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Share Name | Share Symbol | Market | Type |
---|---|---|---|
NatWest Group PLC (PK) | USOTC:RBSPF | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.41 | 9.34% | 4.80 | 4.26 | 4.92 | 4.85 | 4.41 | 4.67 | 15,249 | 20:51:17 |
|
|
|
|
Half year ended
|
|
|
|
30 June
|
30 June
|
|
|
2024
|
2023
|
|
|
£m
|
£m
|
Interest receivable
|
|
12,290
|
9,482
|
Interest payable
|
|
(6,882)
|
(3,756)
|
Net interest income
|
|
5,408
|
5,726
|
Fees and commissions receivable
|
|
1,567
|
1,459
|
Fees and commissions payable
|
|
(348)
|
(315)
|
Trading income
|
|
350
|
418
|
Other operating income
|
|
157
|
439
|
Non-interest income
|
|
1,726
|
2,001
|
Total income
|
|
7,134
|
7,727
|
Staff costs
|
|
(2,147)
|
(2,005)
|
Premises and equipment
|
|
(579)
|
(570)
|
Other administrative expenses
|
|
(823)
|
(871)
|
Depreciation and amortisation
|
|
(508)
|
(469)
|
Operating expenses
|
|
(4,057)
|
(3,915)
|
Profit before impairment losses
|
|
3,077
|
3,812
|
Impairment losses
|
|
(48)
|
(223)
|
Operating profit before tax
|
|
3,029
|
3,589
|
Tax charge
|
|
(801)
|
(1,061)
|
Profit from continuing operations
|
|
2,228
|
2,528
|
Profit/(loss) from discontinued operations, net of tax
|
|
11
|
(108)
|
Profit for the period
|
|
2,239
|
2,420
|
|
|
|
|
Attributable to:
|
|
|
|
Ordinary shareholders
|
|
2,099
|
2,299
|
Paid-in equity holders
|
|
129
|
121
|
Non-controlling interests
|
|
11
|
-
|
|
|
2,239
|
2,420
|
|
|
|
|
|
|
|
|
Earnings per ordinary share - continuing operations
|
|
24.1p
|
25.4p
|
Earnings per ordinary share - discontinued operations
|
|
0.1p
|
(1.1p)
|
Total earnings per share attributable to ordinary shareholders -
basic
|
|
24.2p
|
24.3p
|
Earnings per ordinary share - fully diluted continuing
operations
|
|
23.9p
|
25.2p
|
Earnings per ordinary share - fully diluted discontinued
operations
|
|
0.1p
|
(1.1p)
|
Total earnings per share attributable to ordinary shareholders -
fully diluted
|
|
24.0p
|
24.1p
|
|
Half year ended
|
|
|
30 June
|
30 June
|
|
2024
|
2023
|
|
£m
|
£m
|
Profit for the period
|
2,239
|
2,420
|
Items that will not be reclassified subsequently to profit or
loss:
|
|
|
Remeasurement of retirement benefit schemes
|
(60)
|
(64)
|
Changes in fair value of financial liabilities designated at fair
value through profit or loss (FVTPL) due to changes in credit
risk
|
(26)
|
(4)
|
FVOCI financial assets
|
(33)
|
30
|
Tax
|
44
|
7
|
|
(75)
|
(31)
|
Items that will be reclassified subsequently to profit or loss when
specific conditions are met:
|
|
|
FVOCI financial assets
|
41
|
53
|
Cash flow hedges (1)
|
121
|
(734)
|
Currency translation
|
(42)
|
(469)
|
Tax
|
(57)
|
127
|
|
63
|
(1,023)
|
Other comprehensive losses after tax
|
(12)
|
(1,054)
|
Total comprehensive income for the period
|
2,227
|
1,366
|
|
|
|
Attributable to:
|
|
|
Ordinary shareholders
|
2,087
|
1,245
|
Paid-in equity holders
|
129
|
121
|
Non-controlling interests
|
11
|
-
|
