousands)
|
15.8
|
1.9
|
9.5
|
1.6
|
2.1
|
2.7
|
26.0
|
59.6
|
Third party customer asset rate (2)
|
2.73%
|
2.36%
|
2.65%
|
2.29%
|
nm
|
2.35%
|
nm
|
nm
|
Third party customer funding rate (2)
|
(0.08%)
|
(0.00%)
|
(0.01%)
|
0.05%
|
nm
|
(0.06%)
|
nm
|
nm
|
Average interest earning assets (£bn) (1)
|
191.2
|
26.0
|
169.4
|
34.1
|
32.4
|
25.8
|
nm
|
512.2
|
Bank net interest margin (1)
|
2.06%
|
1.79%
|
1.54%
|
1.06%
|
na
|
1.48%
|
nm
|
1.64%
|
|
Quarter ended 31 December 2020
|
|||||||
|
|
|
|
International Banking & Markets
|
|
|
|
|
|
Retail
|
Private
|
Commercial
|
RBS
|
NatWest
|
Ulster
|
Central items
|
Total NatWest
|
|
Banking
|
Banking
|
Banking
|
International
|
Markets
|
Bank RoI
|
& other
|
Group
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Income statement
|
|
|
|
|
|
|
|
|
Net
interest income
|
949
|
118
|
667
|
85
|
(2)
|
101
|
53
|
1,971
|
Non-interest
income
|
25
|
66
|
284
|
41
|
118
|
30
|
43
|
607
|
Own
credit adjustments
|
-
|
-
|
-
|
-
|
(43)
|
-
|
-
|
(43)
|
Total income
|
974
|
184
|
951
|
126
|
73
|
131
|
96
|
2,535
|
Direct
expenses
|
|
|
|
|
|
|
|
|
- staff costs
|
(117)
|
(32)
|
(141)
|
(25)
|
(90)
|
(48)
|
(385)
|
(838)
|
- other costs
|
(56)
|
(16)
|
(72)
|
(16)
|
(21)
|
(21)
|
(781)
|
(983)
|
Indirect
expenses
|
(393)
|
(71)
|
(382)
|
(32)
|
(133)
|
(31)
|
1,042
|
-
|
Strategic
costs
|
|
|
|
|
|
|
|
|
- direct
|
(6)
|
2
|
(35)
|
(37)
|
(50)
|
(3)
|
(197)
|
(326)
|
- indirect
|
(36)
|
(3)
|
(28)
|
(1)
|
(6)
|
(3)
|
77
|
-
|
Litigation
and conduct costs
|
(210)
|
29
|
2
|
(1)
|
(1)
|
(8)
|
(5)
|
(194)
|
Operating expenses
|
(818)
|
(91)
|
(656)
|
(112)
|
(301)
|
(114)
|
(249)
|
(2,341)
|
Operating
profit/(loss) before impairment (losses)/releases
|
156
|
93
|
295
|
14
|
(228)
|
17
|
(153)
|
194
|
Impairment
(losses)/releases
|
(65)
|
(26)
|
(10)
|
(27)
|
(2)
|
1
|
(1)
|
(130)
|
Operating profit/(loss)
|
91
|
67
|
285
|
(13)
|
(230)
|
18
|
(154)
|
64
|
Additional information
|
|
|
|
|
|
|
|
|
Return on equity (1)
|
3.8%
|
13.3%
|
8.1%
|
(5.5%)
|
(15.0%)
|
3.9%
|
nm
|
(1.4%)
|
Cost:income ratio (1)
|
84.0%
|
49.5%
|
67.8%
|
88.9%
|
nm
|
87.0%
|
nm
|
92.2%
|
Total
assets (£bn)
|
197.6
|
26.2
|
187.4
|
34.0
|
270.1
|
26.6
|
57.6
|
799.5
|
Funded assets (£bn) (1)
|
197.6
|
26.2
|
187.4
|
34.0
|
105.9
|
26.6
|
55.3
|
633.0
|
Net
loans to customers - amortised cost (£bn)
|
172.3
|
17.0
|
108.2
|
13.3
|
8.4
|
18.0
|
23.3
|
360.5
|
Loan impairment rate (1)
|
15bps
|
61bps
|
4bps
|
81bps
|
nm
|
(2)bps
|
nm
|
14bps
|
Impairment
provisions (£bn)
|
(1.8)
|
(0.1)
|
(2.9)
|
(0.1)
|
(0.2)
|
(0.8)
|
(0.1)
|
(6.0)
|
Impairment
provisions - stage 3 (£bn)
|
(0.8)
|
-
|
(1.1)
|
-
|
(0.1)
|
(0.5)
|
(0.1)
|
(2.6)
|
Customer
deposits (£bn)
|
171.8
|
32.4
|
167.7
|
31.3
|
2.6
|
19.6
|
6.3
|
431.7
|
Risk-weighted
assets (RWAs) (£bn)
|
36.7
|
10.9
|
75.1
|
7.5
|
26.9
|
11.8
|
1.4
|
170.3
|
RWA
equivalent (RWAe) (£bn)
|
36.7
|
10.9
|
75.1
|
7.5
|
28.7
|
11.8
|
1.6
|
172.3
|
Employee
numbers (FTEs - thousands)
|
16.0
|
1.8
|
9.6
|
1.7
|
2.2
|
2.7
|
25.9
|
59.9
|
Third party customer asset rate (2)
|
2.81%
|
2.38%
|
2.65%
|
2.34%
|
nm
|
2.33%
|
nm
|
nm
|
Third party customer funding rate (2)
|
(0.10%)
|
(0.01%)
|
(0.01%)
|
0.05%
|
nm
|
(0.07%)
|
nm
|
nm
|
Average interest earning assets (£bn) (1)
|
186.1
|
25.2
|
170.2
|
32.9
|
36.5
|
26.8
|
nm
|
509.6
|
Bank net interest margin (1)
|
2.03%
|
1.86%
|
1.56%
|
1.03%
|
na
|
1.50%
|
nm
|
1.66%
|
|
Quarter ended 31 March 2020
|
|||||||
|
|
|
|
International Banking & Markets
|
|
|
|
|
|
Retail
|
Private
|
Commercial
|
RBS
|
NatWest
|
Ulster
|
Central items
|
Total NatWest
|
|
Banking
|
Banking
|
Banking
|
International
|
Markets
|
Bank RoI
|
& other
|
Group
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Income statement
|
|
|
|
|
|
|
|
|
Net
interest income
|
1,007
|
127
|
674
|
111
|
(40)
|
97
|
(34)
|
1,942
|
Non-interest
income
|
143
|
74
|
334
|
33
|
428
|
32
|
21
|
1,065
|
Own
credit adjustments
|
-
|
-
|
-
|
-
|
155
|
-
|
-
|
155
|
Total income
|
1,150
|
201
|
1,008
|
144
|
543
|
129
|
(13)
|
3,162
|
Direct
expenses
|
|
|
|
|
|
|
|
|
- staff costs
|
(135)
|
(39)
|
(174)
|
(32)
|
(167)
|
(48)
|
(324)
|
(919)
|
- other costs
|
(58)
|
(16)
|
(73)
|
(14)
|
(57)
|
(24)
|
(553)
|
(795)
|
Indirect
expenses
|
(399)
|
(63)
|
(321)
|
(14)
|
(74)
|
(46)
|
917
|
-
|
Strategic
costs
|
|
|
|
|
|
|
|
|
- direct
|
-
|
-
|
(2)
|
(1)
|
(34)
|
(1)
|
(93)
|
(131)
|
- indirect
|
(34)
|
(5)
|
(39)
|
(3)
|
(8)
|
(4)
|
93
|
-
|
Litigation
and conduct costs
|