|
2,227
|
1,366
|
|
30 June
|
31 December
|
|
2024
|
2023
|
|
£m
|
£m
|
Assets
|
|
|
Cash and balances at central banks
|
115,833
|
104,262
|
Trading assets
|
45,974
|
45,551
|
Derivatives
|
67,514
|
78,904
|
Settlement balances
|
6,260
|
7,231
|
Loans to banks - amortised cost
|
5,974
|
6,914
|
Loans to customers - amortised cost
|
379,331
|
381,433
|
Other financial assets
|
52,604
|
51,102
|
Intangible assets
|
7,590
|
7,614
|
Other assets
|
8,266
|
8,760
|
Assets of disposal groups
|
992
|
902
|
Total assets
|
690,338
|
692,673
|
|
|
|
Liabilities
|
|
|
Bank deposits
|
25,626
|
22,190
|
Customer deposits
|
432,975
|
431,377
|
Settlement balances
|
7,142
|
6,645
|
Trading liabilities
|
54,167
|
53,636
|
Derivatives
|
60,849
|
72,395
|
Other financial liabilities
|
58,275
|
55,089
|
Subordinated liabilities
|
6,032
|
5,714
|
Notes in circulation
|
3,254
|
3,237
|
Other liabilities
|
4,455
|
5,202
|
Total liabilities
|
652,775
|
655,485
|
|
|
|
Equity
|
|
|
Ordinary shareholders' interests
|
32,831
|
33,267
|
Other owners' interests
|
4,690
|
3,890
|
Owners' equity
|
37,521
|
37,157
|
Non-controlling interests
|
42
|
31
|
Total equity
|
37,563
|
37,188
|
|
|
|
Total liabilities and equity
|
690,338
|
692,673
|
|
Share
|
|
Other
|
|
Other reserves
|
Total
|
Non
|
|
|||
|
capital and
|
Paid-in
|
statutory
|
Retained
|
|
Cash flow
|
Foreign
|
|
owners'
|
controlling
|
Total
|
|
share premium
|
equity
|
reserves (4)
|
earnings
|
Fair value
|
hedging (3)
|
exchange
|
Merger
|
equity
|
interests
|
equity
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
At 1 January 2024
|
10,844
|
3,890
|
2,004
|
10,645
|
(49)
|
(1,899)
|
841
|
10,881
|
37,157
|
31
|
37,188
|
Profit attributable to ordinary shareholders
|
|
|
|
|
|
|
|
|
|
|
|
and other
equity owners
|
|
|
|
|
|
|
|
|
|
|
|
-
continuing operations
|
|
|
|
2,217
|
|
|
|
|
2,217
|
11
|
2,228
|
-
discontinued operations
|
|
|
|
11
|
|
|
|
|
11
|
-
|
11
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
Realised gains in period on FVOCI equity shares
|
|
|
|
2
|
(2)
|
|
|
|
-
|
|
-
|
Remeasurement of retirement benefit schemes
|
|
|
|
(60)
|
|
|
|
|
(60)
|
|
(60)
|
Changes in fair value of credit in financial
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
designated at
FVTPL due to own credit risk
|
|
|
|
(26)
|
|
|
|
|
(26)
|
|
(26)
|
Unrealised gains
|
|
|
|
|
1
|
|
|
|
1
|
|
1
|
Amounts recognised in equity (3)
|
|
|
|
|
|
(559)
|
|
|
(559)
|
|
(559)
|
Retranslation of net assets
|
|
|
|
|
|
|
(118)
|
|
(118)
|
|
(118)
|
Gains on hedges of net assets
|
|
|
|
|
|
|
79
|
|
79
|
|
79
|
Amount transferred from equity to earnings
|
|
|
|
|
7
|
680
|
(3)
|
|
684
|
|
684
|
Tax
|
|
|
|
32
|
-
|
(34)
|
(11)
|
|
(13)
|
|
(13)
|
Total comprehensive income/(loss)
|
-
|
-
|
-
|
2,176
|
6
|
87
|
(53)
|
-
|
2,216
|
11
|
2,227
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary share dividends paid
|
|
|
|
(1,008)
|
|
|
|
|
(1,008)
|
-
|
(1,008)
|
Paid in equity dividends
|
|
|
|
(129)
|
|
|
|
|
(129)
|
|
(129)
|
Securities issued
|
|
800
|
|
|
|
|
|
|
800
|
|
800
|
Shares repurchased during the period (1,2)
|
(411)
|
|
411
|
(1,118)
|
|
|
|
|
(1,118)
|
|
(1,118)
|
Share based remuneration and shares vested under
|
|
|
|
|
|
|
|
|
|
|
|
employee
share schemes
|
|
|
128
|
15
|
|
|
|
|
143
|
|
143
|
Own shares acquired
|
|
|
(540)
|
|
|
|
|
|
(540)
|
|
(540)
|
Acquisition of subsidiary
|
|
|
|
|
|
|
|
|
-
|
|
-
|
At 30 June 2024
|
10,433
|
4,690
|
2,003
|
10,581
|
(43)
|
(1,812)
|
788
|
10,881
|
37,521
|
42
|
37,563
|
|
Share
|
|
Other
|
|
Other reserves
|
Total
|
Non
|
|
|||
|
capital and
|
Paid-in
|
statutory
|
Retained
|
|
Cash flow
|
Foreign
|
|
owners'
|
controlling
|
Total
|
|
share premium
|
equity
|
reserves (4)
|
earnings
|
Fair value
|
hedging (3)
|
exchange
|
Merger
|
equity
|
interests
|
equity
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
At 1 January 2023
|
11,700
|
3,890
|
1,393
|
10,019
|
(102)
|
(2,771)
|
1,478
|
10,881
|
36,488
|
8
|
36,496
|
Profit/(loss) attributable to ordinary shareholders
|
|
|
|
|
|
|
|
|
|
|
|
and other
equity owners
|
|
|
|
|
|
|
|
|
|
|
|
-
continuing operations
|
|
|
|
2,528
|
|
|
|
|
2,528
|
-
|
2,528
|
-
discontinued operations
|
|
|
|
(108)
|
|
|
|
|
(108)
|
-
|
(108)
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
Realised gains in period on FVOCI equity shares
|
|
|
|
7
|
(7)
|
|
|
|
-
|
|
-
|
Remeasurement of retirement benefit schemes
|
|
|
|
(64)
|
|
|
|
|
(64)
|
|
(64)
|
Changes in fair value of credit in financial
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
designated at
FVTPL due to own credit risk
|
|
|
|
(4)
|
|
|
|
|
(4)
|
|
(4)
|
Unrealised gains
|
|
|
|
|
60
|
|
|
|
60
|
|
60
|
Amounts recognised in equity (3)
|
|
|
|
|
|
(948)
|
|
|
(948)
|
|
(948)
|
Retranslation of net assets
|
|
|
|
|
|
|
(308)
|
|
(308)
|
|
(308)
|
Gains on hedges of net assets
|
|
|
|
|
|
|
162
|
|
162
|
|
162
|
Amount transferred from equity to earnings (5)
|
|
|
|
|
23
|
214
|
(322)
|
|
(85)
|
|
(85)
|
Tax
|
|
|
|
12
|
(16)
|
161
|
(24)
|
|
133
|
|
133
|
Total comprehensive income/(loss)
|
-
|
-
|
-
|
2,371
|
60
|
(573)
|
(492)
|
-
|
1,366
|
-
|
1,366
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary share dividends paid
|
|
|
|
(965)
|
|
|
|
|
(965)
|
-
|
(965)
|
Paid in equity dividends
|
|
|
|
(121)
|
|
|
|
|
(121)
|
|
(121)
|
Shares repurchased during the period (1,2)
|
(687)
|
|
687
|
(1,713)
|
|
|
|
|
(1,713)
|
|
(1,713)
|
Share based remuneration and shares vested under
|
|
|
|
|
|
|
|
|
|
|
|
employee
share schemes
|
|
|
77
|
(15)
|
|
|
|
|
62
|
|
62
|
Own shares acquired
|
|
|
(359)
|
|
|
|
|
|
(359)
|
|
(359)
|
Acquisition of subsidiary
|
|
|
|
|
|
|
|
|
-
|
32
|
32
|
At 30 June 2023
|
11,013
|
3,890
|
1,798
|
9,576
|
(42)
|
(3,344)
|
986
|
10,881
|
34,758
|
40
|
34,798
|
(1)
|
As part
of the On Market Share Buyback Programmes NatWest Group plc
repurchased and cancelled 161.9 million (June 2023 - 301.4 million)