97
|
-
|
(1)
|
3
|
(2)
|
-
|
(93)
|
4
|
Operating expenses
|
(529)
|
(123)
|
(610)
|
(61)
|
(342)
|
(123)
|
(53)
|
(1,841)
|
Operating
profit/(loss) before impairment (losses)/releases
|
621
|
78
|
398
|
83
|
201
|
6
|
(66)
|
1,321
|
Impairment
(losses)/releases
|
(297)
|
(29)
|
(435)
|
(15)
|
5
|
(27)
|
(4)
|
(802)
|
Operating profit/(loss)
|
324
|
49
|
(37)
|
68
|
206
|
(21)
|
(70)
|
519
|
Additional information
|
|
|
|
|
|
|
|
|
Return on equity (1)
|
15.5%
|
9.8%
|
(2.5%)
|
19.4%
|
8.7%
|
(4.2%)
|
nm
|
3.6%
|
Cost:income ratio (1)
|
46.0%
|
61.2%
|
59.1%
|
42.4%
|
63.0%
|
95.3%
|
nm
|
57.7%
|
Total
assets (£bn)
|
186.3
|
23.4
|
178.3
|
33.2
|
335.7
|
26.3
|
34.4
|
817.6
|
Funded assets (£bn) (1)
|
186.3
|
23.4
|
178.3
|
33.2
|
129.6
|
26.3
|
31.8
|
608.9
|
Net
loans to customers - amortised cost (£bn)
|
163.7
|
15.8
|
109.2
|
13.6
|
12.2
|
18.7
|
18.1
|
351.3
|
Loan impairment rate (1)
|
72bps
|
73bps
|
157bps
|
44bps
|
nm
|
56bps
|
nm
|
90bps
|
Impairment
provisions (£bn)
|
(1.6)
|
(0.1)
|
(1.7)
|
-
|
(0.1)
|
(0.7)
|
-
|
(4.2)
|
Impairment
provisions - stage 3 (£bn)
|
(0.9)
|
-
|
(1.0)
|
-
|
(0.1)
|
(0.6)
|
-
|
(2.6)
|
Customer
deposits (£bn)
|
152.8
|
29.0
|
143.9
|
32.3
|
5.7
|
19.3
|
1.8
|
384.8
|
Risk-weighted
assets (RWAs) (£bn)
|
38.2
|
10.3
|
76.9
|
6.8
|
38.9
|
12.7
|
1.4
|
185.2
|
RWA
equivalent (RWAe) (£bn)
|
38.2
|
10.3
|
77.0
|
7.1
|
42.2
|
12.7
|
1.7
|
189.2
|
Employee
numbers (FTEs - thousands)
|
17.3
|
1.8
|
9.5
|
1.8
|
5.1
|
2.9
|
24.8
|
63.2
|
Third party customer asset rate (2)
|
3.07%
|
2.81%
|
3.22%
|
2.72%
|
nm
|
2.28%
|
nm
|
nm
|
Third party customer funding rate (2)
|
(0.36%)
|
(0.32%)
|
(0.18%)
|
(0.10%)
|
nm
|
(0.08%)
|
nm
|
nm
|
Average interest earning assets (£bn) (1)
|
177.4
|
22.7
|
148.4
|
30.9
|
36.1
|
24.9
|
nm
|
458.5
|
Bank net interest margin (1)
|
2.28%
|
2.25%
|
1.83%
|
1.45%
|
na
|
1.56%
|
nm
|
1.89%
|
|
Page
|
Credit risk
|
|
Segment analysis - portfolio summary
|
15
|
Segment analysis - loans
|
16
|
Movement in ECL provision
|
16
|
Sector analysis
|
17
|
Wholesale support schemes
|
18
|
Capital, liquidity and funding risk
|
19
|
|
|
|
|
International Banking & Markets
|
|
|
|
|
|
Retail
|
Private
|
Commercial
|
RBS
|
NatWest
|
Ulster
|
Central items
|
|
|
Banking
|
Banking
|
Banking
|
International
|
Markets
|
Bank RoI
|
& other
|
Total
|
31 March 2021
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Loans - amortised cost and FVOCI (1)
|
|
|
|
|
|
|
|
|
Stage
1
|
150,004
|
16,024
|
72,202
|
13,857
|
6,865
|
13,342
|
24,730
|
297,024
|
Stage
2
|
24,569
|
1,876
|
34,572
|
2,089
|
1,413
|
3,274
|
111
|
67,904
|
Stage
3
|
1,957
|
295
|
2,399
|
202
|
111
|
1,141
|
-
|
6,105
|
Of which: individual
|
-
|
295
|
1,380
|
202
|
102
|
83
|
-
|
2,062
|
Of which: collective
|
1,957
|
-
|
1,019
|
-
|
9
|
1,058
|
-
|
4,043
|
|
176,530
|
18,195
|
109,173
|
16,148
|
8,389
|
17,757
|
24,841
|
371,033
|
ECL provisions (2)
|
|
|
|
|
|
|
|
|
Stage
1
|
145
|
29
|
255
|
19
|
12
|
42
|
13
|
515
|
Stage
2
|
851
|
70
|
1,599
|
71
|
43
|
249
|
15
|
2,898
|
Stage
3
|
821
|
36
|
937
|
44
|
91
|
452
|
-
|
2,381
|
Of which: individual
|
-
|
36
|
494
|
44
|
82
|
14
|
-
|
670
|
Of which: collective
|
821
|
-
|
443
|
-
|
9
|
438
|
-
|
1,711
|
|
1,817
|
135
|
2,791
|
134
|
146
|
743
|
28
|
5,794
|
ECL provisions coverage (3,4)
|
|
|
|
|
|
|
|
|
Stage 1
(%)
|
0.10
|
0.18
|
0.35
|
0.14
|
0.17
|
0.31
|
0.05
|
0.17
|
Stage 2
(%)
|
3.46
|
3.73
|
4.63
|
3.40
|
3.04
|
7.61
|
13.51
|
4.27
|
Stage 3
(%)
|
41.95
|
12.20
|
39.06
|
21.78
|
81.98
|
39.61
|
-
|
39.00
|
|
1.03
|
0.74
|
2.56
|
0.83
|
1.74
|
4.18
|
0.11
|
1.56
|
31
December 2020
|
|
|
|
|
|
|
|
|
Loans - amortised cost and FVOCI (1)
|
|
|
|
|
|
|
|
|
Stage
1
|
139,956
|
15,321
|
70,685
|
12,143
|
7,780
|
14,380
|
26,859
|
287,124
|
Stage
2
|
32,414
|
1,939
|
37,344
|
2,242
|
1,566
|
3,302
|
110
|
78,917
|
Stage
3
|
1,891
|
298
|
2,551
|
211
|
171
|
1,236
|
-
|
6,358
|
Of which: individual
|
-
|
298
|
1,578
|
211
|
162
|
43
|
-
|
2,292
|
Of which: collective
|
1,891
|
-
|
973
|
-
|
9
|
1,193
|
-
|
4,066
|
|
174,261
|
17,558
|
110,580
|
14,596
|
9,517
|
18,918
|
26,969
|
372,399
|
ECL provisions (2)
|
|
|
|
|
|
|
|
|
Stage
1
|
134
|
31
|
270
|
14
|
12
|
45
|
13
|
519
|
Stage
2
|
897
|
68
|
1,713
|
74
|
49
|
265
|
15
|
3,081
|
Stage
3
|
806
|
39
|
1,069
|
48
|
132
|
492
|
-
|
2,586
|
Of which: individual
|
-
|
39
|
607
|
48
|
124
|
13
|
-
|
831
|
Of which: collective
|
806
|
-
|
462
|
-
|
8
|
479
|
-
|
1,755
|
|
1,837
|
138
|
3,052
|
136