shares, of which 2.2 million were settled in July 2024. The total
consideration of these shares excluding fees was £410.8
million (June 2023 - £804.2 million), of which £6.8
million were settled in July 2024. Included in the retained
earnings reserve movement is 2.3 million shares which were
repurchased and cancelled in December 2023, settled in January 2024
for a total consideration of £4.9 million . The nominal value
of the share cancellations has been transferred to the capital
redemption reserve.0
|
(2)
|
In June
2024, there was an agreement to buy 392.4 million (May 2023 - 469.2
million) ordinary shares of the Company from His Majesty's Treasury
(HM Treasury) at 316.2 pence per share (May 2023 - 268.4 pence per
share) for total consideration of £1.2 billion (2023 -
£1.3 billion). NatWest Group cancelled 222.4 million (336.2
million) of the purchased ordinary shares, amounting to £706.9
million (2023 - £906.9 million) excluding fees and held the
remaining 170.0 million (2023 - 133 million) shares as Own Shares
Held, amounting to £540.2 million (2023 - £358.8
million) excluding fees. The nominal value of the share
cancellation has been transferred to the capital redemption
reserve.
|
(3)
|
The
change in the cash flow hedging reserve is driven from realised
accrued interest transferred into the income statement. This is
offset by a loss due to an increase in swap rates compared to 31
December 2023. The portfolio of hedging instruments is
predominantly receive fixed swaps. The unrealised losses on cash
flow hedge reserves are mainly driven by deferral of losses on GBP
net received fixed swaps as interest rates have
increased.
|
(4)
|
Other
statutory reserves consist of Capital redemption reserves of
£2,918 million (2023 - £2,338 million) and Own shares
held reserves of £915 million (2023 - £540
million).
|
(5)
|
Includes
£305 million FX recycled to profit or loss upon completion of
a capital repayment by UBIDAC in 2023.
|
|
Half year ended
|
|
|
30 June
|
30 June
|
2024
|
2023
|
|
|
£m
|
£m
|
Cash flows from operating activities
|
|
|
Operating profit before tax from continuing
operations
|
3,029
|
3,589
|
Operating profit/(loss) before tax from discontinued
operations
|
11
|
(108)
|
Adjustments for non-cash and other items
|
2,284
|
2,133
|
Net cash flows from trading activities
|
5,324
|
5,614
|
Changes in operating assets and liabilities
|
9,625
|
(17,376)
|
Net cash flows from operating activities before tax
|
14,949
|
(11,762)
|
Income taxes paid
|
(877)
|
(631)
|
Net cash flows from operating activities
|
14,072
|
(12,393)
|
Net cash flows from investing activities
|
(1,524)
|
(2,833)
|
Net cash flows from financing activities
|
(2,350)
|
(3,260)
|
Effects of exchange rate changes on cash and cash
equivalents
|
(778)
|
(1,801)
|
Net increase/(decrease) in cash and cash equivalents
|
9,420
|
(20,287)
|
Cash and cash equivalents at beginning of period
|
118,824
|
158,449
|