|
193
|
802
|
28
|
6,186
|
ECL provisions coverage (3,4)
|
|
|
|
|
|
|
|
|
Stage 1
(%)
|
0.10
|
0.20
|
0.38
|
0.12
|
0.15
|
0.31
|
0.05
|
0.18
|
Stage 2
(%)
|
2.77
|
3.51
|
4.59
|
3.30
|
3.13
|
8.03
|
13.64
|
3.90
|
Stage 3
(%)
|
42.62
|
13.09
|
41.91
|
22.75
|
77.19
|
39.81
|
-
|
40.67
|
|
1.05
|
0.79
|
2.76
|
0.93
|
2.03
|
4.24
|
0.10
|
1.66
|
|
ECL provision
|
|
£m
|
At 1 January 2021
|
6,186
|
Changes
in economic forecasts
|
-
|
Changes
in risk metrics and exposure: Stage 1 and Stage 2
|
(198)
|
Changes
in risk metrics and exposure: Stage 3
|
58
|
Judgemental
changes: changes in post model adjustments for Stage 1, Stage 2 and
Stage 3
|
56
|
Write-offs
and other
|
(308)
|
At 31 March 2021
|
5,794
|
|
BBLS
|
|
CBILS
|
|
CLBILS
|
||||||
|
Approved
|
Drawdown
|
% of BBLS to
|
|
Approved
|
Drawdown
|
% of CBILS to
|
|
Approved
|
Drawdown
|
% of CLBILS to
|
31 March 2021
|
volume
|
amount (£m)
|
sector loans
|
|
volume
|
amount (£m)
|
sector loans
|
|
volume
|
amount (£m)
|
sector loans
|
Wholesale lending by sector
|
|
|
|
|
|
|
|
|
|
|
|
Airlines and aerospace
|
269
|
7
|
0.37%
|
|
20
|
9
|
0.47%
|
|
4
|
11
|
0.58%
|
Automotive
|
12,969
|
429
|
6.85%
|
|
584
|
150
|
2.40%
|
|
27
|
58
|
0.93%
|
Education
|
2,091
|
55
|
3.43%
|
|
120
|
76
|
4.74%
|
|
10
|
33
|
2.06%
|
Health
|
10,471
|
327
|
5.76%
|
|
621
|
100
|
1.76%
|
|
3
|
24
|
0.42%
|
Land transport and logistics
|
9,107
|
264
|
5.55%
|
|
392
|
102
|
2.14%
|
|
3
|
9
|
0.19%
|
Leisure
|
33,103
|
1,024
|
10.87%
|
|
2,162
|
565
|
6.00%
|
|
38
|
214
|
2.27%
|
Oil and gas
|
335
|
10
|
0.65%
|
|
14
|
7
|
0.45%
|
|
-
|
-
|
-
|
Retail
|
33,127
|
1,113
|
12.16%
|
|
1,638
|
430
|
4.70%
|
|
30
|
107
|
1.17%
|
Property
|
72,172
|
2,078
|
5.53%
|
|
2,465
|
692
|
1.84%
|
|
41
|
120
|
0.32%
|
Other (including Business
|
|
|
|
|
|
|
|
|
|
|
|
Banking)
|
124,611
|
3,321
|
3.82%
|
|
8,798
|
1,873
|
2.15%
|
|
86
|
275
|
0.32%
|
Total
|
298,255
|
8,628
|
5.23%
|
|
16,814
|
4,004
|
2.43%
|
|
242
|
851
|
0.52%
|
31
December 2020
|
|
|
|
|
|
||||||
Wholesale lending by sector
|
|
|
|
|
|
|
|
|
|
|
|
Airlines and aerospace
|
253
|
7
|
0.35%
|
|
21
|
9
|
0.45%
|
|
4
|
8
|
0.40%
|
Automotive
|
12,301
|
416
|
6.60%
|
|
553
|
139
|
2.21%
|
|
31
|
58
|
0.92%
|
Education
|
1,943
|
53
|
3.24%
|
|
111
|
73
|
4.46%
|
|
11
|
37
|
2.26%
|
Health
|
9,821
|
314
|
5.41%
|
|
601
|
101
|
1.74%
|
|
3
|
24
|
0.41%
|
Land transport and logistics
|
8,575
|
255
|
5.31%
|
|
365
|
97
|
2.02%
|
|
3
|
5
|
0.10%
|
Leisure
|
31,148
|
989
|
10.07%
|
|
1,983
|
512
|
5.21%
|
|
34
|
173
|
1.76%
|
Oil and gas
|
303
|
9
|
0.58%
|
|
15
|
8
|
0.51%
|
|
-
|
-
|
-
|
Retail
|
31,315
|
1,078
|
11.75%
|
|
1,548
|
416
|
4.54%
|
|
29
|
121
|
1.32%
|
Property
|
67,698
|
1,996
|
5.24%
|
|
2,350
|
664
|
1.74%
|
|
41
|
133
|
0.35%
|
Other (including Business
|
|
|
|
|
|
|
|
|
|
|
|
Banking)
|
118,486
|
3,181
|
3.57%
|
|
8,504
|
1,752
|
1.97%
|
|
86
|
267
|
0.30%
|
Total
|
281,843
|
8,298
|
4.93%
|
|
16,051
|
3,771
|
2.24%
|
|
242
|
826
|
0.49%
|
Type
|
CET1
|
Total Tier 1
|
Total capital
|
|
Pillar
1 requirements
|
4.5%
|
6.0%
|
8.0%
|
|
Pillar
2A requirements
|
2.0%
|
2.6%
|
3.5%
|
|
Minimum
Capital Requirements
|
6.5%
|
8.6%
|
11.5%
|
|
Capital
conservation buffer
|
2.5%
|
2.5%
|
2.5%
|
|
Countercyclical
capital buffer (1)
|
-
|
-
|
-
|
|
MDA
Threshold (2)
|
9.0%
|
|
n/a
|
n/a
|
Subtotal
|
9.0%
|
|
11.1%
|
14.0%
|
Capital
ratios at 31 March 2021
|
18.2%
|
21.5%
|
24.0%
|
|
Headroom (3)
|
9.2%
|
10.4%
|
10.0%
|
|
CRR basis (1)
|
||
|
31 March
|
31
December
|
31
March
|
|
2021
|
2020
|
2020
|
Capital adequacy ratios
|
%
|
%
|
%
|
CET1
|
18.2
|
18.5
|
16.6
|
Tier
1
|
21.5
|
21.4
|
18.8
|
Total
|
24.0
|
24.5
|
21.4
|
|
|
|
|
Capital
|
£m
|
£m
|
£m
|
Tangible
equity
|
30,126
|
31,712
|
32,990
|
|
|
|
|
Prudential
valuation adjustment
|
(436)
|
(286)
|
(531)
|
Deferred
tax assets
|
(750)
|
(760)
|
(722)
|
Own
credit adjustments
|
6
|
(1)
|
(519)
|
Pension
fund assets
|
(570)
|
(579)
|
(488)
|
Cash
flow hedging reserve
|
38
|
(229)
|
(259)
|
Foreseeable
ordinary dividends
|
(547)
|
(364)
|
-
|
Foreseeable
charges
|
-
|
(266)
|
-
|
Prudential
amortisation of software development costs
|
524
|
473
|
-
|
Adjustments
under IFRS 9 transitional arrangements
|
1,655
|
1,747
|
296
|
Total deductions
|
(80)
|
(265)
|
(2,223)
|
|
|
|
|
CET1
capital
|
30,046
|
31,447
|
30,767
|
AT1
capital
|
5,380
|
4,983
|
4,051
|
Tier 1
capital
|
35,426
|
36,430
|
34,818
|
Tier 2
capital
|
4,118
|
5,255
|
4,883
|
Total regulatory capital
|
39,544