Cash and cash equivalents at end of period
|
128,244
|
138,162
|
|
Half year ended
|
|
|
30 June
|
30 June
|
|
2024
|
2023
|
Continuing operations
|
£m
|
£m
|
Balances at central banks and loans to banks - amortised
cost
|
2,070
|
1,722
|
Loans to customers - amortised cost
|
8,924
|
7,130
|
Other financial assets
|
1,296
|
630
|
Interest receivable
|
12,290
|
9,482
|
|
|
|
Balances with banks
|
695
|
402
|
Customer deposits
|
4,151
|
1,695
|
Other financial liabilities
|
1,575
|
1,345
|
Subordinated liabilities
|
237
|
221
|
Internal funding of trading businesses
|
224
|
93
|
Interest payable
|
6,882
|
3,756
|
|
|
|
Net interest income
|
5,408
|
5,726
|
|
Half year ended
|
|
|
30 June
|
30 June
|
|
2024
|
2023
|
Continuing operations
|
£m
|
£m
|
Net fees and commissions (1)
|
1,219
|
1,144
|
|
|
|
Foreign exchange
|
140
|
125
|
Interest rate (2)
|
298
|
315
|
Credit
|
(82)
|
(34)
|
Changes in fair value of own debt and derivative liabilities
attributable to own credit risk - debt securities in
issue
|
(7)
|
9
|
Equities, commodities and other
|
1
|
3
|
Income from trading activities
|
350
|
418
|
|
|
|
Profit on redemption of own debt
|
-
|
2
|
Rental income on operating lease assets and investment
property
|
116
|
118
|
Changes in fair value of financial assets and liabilities
designated at fair value through profit or loss (3)
|
(43)
|
(3)
|
Hedge ineffectiveness
|
12
|
49
|
Loss on disposal of amortised cost assets and
liabilities
|
(1)
|
(2)
|
Loss on disposal of fair value through other comprehensive income
assets
|
(4)
|
(24)
|
Share of profit/(loss) of associated entities
|
9
|
(17)
|
Other income (4)
|
68
|
316
|
Other operating income
|
157
|
439
|
|
|
|
Non-interest income
|
1,726
|
2,001
|
|
Half year ended
|
|
|
30 June
|
30 June
|
|
2024
|
2023
|
Continuing operations
|
£m
|
£m
|
Salaries
|
1,254
|
1,252
|
Bonus awards
|
223
|
217
|
Temporary and contract costs
|
80
|
106
|
Social security costs
|
187
|
180
|
Pension costs
|
169
|
151
|
- defined benefit
schemes
|
59
|
60
|
- defined contribution
schemes
|
110
|
91
|
Other
|
234
|
99
|
Staff costs
|
2,147
|
2,005
|
|
|
|
Premises and equipment
|
579
|
570
|
Depreciation and amortisation (1)
|
508
|
469
|
Other administrative expenses
|
823
|
871
|
Administrative expenses
|
1,910
|
1,910
|
Operating expenses
|
4,057
|
3,915
|
|
Retail
|
Private
|
Commercial &
|
Central items
|
|
|
Banking
|
Banking
|
Institutional
|
& other
|
Total
|
Half year ended 30 June 2024
|
£m
|
£m
|
£m
|
£m
|
£m
|
Continuing operations
|
|
|
|
|
|
Net interest income
|
2,475
|
285
|
2,543
|
105
|
5,408
|
Net fees and commissions
|
211
|
142
|
866
|
-
|
1,219
|
Other non-interest income
|
4
|
17
|
391
|
95
|
507
|
Total income
|
2,690
|
444
|
3,800
|
200
|
7,134
|
Depreciation and amortisation
|
(1)
|
-
|
(76)
|
(431)
|
(508)
|
Other operating expenses
|
(1,469)
|
(356)
|
(2,074)
|
350
|
(3,549)
|
Impairment (losses)/releases
|
(122)
|
11
|
57
|
6
|
(48)
|
Operating profit
|