|
41,685
|
39,701
|
|
|
|
|
Risk-weighted assets
|
|
|
|
Credit
risk
|
125,131
|
129,914
|
136,354
|
Counterparty
credit risk
|
8,579
|
9,104
|
13,917
|
Market
risk
|
9,962
|
9,362
|
12,998
|
Operational
risk
|
21,031
|
21,930
|
21,930
|
Total RWAs
|
164,703
|
170,310
|
185,199
|
|
|
|
|
Leverage
|
|
|
|
Cash
and balances at central banks*
|
140,347
|
124,489
|
81,085
|
Trading
assets
|
65,558
|
68,990
|
81,843
|
Derivatives
|
122,955
|
166,523
|
208,734
|
Financial
assets*
|
418,290
|
422,647
|
421,456
|
Other
assets
|
22,626
|
16,842
|
24,526
|
Total assets
|
769,776
|
799,491
|
817,644
|
Derivatives
|
|
|
|
- netting and variation margin
|
(126,250)
|
(172,658)
|
(220,973)
|
- potential future exposures
|
38,279
|
38,171
|
46,254
|
Securities
financing transactions gross up
|
3,249
|
1,179
|
2,484
|
Other
off balance sheet items
|
43,734
|
45,853
|
39,580
|
Regulatory
deductions and other adjustments
|
(14,535)
|
(8,943)
|
(8,818)
|
CRR
leverage exposure
|
714,253
|
703,093
|
676,171
|
|
|
|
|
CRR leverage ratio % (2)
|
5.0
|
5.2
|
5.1
|
|
|
|
|
UK
leverage exposure
|
567,959
|
572,558
|
603,070
|
UK leverage ratio % (3)
|
6.2
|
6.4
|
5.8
|
|
CET1
|
AT1
|
Tier 2
|
Total
|
|
£m
|
£m
|
£m
|
£m
|
At 1 January 2021
|
31,447
|
4,983
|
5,255
|
41,685
|
Attributable
profit for the period
|
620
|
-
|
-
|
620
|
Own
credit
|
7
|
-
|
-
|
7
|
Share
capital and reserve movements in respect of employee share
schemes
|
20
|
-
|
-
|
20
|
Directed
buy back
|
(1,231)
|
-
|
-
|
(1,231)
|
Foreign
exchange reserve
|
(348)
|
-
|
-
|
(348)
|
FVOCI
reserve
|
(89)
|
-
|
-
|
(89)
|
Goodwill
and intangibles deduction
|
40
|
-
|
-
|
40
|
Deferred
tax assets
|
10
|
-
|
-
|
10
|
Prudential
valuation adjustments
|
(150)
|
-
|
-
|
(150)
|
New
issues of capital instruments
|
-
|
397
|
-
|
397
|
Redemption
of capital instruments
|
-
|
-
|
(1,456)
|
(1,456)
|
Net
dated subordinated debt instruments
|
-
|
-
|
453
|
453
|
Foreign
exchange movements
|
-
|
-
|
(62)
|
(62)
|
Foreseeable
ordinary dividends
|
(183)
|
-
|
-
|
(183)
|
Adjustment
under IFRS 9 transitional arrangements
|
(92)
|
-
|
-
|
(92)
|
Other
movements
|
(5)
|
-
|
(72)
|
(77)
|
At 31 March 2021
|
30,046
|
5,380
|
4,118
|
39,544
|
|
|
Counterparty
|
|
Operational
|
|
|
Credit risk
|
credit risk
|
Market risk
|
risk
|
Total
|
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
At 1 January 2021
|
129.9
|
9.1
|
9.4
|
21.9
|
170.3
|
Foreign
exchange movement
|
(1.1)
|
(0.2)
|
-
|
-
|
(1.3)
|
Business
movement
|
(2.2)
|
(0.3)
|
0.9
|
(0.9)
|
(2.5)
|
Risk parameter changes (1)
|
(1.0)
|
-
|
-
|
-
|
(1.0)
|
Model
updates
|
(0.5)
|
-
|
(0.3)
|
-
|
(0.8)
|
At 31 March 2021
|
125.1
|
8.6
|
10.0
|
21.0
|
164.7
|
|
|
|
|
International Banking & Markets
|
|
Central
|
|
|
|
Retail
|
Private
|
Commercial
|
RBS
|
NatWest
|
Ulster
|
items &
|
|
|
Banking
|
Banking
|
Banking
|
International
|
Markets
|
Bank RoI
|
other
|
Total
|
Total RWAs
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
At 1 January 2021
|
36.7
|
10.9
|
75.1
|
7.5
|
26.9
|
11.8
|
1.4
|
170.3
|
Foreign
exchange movement
|
-
|
-
|
(0.3)
|
(0.1)
|
(0.4)
|
(0.5)
|
-
|
(1.3)
|
Business
movement
|
(0.9)
|
0.3
|
(2.5)
|
0.3
|
0.3
|
(0.2)
|
0.2
|
(2.5)
|
Risk parameter changes (1)
|
(0.8)
|
-
|
(0.2)
|
-
|
-
|
-
|
-
|
(1.0)
|
Model
updates
|
-
|
-
|
(0.5)
|
-
|
(0.3)
|
-
|
-
|
(0.8)
|
At 31 March 2021
|
35.0
|
11.2
|
71.6
|
7.7
|
26.5
|
11.1
|
1.6
|
164.7
|
|
|
|
|
|
|
|
|
|
Credit
risk
|
27.9
|
9.8
|
63.3
|
6.6
|
5.7
|
10.2
|
1.6
|
125.1
|
Counterparty
credit risk
|
0.1
|
0.1
|
0.2
|
0.1
|
8.1
|
-
|
-
|
8.6
|
Market
risk
|
-
|
-
|
0.1
|
-
|
9.9
|
-
|
-
|
10.0
|
Operational
risk
|
7.0
|
1.3
|
8.0
|
1.0
|
2.8
|
0.9
|
-
|
21.0
|
Total
RWAs
|
35.0
|
11.2
|
71.6
|
7.7
|
26.5
|
11.1
|
1.6
|
164.7
|
●
|
Total
RWAs decreased by £5.6 billion during the period:
o Credit risk RWAs
reduced by £4.8 billion mainly driven by a decrease in lending
and active capital management in Commercial Banking along with
lower unsecured balances and improved risk metrics for key customer
portfolios within Retail Banking. In addition, favourable
foreign exchange movements resulted in further
reductions.
o Counterparty credit
risk RWAs reduced by £0.5 billion, mainly reflecting reduced
IMM exposures in NatWest Markets.
o The £0.6 billion
increase in market risk RWAs reflected an increase in modelled
market risk mainly driven by higher SVaR-based RWAs.
o Operational risk RWAs
decreased by £0.9 billion following the annual recalculation
in Q1 2021.