1,098
|
99
|
1,707
|
125
|
3,029
|
|
|
|
|
|
|
Half year ended 30 June 2023
|
|
|
|
|
|
Continuing operations
|
|
|
|
|
|
Net interest income
|
2,908
|
428
|
2,504
|
(114)
|
5,726
|
Net fees and commissions
|
206
|
125
|
821
|
(8)
|
1,144
|
Other non-interest income
|
6
|
14
|
423
|
414
|
857
|
Total income
|
3,120
|
567
|
3,748
|
292
|
7,727
|
Depreciation and amortisation
|
-
|
-
|
(78)
|
(391)
|
(469)
|
Other operating expenses
|
(1,367)
|
(322)
|
(1,909)
|
152
|
(3,446)
|
Impairment (losses)/releases
|
(193)
|
(11)
|
(20)
|
1
|
(223)
|
Operating profit
|
1,560
|
234
|
1,741
|
54
|
3,589
|
|
Retail
|
Private
|
Commercial &
|
Central items
|
|
|
Banking
|
Banking
|
Institutional
|
& other
|
Total
|
Half year ended 30 June 2024
|
£m
|
£m
|
£m
|
£m
|
£m
|
Continuing operations
|
|
|
|
|
|
External
|
4,331
|
614
|
7,072
|
2,347
|
14,364
|
Inter-segmental
|
7
|
715
|
(936)
|
214
|
-
|
Total
|
4,338
|
1,329
|
6,136
|
2,561
|
14,364
|
|
|
|
|
|
|
Half year ended 30 June 2023
|
|
|
|
|
|
Continuing operations
|
|
|
|
|
|
External
|
3,419
|
550
|
5,734
|
2,095
|
11,798
|
Inter-segmental
|
1
|
418
|
(720)
|
301
|
-
|
Total
|
3,420
|
968
|
5,014
|
2,396
|
11,798
|
|
Retail
|
Private
|
Commercial &
|
Central items
|
|
Banking
|
Banking
|
Institutional
|
& other
|
Total
|
|
30 June 2024
|
£m
|
£m
|
£m
|
£m
|
£m
|
Assets
|
226,457
|
27,172
|
381,899
|
54,810
|
690,338
|
Liabilities
|
195,454
|
39,745
|
356,539
|
61,037
|
652,775
|
|
|
|
|
|
|
31 December 2023
|
|
|
|
|
|
Assets
|
228,684
|
26,894
|
384,958
|
52,137
|
692,673
|
Liabilities
|
191,936
|
37,806
|
359,766
|
65,977
|
655,485
|
|
Retail
|
Private
|
Commercial &
|
Central items
|
|
|
Banking
|
Banking
|
Institutional
|
& other
|
Total
|
Half year ended 30 June 2024
|
£m
|
£m
|
£m
|
£m
|
£m
|
Continuing operations
|
|
|
|
|
|
Fees and commissions receivable
|
|
|
|
|
|
- Payment
services
|
165
|
20
|
335
|
-
|
520
|
- Credit and debit
card fees
|
196
|
6
|
130
|
2
|
334
|
- Lending and
financing
|
9
|
3
|
372
|
-
|
384
|
-
Brokerage
|
17
|
4
|
21
|
-
|
42
|
- Investment
management, trustee and fiduciary services
|
1
|
113
|
24
|
9
|
147
|
- Underwriting
fees
|
-
|
-
|
93
|
-
|
93
|
-
Other
|
4
|
6
|
52
|
(15)
|
47
|
Total
|
392
|
152
|
1,027
|
(4)
|
1,567
|
Fees and commissions payable
|
(181)
|
(10)
|
(161)
|
4
|
(348)
|
Net fees and commissions
|
211
|
142
|
866
|
-
|
1,219
|
|
|
|
|
|
|
Half year ended 30 June 2023
|
|
|
|
|
|
Continuing operations
|
|
|
|
|
|
Fees and commissions receivable
|
|
|
|
|
|
- Payment
services
|
159
|
16
|
332
|
3
|
510
|
- Credit and debit
card fees
|
197
|
6
|
129
|
2
|
334
|
- Lending and
financing
|
8
|
3
|
335
|
1
|
347
|
-
Brokerage
|
18
|
3
|
21
|
-
|
42
|
- Investment
management, trustee and fiduciary services
|
1
|
105
|
22
|
-
|
128
|
- Underwriting
fees
|
-
|
-
|
71
|
-
|
71
|
-
Other
|
1
|
2
|
31
|
(7)
|
27
|
Total
|
384
|
135
|
941
|
(1)
|
1,459
|
Fees and commissions payable
|
(178)
|
(10)
|
(120)
|
(7)
|
(315)
|