|
|
|
|
|
|
International Banking & Markets
|
|
|
|
|
|
|
Retail
|
Private
|
Commercial
|
RBS
|
NatWest
|
Ulster
|
Central items
|
|
|
Banking
|
Banking
|
Banking
|
International
|
Markets
|
Bank RoI
|
& other
|
Total
|
|
31 March 2021
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
|
EAD
|
On balance sheet
|
265.8
|
25.2
|
153.9
|
37.0
|
31.3
|
26.7
|
1.1
|
541.0
|
Off balance sheet
|
26.9
|
0.3
|
28.5
|
4.4
|
4.9
|
2.1
|
0.1
|
67.2
|
|
Total
|
292.7
|
25.5
|
182.4
|
41.4
|
36.2
|
28.8
|
1.2
|
608.2
|
|
|
|
|
|
|
|
|
|
|
|
RWAs
|
On balance sheet
|
25.6
|
9.6
|
49.5
|
5.4
|
3.8
|
9.2
|
1.6
|
104.7
|
Off balance sheet
|
2.3
|
0.2
|
13.8
|
1.2
|
1.9
|
1.0
|
-
|
20.4
|
|
Total
|
27.9
|
9.8
|
63.3
|
6.6
|
5.7
|
10.2
|
1.6
|
125.1
|
|
31
December 2020
|
|
|
|
|
|
|
|
|
|
EAD
|
On balance sheet
|
254.7
|
23.7
|
151.4
|
34.0
|
33.4
|
27.4
|
0.9
|
525.5
|
Off balance sheet
|
28.3
|
0.3
|
29.3
|
5.1
|
5.5
|
2.2
|
0.1
|
70.8
|
|
Total
|
283.0
|
24.0
|
180.7
|
39.1
|
38.9
|
29.6
|
1.0
|
596.3
|
|
|
|
|
|
|
|
|
|
|
|
RWAs
|
On balance sheet
|
26.7
|
9.4
|
52.5
|
5.1
|
4.1
|
9.6
|
1.4
|
108.8
|
Off balance sheet
|
2.5
|
0.2
|
13.8
|
1.4
|
2.1
|
1.1
|
-
|
21.1
|
|
Total
|
29.2
|
9.6
|
66.3
|
6.5
|
6.2
|
10.7
|
1.4
|
129.9
|
|
31
March 2020
|
|
|
|
|
|
|
|
|
|
EAD
|
On balance sheet
|
225.3
|
20.3
|
140.3
|
32.9
|
36.9
|
27.0
|
0.5
|
483.2
|
Off balance sheet
|
29.1
|
0.3
|
25.4
|
4.0
|
7.2
|
2.1
|
0.5
|
68.6
|
|
Total
|
254.4
|
20.6
|
165.7
|
36.9
|
44.1
|
29.1
|
1.0
|
551.8
|
|
|
|
|
|
|
|
|
|
|
|
RWAs
|
On balance sheet
|
27.6
|
8.8
|
56.6
|
4.6
|
7.2
|
10.5
|
1.2
|
116.5
|
Off balance sheet
|
3.0
|
0.2
|
11.5
|
1.2
|
2.7
|
1.1
|
0.2
|
19.9
|
|
Total
|
30.6
|
9.0
|
68.1
|
5.8
|
9.9
|
11.6
|
1.4
|
136.4
|
|
Liquidity value
|
||||
|
31 March 2021
|
|
30 December 2020
|
|
31 March 2020
|
|
NatWest
|
|
NatWest
|
|
NatWest
|
|
Group (1)
|
|
Group (1)
|
|
Group (1)
|
|
£m
|
|
£m
|
|
£m
|
Cash
and balances at central banks
|
137,410
|
|
115,820
|
|
73,772
|
AAA to AA- rated governments
|
29,406
|
|
50,901
|
|
55,879
|
A+ and lower rated governments
|
7
|
|
79
|
|
1,362
|
Government guaranteed issuers, public sector entities
and
|
|
|
|
|
|
government sponsored entities
|
250
|
|
272
|
|
225
|
International organisations and multilateral development
banks
|
2,825
|
|
3,140
|
|
2,431
|
LCR
level 1 bonds
|
32,488
|
|
54,392
|
|
59,897
|
LCR
level 1 assets
|
169,898
|
|
170,212
|
|
133,669
|
LCR
level 2 assets
|
114
|
|
124
|
|
-
|
Non-LCR
eligible assets
|
-
|
|
-
|
|
82
|
Primary
liquidity
|
170,012
|
|
170,336
|
|
133,751
|
Secondary liquidity (2)
|
92,665
|
|
91,985
|
|
67,668
|
Total
liquidity value
|
262,677
|
|
262,321
|
|
201,419
|
(1)
|
NatWest Group includes the UK Domestic Liquidity Sub-Group (NWB
Plc, RBS plc, Coutts & Co and Ulster Bank Limited), NatWest
Markets Plc and other significant operating subsidiaries that hold
liquidity portfolios. These include The Royal Bank of Scotland
International Limited, NWM N.V. and Ulster Bank Ireland DAC who
hold managed portfolios that comply with local regulations that may
differ from PRA rules.
|
(2)
(3)
|
Comprises
assets eligible for discounting at the Bank of England and other
central banks.
Following a change in methodology in our internal stressed outflow
coverage metric, cash placed at Central Bank of Ireland within UBI
DAC is now reported in the liquidity portfolio.
|
|
|
|
Quarter ended
|
|||
|
|
|
|
31 March
|
31
December
|
31
March
|
|
|
|
|
2021
|
2020
|
2020
|
|
|
|
|
£m
|
£m
|
£m
|
Interest
receivable
|
|
|
|
2,349
|
2,369
|
2,683
|
Interest
payable
|
|
|
|
(418)
|
(398)
|
(741)
|
Net interest income
|
|
|
|
1,931
|
1,971
|
1,942
|
Fees
and commissions receivable
|
|
|
|
647
|
653
|
748
|
Fees
and commissions payable
|
|
|
|
(141)
|
(131)
|
(175)
|
Income
from trading activities
|
|
|
|
160
|
71
|
592
|
Other operating income (1)
|
|
|
|
62
|
(29)
|
55
|
Non-interest income
|
|
|
|
728
|
564
|
1,220
|
Total income
|
|
|
|
2,659
|
2,535
|
3,162
|
Staff
costs
|
|
|
|
(985)
|
(986)
|
(992)
|
Premises
and equipment
|
|
|
|
(248)
|
(321)
|
(258)
|
Other
administrative expenses
|
|
|
|
(377)
|
(764)
|
(398)
|
Depreciation
and amortisation
|
|
|
|
(205)
|
(270)
|
(193)
|
Operating expenses
|
|
|
|
(1,815)
|
(2,341)
|
(1,841)
|
Profit before impairment releases/(losses)
|
|
|
|
844
|
194
|
1,321
|
Impairment
releases/(losses)
|
|
|
|
102
|
(130)
|
(802)
|
Operating profit before tax
|
|
|
|
946
|
64
|
519
|
Tax
charge
|
|
|
|
(233)
|
(84)
|
(188)
|
Profit/(loss) for the period
|
|
|
|
713
|
(20)
|
331
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
Ordinary
shareholders
|
|
|
|
620
|
(109)
|
288
|
Preference
shareholders
|
|
|
|
5
|
5
|
8
|
Paid-in
equity holders
|
|
|
|
87
|
83
|
97
|
Non-controlling
interests
|
|
|
|
1
|
1
|
(62)
|
|
|
|
|
|
|
|
Earnings per ordinary share
|
|
|
|
5.1p
|
(0.9)p
|
2.4p
|
Earnings per ordinary share - fully diluted
|
|
|
|
5.1p
|
(0.9)p
|
2.4p
|
|
|
|
Quarter ended
|
|||
|
|
|
|
31 March
|
31
December
|
31
March
|
|
|
|
|
2021
|
2020
|
2020
|
|
|
|
|
£m
|
£m
|
£m
|
Profit/(loss) for the period
|
|
|
|
713
|
(20)
|
331
|
Items that do not qualify for reclassification
|
|
|
|
|
|
|
Remeasurement of retirement benefit
schemes (1)
|
|
|
|
(508)
|
(50)
|
(22)
|
(Loss)/profit
on fair value of credit in financial liabilities