Net fees and commissions
|
206
|
125
|
821
|
(8)
|
1,144
|
|
Half year ended
|
|
|
30 June
|
30 June
|
2024
|
2023
|
|
Continuing operations
|
£m
|
£m
|
Profit before tax
|
3,029
|
3,589
|
|
|
|
Expected tax charge
|
(757)
|
(843)
|
Losses and temporary differences in period where no deferred tax
assets recognised
|
(10)
|
(38)
|
Foreign profits taxed at other rates
|
17
|
(21)
|
Items not allowed for tax:
|
|
|
- losses on
disposals and write-downs
|
(9)
|
(1)
|
- UK Bank
Levy
|
(16)
|
(12)
|
- regulatory and
legal actions
|
(3)
|
(3)
|
- other
disallowable items
|
(17)
|
(18)
|
Non-taxable items:
|
|
|
- FX recycling on
UBIDAC capital reduction
|
-
|
75
|
- RPI-related
uplift on index-linked gilts
|
18
|
6
|
- other non-taxable
items
|
4
|
8
|
Taxable foreign exchange movements
|
2
|
6
|
Unrecognised losses bought forward and utilised
|
12
|
8
|
Banking surcharge
|
(81)
|
(144)
|
Pillar 2 top-up tax
|
(11)
|
-
|
Tax on paid-in equity dividends
|
33
|
22
|
Adjustments in respect of prior years
|
17
|
(106)
|
Actual tax charge
|
(801)
|
(1,061)
|
|
|
|
|
Amortisedcost
|
Otherassets
|
|
|
MFVTPL
|
DFV
|
FVOCI
|
Total
|
||
Assets
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
Cash and balances at central banks
|
|
|
|
115,833
|
|
115,833
|
Trading assets
|
45,974
|
|
|
|
|
45,974
|
Derivatives (1)
|
67,514
|
|
|
|
|
67,514
|
Settlement balances
|
|
|
|
6,260
|
|
6,260
|
Loans to banks - amortised cost (2)
|
|
|
|
5,974
|
|
5,974
|
Loans to customers - amortised cost (3)
|
|
|
|
379,331
|
|
379,331
|
Other financial assets
|
716
|
5
|
27,954
|
23,929
|
|
52,604
|
Intangible assets
|
|
|
|
|
7,590
|
7,590
|
Other assets
|
|
|
|
|
8,266
|
8,266
|
Assets of disposal groups (4)
|
|
|
|
|
992
|
992
|
30 June 2024
|
114,204
|
5
|
27,954
|
531,327
|
16,848
|
690,338
|
|
|
|
|
|
|
|
Cash and balances at central banks
|
|
|
|
104,262
|
|
104,262
|
Trading assets
|
45,551
|
|
|
|
|
45,551
|
Derivatives (1)
|
78,904
|
|
|
|
|
78,904
|
Settlement balances
|
|
|
|
7,231
|
|
7,231
|
Loans to banks - amortised cost (2)
|
|
|
|
6,914
|
|
6,914
|
Loans to customers - amortised cost (3)
|
|
|
|
381,433
|
|
381,433
|
Other financial assets
|
703
|
5
|
28,699
|
21,695
|
|
51,102
|
Intangible assets
|
|
|
|
|
7,614
|
7,614
|
Other assets
|
|
|
|
|
8,760
|
8,760
|
Assets of disposal groups (4)
|
|
|
|
|
902
|
902
|
31 December 2023
|
125,158
|
5
|
28,699
|
521,535
|
17,276
|
692,673
|
|
Held-for-trading
|
|
Amortisedcost
|
Otherliabilities
|
|
|
DFV
|
Total
|
|||
Liabilities
|
£m
|
£m
|
£m
|
£m
|
£m
|
Bank deposits (5)
|
|
|
25,626
|
|
25,626
|
Customer deposits
|
|
|
432,975
|
|
432,975
|
Settlement balances
|
|
|
7,142
|
|
7,142
|
Trading liabilities
|
54,167
|
|
|
|
54,167
|
Derivatives (1)
|
60,849
|
|
|
|
60,849
|
Other financial liabilities (6)
|
|
3,288
|
54,987
|
|
58,275
|
Subordinated liabilities
|
|
229
|
5,803
|
|
6,032
|
Notes in circulation
|
|
|
3,254
|
|
3,254
|
Other liabilities (7)
|
|
|
666
|
3,789
|
4,455