|
|
|
|
|
|
|
designated as at FVTPL due to own credit
risk
|
|
|
|
(7)
|
(72)
|
188
|
FVOCI
financial assets
|
|
|
|
1
|
(21)
|
(253)
|
Tax (1)
|
|
|
|
137
|
29
|
-
|
|
|
|
|
(377)
|
(114)
|
(87)
|
Items that do qualify for reclassification
|
|
|
|
|
|
|
FVOCI
financial assets
|
|
|
|
(118)
|
81
|
(143)
|
Cash
flow hedges
|
|
|
|
(358)
|
(93)
|
312
|
Currency
translation
|
|
|
|
(343)
|
(149)
|
358
|
Tax
|
|
|
|
113
|
(4)
|
(53)
|
|
|
|
|
(706)
|
(165)
|
474
|
Other comprehensive (loss)/income after tax
|
|
|
|
(1,083)
|
(279)
|
387
|
Total comprehensive (loss)/income for the period
|
|
|
|
(370)
|
(299)
|
718
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
Ordinary
shareholders
|
|
|
|
(463)
|
(389)
|
662
|
Preference
shareholders
|
|
|
|
5
|
5
|
8
|
Paid-in
equity holders
|
|
|
|
87
|
83
|
97
|
Non-controlling
interests
|
|
|
|
1
|
2
|
(49)
|
|
|
|
|
(370)
|
(299)
|
718
|
|
31 March
|
31
December
|
31
March
|
2021
|
2020
|
2020
|
|
|
£m
|
£m
|
£m
|
Assets
|
|
|
|
Cash
and balances at central banks*
|
140,347
|
124,489
|
81,085
|
Trading
assets
|
65,558
|
68,990
|
81,843
|
Derivatives
|
122,955
|
166,523
|
208,734
|
Settlement
balances
|
8,013
|
2,297
|
9,840
|
Loans
to banks - amortised cost*
|
7,239
|
6,955
|
9,306
|
Loans
to customers - amortised cost
|
358,728
|
360,544
|
351,328
|
Other
financial assets
|
52,323
|
55,148
|
60,822
|
Intangible
assets
|
6,666
|
6,655
|
6,619
|
Other
assets
|
7,947
|
7,890
|
8,067
|
Total assets
|
769,776
|
799,491
|
817,644
|
|
|
|
|
Liabilities
|
|
|
|
Bank deposits
|
18,610
|
20,606
|
26,733
|
Customer
deposits
|
453,308
|
431,739
|
384,800
|
Settlement
balances
|
8,234
|
5,545
|
8,905
|
Trading
liabilities
|
70,508
|
72,256
|
80,767
|
Derivatives
|
116,015
|
160,705
|
204,477
|
Other
financial liabilities
|
43,743
|
45,811
|
47,870
|
Subordinated
liabilities
|
8,078
|
9,962
|
10,898
|
Notes
in circulation
|
2,705
|
2,655
|
2,009
|
Other
liabilities
|
5,926
|
6,388
|
7,062
|
Total liabilities
|
727,127
|
755,667
|
773,521
|
|
|
|
|
Equity
|
|
|
|
Ordinary
shareholders' interests
|
36,792
|
38,367
|
39,609
|
Other
owners' interests
|
5,892
|
5,493
|
4,554
|
Owners' equity
|
42,684
|
43,860
|
44,163
|
Non-controlling
interests
|
(35)
|
(36)
|
(40)
|
Total equity
|
42,649
|
43,824
|
44,123
|
Total liabilities and equity
|
769,776
|
799,491
|
817,644
|
|
Share
|
|
|
|
|
|
|
capital and
|
|
|
|
Total
|
Non
|
|
|
|
statutory
|
Paid-in
|
Retained
|
Other
|
owners'
|
controlling
|
Total
|
|
reserves (1)
|
equity
|
earnings
|
reserves*
|
equity
|
interests
|
equity
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
At 1 January 2021
|
13,216
|
4,999
|
12,567
|
13,078
|
43,860
|
(36)
|
43,824
|
Profit
attributable to ordinary shareholders
|
|
|
|
|
|
|
|
and other equity owners
|
-
|
-
|
712
|
-
|
712
|
1
|
713
|
Other
comprehensive income
|
|
|
|
|
|
|
|
- Realised gains in period
|
|
|
|
|
|
|
|
on FVOCI
equity shares
|
-
|
-
|
(3)
|
3
|
-
|
-
|
-
|
- Remeasurement of retirement
|
|
|
|
|
|
|
|
benefit schemes (2)
|
-
|
-
|
(508)
|
-
|
(508)
|
-
|
(508)
|
- Changes in fair value of credit in
financial
|
|
|
|
|
|
|
|
liabilities
at FVTPL
|
-
|
-
|
(7)
|
-
|
(7)
|
-
|
(7)
|
- Other amounts recognised in
equity
|
-
|
-
|
-
|
(799)
|
(799)
|
-
|
(799)
|
- Amount transferred from equity to
earnings
|
-
|
-
|
-
|
(19)
|
(19)
|
-
|
(19)
|
- Tax
|
-
|
-
|
139
|
111
|
250
|
-
|
250
|
Preference
share and paid-in equity
|
|
|
|
|
|
|
|
dividends paid
|
-
|
-
|
(92)
|
-
|
(92)
|
-
|
(92)
|
Shares repurchased during the year (3)
|
-
|
-
|
(748)
|
-
|
(748)
|
-
|
(748)
|
Shares and securities issued during the
year (4)
|
87
|
399
|
-
|
-
|
486
|
-
|
486
|
Share-based
payments
|
-
|
-
|
(67)
|
-
|
(67)
|
-
|
(67)
|
Movement in own shares held (3)
|
(384)
|
-
|
-
|
-
|
(384)
|
-
|
(384)
|
At 31 March 2021
|
12,919
|
5,398
|
11,993
|
12,374
|
42,684
|
(35)
|
42,649
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31 March
|
|
|
|
|
|
|
|
|
2021
|
Attributable to:
|
|
|
|
|
£m
|
||
Ordinary
shareholders
|
|
|
|
|
|
|
36,792
|
Preference
shareholders
|
|
|
|
|
|
|
494
|
Paid-in
equity holders
|
|
|
|
|
|
|
5,398
|
Non-controlling
interests
|
|
|
|
|
|
|
(35)
|
|
|
|
|
|
|
|
42,649
|
*Other reserves consists of:
|
|
|
|
|
|
|
|
Merger
reserve
|
|
|
|
|
|
|
10,881
|
FVOCI
reserve
|
|
|
|
|
|
|
271
|
Cash
flow hedging reserve
|
|
|
|
|
|
|
(38)
|
Foreign
exchange reserve
|
|
|
|
|
|
|
1,260
|
|
|
|
|
|
|
|
12,374
|
Analyst enquiries:
|
Alexander
Holcroft, Investor Relations
|
+44 (0)
20 7672 1758
|
|
|
Media enquiries:
|
NatWest
Group Press Office
|
+44 (0)
131 523 4205
|
|
|
|
Management presentation
|
Webcast and dial in details
|
||
Date:
|
29
April 2021
|
www.natwestgroup.com/results
|
||
Time:
|
9am UK
time
|
International:
+44 (0) 203 057 6566
|
||
Conference ID:
|
8242757
|
UK Free
Call: 0800 279 5995
US
Local Dial-In, New York: +1 646 741 2115
|
||
|
|
|
|
|
Measure
|
Basis of preparation
|
Additional analysis or reconciliation
|
NatWest Group return on tangible equity
|
Annualised profit or loss for the period attributable to ordinary
shareholders divided by average tangible equity. Average tangible
equity is average total equity excluding non-controlling interests
(NCI) less average intangible assets and average other owners'
equity.
|
Table 1
|
Segmental return on equity
|
Segmental operating profit or loss adjusted for preference share
dividends and tax divided by average notional tangible equity,
allocated at an operating segment specific rate, of the period
average segmental risk-weighted assets incorporating the effect of
capital deductions (RWAes).
|
Table 1
|
Operating expenses analysis - management view
|
The
management analysis of operating expenses shows strategic costs and
litigation
and
conduct costs in separate lines. Depreciation and amortisation,
impairment of
other
intangibles and other administrative expenses attributable to these
costs are
included
in strategic costs and litigation and conduct costs lines for
management
analysis.
These amounts are included in staff, premises and equipment and
other
administrative
expenses in the statutory analysis.
|
Table 2
|
Cost:income ratio
|
Total
operating expenses less operating lease depreciation divided by
total income less operating lease depreciation.
|
Table 3
|
Commentary - adjusted periodically for specific items
|
NatWest
Group and segmental business performance commentary have been
adjusted for the impact of specific items such as notable items,
operating lease depreciation, strategic costs and litigation and
conduct costs.
|
Notable
items - page 5,
Operating lease depreciation,
Strategic
costs and litigation and conduct costs - pages 12 to 14
|
Net lending in the retail and commercial business
|
Comprises customer loans in the Retail Banking, Commercial Banking,
Private Banking and RBS International operating segments, excluding
UK Government support schemes.
|
Pages 1 and 4
|
Bank net interest margin (NIM)
|
Net interest income of the banking business less NatWest Markets
(NWM) element as a percentage of average interest-earning assets of
the banking business less NWM element.
|
Table 4
|
|
|
|
Quarter ended
|
|||
|
|
|
|
31 March
|
31
December
|
31
March
|
|
|
|
|
2021
|
2020
|
2020
|
Profit/(loss)
attributable to ordinary shareholders (£m)
|
|
|
|
620
|
(109)
|
288
|
Annualised
profit/(loss) attributable to ordinary
|
|
|
|
|
|
|
shareholders (£m)
|
|
|
|
2,480
|
(436)
|
1,152
|
Average
total equity excluding NCI (£m)
|
|
|
|
43,566
|
43,648
|
44,018
|
Adjustment
for other owners' equity and intangibles (£m)
|
|
|
|
(12,333)
|
(11,895)
|
(11,911)
|
Adjusted
total tangible equity (£m)
|
|
|
|
31,233
|
31,753
|
32,107
|
Return
on tangible equity (%)
|
|
|
|
7.9%
|
(1.4%)
|
3.6%
|
|
|
|
|
|
|
|
|
|
|
|
International Banking & Markets
|
|
|
|
Retail
|
Private
|
Commercial
|
RBS
|
NatWest
|
Ulster
|
|
Banking
|
Banking
|
Banking
|
International
|
Markets
|
Bank RoI
|
Quarter ended 31 March 2021
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Operating
profit/(loss) (£m)
|
435
|
64
|
475
|
68
|
(80)
|
11
|
Preference
share cost allocation (£m)
|
(20)
|
(5)
|
(38)
|
(5)
|
(16)
|
-
|
Adjustment
for tax (£m)
|
(116)
|
(17)
|
(122)
|
(11)
|
27
|
-
|
Adjusted
attributable profit/(loss) (£m)
|
299
|
42
|
315
|
52
|
(69)
|
11
|
Annualised
adjusted attributable profit/(loss) (£m)
|
1,196
|
168
|
1,260
|
208
|
(276)
|
44
|
Average
RWAe (£bn)
|
35.8
|
11.0
|
73.6
|
7.4
|
29.2
|
11.4
|
Equity
factor
|
14.5%
|
12.5%
|
11.5%
|
16.0%
|
15.0%
|
15.5%
|
RWAe
applying equity factor (£bn)
|
5.2
|
1.4
|
8.5
|
1.2
|
4.4
|
1.8
|
Return
on equity
|
23.0%
|
12.4%
|
14.9%
|
17.5%
|
(6.3%)
|
2.5%
|
|
|
|
|
|
|
|
Quarter ended 31 December 2020
|
|
|
|
|
|
|
Operating
profit/(loss) (£m)
|
91
|
67
|
285
|
(13)
|
(230)
|
18
|
Preference
share cost allocation (£m)
|
(22)
|
(5)
|
(38)
|
(5)
|
(17)
|
-
|
Adjustment
for tax (£m)
|
(19)
|
(17)
|
(69)
|
3
|
69
|
-
|
Adjusted
attributable profit/(loss)(£m)
|
50
|
45
|
178
|
(15)
|
(178)
|
18
|
Annualised
adjusted attributable profit/(loss) (£m)
|
200
|
180
|
712
|
(60)
|
(712)
|
72
|
Average
RWAe (£bn)
|
36.1
|
10.7
|
75.9
|
7.1
|
31.5
|
11.9
|
Equity
factor
|
14.5%
|
12.5%
|
11.5%
|
16.0%
|
15.0%
|
15.5%
|
RWAe
applying equity factor (£bn)
|
5.2
|
1.3
|
8.7
|
1.1
|
4.7
|
1.8
|
Return
on equity
|
3.8%
|
13.3%
|
8.1%
|
(5.5%)
|
(15.0%)
|
3.9%
|
|
|
|
|
|
|
|
Quarter ended 31 March 2020
|
|
|
|
|
|
|
Operating
profit/(loss) (£m)
|
324
|
49
|
(37)
|
68
|
206
|
(21)
|
Preference
share cost allocation (£m)
|
(22)
|
(6)
|
(38)
|
(5)
|
(17)
|
-
|
Adjustment
for tax (£m)
|
(85)
|
(12)
|
21
|
(9)
|
(53)
|
-
|
Adjusted
attributable profit/(loss) (£m)
|
217
|
31
|
(54)
|
54
|
136
|
(21)
|
Annualised
adjusted attributable profit/(loss) (£m)
|
868
|
124
|
(216)
|
216
|
544
|
(84)
|
Average
RWAe (£bn)
|
38.7
|
10.2
|
74.1
|
7.0
|
41.9
|
12.8
|
Equity
factor
|
14.5%
|
12.5%
|
11.5%
|
16.0%
|
15.0%
|
15.5%
|
RWAe
applying equity factor (£bn)
|
5.6
|
1.3
|
8.5
|
1.1
|
6.3
|
2.0
|
Return
on equity
|
15.5%
|
9.8%
|
(2.5%)
|
19.4%
|
8.7%
|
(4.2%)
|
|
|
|
|
|
|
|
Statutory analysis (1,2)
|
|
|
|
|
|
|
|
|
|
Quarter ended
|
|||
|
|
|
|
31 March
|
31
December
|
31
March
|
|
|
|
|
2021
|
2020
|
2020
|
Operating expenses
|
|
|
|
£m
|
£m
|
£m
|
Staff
costs
|
|
|
|
985
|
986
|
992
|
Premises
and equipment
|
|
|
|
248
|
321
|
258
|
Other
administrative expenses
|
|
|
|
377
|
764
|
398
|
Depreciation
and amortisation
|
|
|
|
205
|
270
|
193
|
Total operating expenses
|
|
|
|
1,815
|
2,341
|
1,841
|
Non-statutory analysis
|
|
|
|
|
|
Quarter ended
|
|||
|
31 March 2021
|
|||
|
|
Litigation
|
|
|
|
|
and
|
|
Statutory
|
|
Strategic
|
conduct
|
Other
|
operating
|
Operating expenses
|
costs
|
costs
|
expenses
|
expenses
|
Staff
costs
|
111
|
-
|
874
|
985
|
Premises
and equipment
|
16
|
-
|
232
|
248
|
Other
administrative expenses
|
23
|
16
|
338
|
377
|
Depreciation
and amortisation
|
10
|
-
|
195
|
205
|
Total
|
160
|
16
|
1,639
|
1,815
|
|
|
|
|
|
|
Quarter ended
|
|||
|
31 December 2020
|
|||
|
|
Litigation
|
|
|
|
|
and
|
|
Statutory
|
|
Strategic
|
conduct
|
Other
|
operating
|
Operating expenses
|
costs
|
costs
|
expenses
|
expenses
|
Staff
costs
|
147
|
-
|
839
|
986
|
Premises
and equipment
|
63
|
-
|
258
|
321
|
Other
administrative expenses
|
54
|
194
|
516
|
764
|
Depreciation
and amortisation
|
62
|
-
|
208
|
270
|
Total
|
326
|
194
|
1,821
|
2,341
|
|
|
|
|
|
|
Quarter ended
|
|||
|
31 March 2020
|
|||
|
|
Litigation
|
|
|
|
|
and
|
|
Statutory
|
|
Strategic
|
conduct
|
Other
|
operating
|
Operating expenses
|
costs
|
costs
|
expenses
|
expenses
|
Staff
costs
|
73
|
-
|
919
|
992
|
Premises
and equipment
|
13
|
-
|
245
|
258
|
Other
administrative expenses
|
43
|
(4)
|
359
|
398
|
Depreciation
and amortisation
|
2
|
-
|
191
|
193
|
Total
|
131
|
(4)
|
1,714
|
1,841
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International Banking & Markets
|
|
Central
|
Total
|
|
|
Retail
|
Private
|
Commercial
|
RBS
|
NatWest
|
Ulster
|
items
|
NatWest
|
|
Banking
|
Banking
|
Banking
|
International
|
Markets
|
Bank RoI
|
& other
|
Group
|
Quarter ended 31 March 2021
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Operating
expenses
|
(587)
|
(121)
|
(583)
|
(57)
|
(275)
|
(125)
|
(67)
|
(1,815)
|
Operating
lease depreciation
|
-
|
-
|
35
|
-
|
-
|
-
|
-
|
35
|
Adjusted
operating expenses
|
(587)
|
(121)
|
(548)
|
(57)
|
(275)
|
(125)
|
(67)
|
(1,780)
|
Total
income
|
1,056
|
185
|
941
|
123
|
189
|
124
|
41
|
2,659
|
Operating
lease depreciation
|
-
|
-
|
(35)
|
-
|
-
|
-
|
-
|
(35)
|
Adjusted
total income
|
1,056
|
185
|
906
|
123
|
189
|
124
|
41
|
2,624
|
Cost:income
ratio
|
55.6%
|
65.4%
|
60.5%
|
46.3%
|
145.5%
|
100.8%
|
nm
|
67.8%
|
|
|
|
|
|
|
|
|
|
Quarter ended 31 December 2020
|
|
|
|
|
|
|
|
|
Operating
expenses
|
(818)
|
(91)
|
(656)
|
(112)
|
(301)
|
(114)
|
(249)
|
(2,341)
|
Operating
lease depreciation
|
-
|
-
|
35
|
-
|
-
|
-
|
-
|
35
|
Adjusted
operating expenses
|
(818)
|
(91)
|
(621)
|
(112)
|
(301)
|
(114)
|
(249)
|
(2,306)
|
Total
income
|
974
|
184
|
951
|
126
|
73
|
131
|
96
|
2,535
|
Operating
lease depreciation
|
-
|
-
|
(35)
|
-
|
-
|
-
|
-
|
(35)
|
Adjusted
total income
|
974
|
184
|
916
|
126
|
73
|
131
|
96
|
2,500
|
Cost:income
ratio
|
84.0%
|
49.5%
|
67.8%
|
88.9%
|
nm
|
87.0%
|
nm
|
92.2%
|
|
|
|
|
|
|
|
|
|
Quarter ended 31 March 2020
|
|
|
|
|
|
|
|
|
Operating
expenses
|
(529)
|
(123)
|
(610)
|
(61)
|
(342)
|
(123)
|
(53)
|
(1,841)
|
Operating
lease depreciation
|
-
|
-
|
36
|
-
|
-
|
-
|
-
|
36
|
Adjusted
operating expenses
|
(529)
|
(123)
|
(574)
|
(61)
|
(342)
|
(123)
|
(53)
|
(1,805)
|
Total
income
|
1,150
|
201
|
1,008
|
144
|
543
|
129
|
(13)
|
3,162
|
Operating
lease depreciation
|
-
|
-
|
(36)
|
-
|
-
|
-
|
-
|
(36)
|
Adjusted
total income
|
1,150
|
201
|
972
|
144
|
543
|
129
|
(13)
|
3,126
|
Cost:income
ratio
|
46.0%
|
61.2%
|
59.1%
|
42.4%
|
63.0%
|
95.3%
|
nm
|
57.7%
|
|
|
|
Quarter ended or as at
|
|||
|
|
|
|
31 March
|
31
December
|
31
March
|
|
|
|
|
2021
|
2020
|
2020
|
|
|
|
|
£m
|
£m
|
£m
|
NatWest
Group net interest income
|
|
|
|
1,931
|
1,971
|
1,942
|
Less:
NWM net interest income
|
|
|
|
7
|
2
|
40
|
Net
interest income excluding NWM
|
|
|
|
1,938
|
1,973
|
1,982
|
Annualised
net interest income
|
|
|
|
7,831
|
7,820
|
7,811
|
Annualised
net interest income excluding NWM
|
|
|
|
7,860
|
7,828
|
7,972
|
Average
interest earning assets (IEA)
|
|
|
|
512,237
|
509,598
|
458,514
|
NWM
average IEA
|
|
|
|
32,429
|
36,515
|
36,113
|
Bank
average IEA excluding NWM
|
|
|
|
479,808
|
473,083
|
422,401
|
|
|
|
|
|
|
|
Net
interest margin
|
|
|
|
1.53%
|
1.54%
|
1.70%
|
Bank
net interest margin (NatWest Group NIM excluding NWM)
|
|
|
|
1.64%
|
1.66%
|
1.89%
|
|
As at
|
||
|
31 March
|
31
December
|
31
March
|
|
2021
|
2020
|
2020
|
|
£m
|
£m
|
£m
|
Loans
to customers - amortised cost
|
358,728
|
360,544
|
351,328
|
Customer
deposits
|
453,308
|
431,739
|
384,800
|
Loan:deposit
ratio (%)
|
79%
|
84%
|
91%
|
|
NATWEST
GROUP plc (Registrant)
|
|
|
|
By: /s/
Jan Cargill
|
|
|
|
Name:
Jan Cargill
|
|
Title:
Chief Governance Officer and Company Secretary
|
1 Year Royal Bank of Scotland Chart |
1 Month Royal Bank of Scotland Chart |
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