|
30 June 2024
|
115,016
|
3,517
|
530,453
|
3,789
|
652,775
|
|
|
|
|
|
|
Bank deposits (5)
|
|
|
22,190
|
|
22,190
|
Customer deposits
|
|
|
431,377
|
|
431,377
|
Settlement balances
|
|
|
6,645
|
|
6,645
|
Trading liabilities
|
53,636
|
|
|
|
53,636
|
Derivatives (1)
|
72,395
|
|
|
|
72,395
|
Other financial liabilities (6)
|
|
2,888
|
52,201
|
|
55,089
|
Subordinated liabilities
|
|
237
|
5,477
|
|
5,714
|
Notes in circulation
|
|
|
3,237
|
|
3,237
|
Other liabilities (7)
|
|
|
748
|
4,454
|
5,202
|
31 December 2023
|
126,031
|
3,125
|
521,875
|
4,454
|
655,485
|
|
30 June 2024
|
|
31 December 2023
|
||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
Assets
|
|
|
|
|
|
|
|
|
|
Trading assets
|
|
|
|
|
|
|
|
|
|
Loans
|
-
|
26,008
|
230
|
26,238
|
|
-
|
33,388
|
209
|
33,597
|
Securities
|
15,097
|
4,639
|
-
|
19,736
|
|
8,447
|
3,493
|
14
|
11,954
|
Derivatives
|
|
|
|
|
|
|
|
|
|
Interest
rate
|
-
|
40,364
|
561
|
40,925
|
|
1
|
43,912
|
650
|
44,563
|
Foreign
exchange
|
-
|
26,314
|
132
|
26,446
|
|
-
|
34,096
|
65
|
34,161
|
Other
|
-
|
74
|
69
|
143
|
|
-
|
72
|
108
|
180
|
Other financial assets
|
|
|
|
|
|
|
|
|
|
Loans
|
-
|
352
|
416
|
768
|
|
-
|
108
|
657
|
765
|
Securities
|
17,969
|
9,690
|
248
|
27,907
|
|
17,848
|
10,536
|
258
|
28,642
|
Total financial assets held at fair value
|
33,066
|
107,441
|
1,656
|
142,163
|
|
26,296
|
125,605
|
1,961
|
153,862
|
As a % of total fair value assets
|
23%
|
76%
|
1%
|
|
|
17%
|
82%
|
1%
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Trading liabilities
|
|
|
|
|
|
|
|
|
|
Deposits
|
-
|
44,151
|
-
|
44,151
|
|
-
|
43,126
|
1
|
43,127
|
Debt securities in
issue
|
-
|
307
|
-
|
307
|
|
-
|
706
|
-
|
706
|
Short
positions
|
7,843
|
1,864
|
2
|
9,709
|
|
7,936
|
1,865
|
2
|
9,803
|
Derivatives
|
|
|
|
|
|
|
|
|
|
Interest
rate
|
-
|
34,698
|
440
|
35,138
|
|
-
|
38,044
|
439
|
38,483
|
Foreign
exchange
|
-
|
25,374
|
67
|
25,441
|
|
-
|
33,528
|
58
|
33,586
|
Other
|
-
|
119
|
151
|
270
|
|
-
|
138
|
188
|
326
|
Other financial liabilities
|
|
|
|
|
|
|
|
|
|
Debt securities in
issue
|
-
|
1,636
|
3
|
1,639
|
|
-
|
1,605
|
3
|
1,608
|
Other
deposits
|
-
|
1,626
|
23
|
1,649
|
|
-
|
1,280
|
-
|
1,280
|
Subordinated
liabilities
|
-
|
229
|
-
|
229
|
|
-
|
237
|
-
|
237
|
Total financial liabilities held at fair value
|
7,843
|
110,004
|
686
|
118,533
|
|
7,936
|
120,529
|
691
|
129,156
|
As a % of total fair value liabilities
|
7%
|
92%
|
1%
|
|
|
6%
|
93%
|
1%
|
|
(1)
|
Level 1
- Instruments valued using unadjusted quoted prices in active and
liquid markets, for identical financial instruments. Examples
include government bonds, listed equity shares and certain
exchange-traded derivatives.
Level 2
- Instruments valued using valuation techniques that have
observable inputs. Observable inputs are those that are readily
available with limited adjustments required. Examples include most
government agency securities, investment-grade corporate bonds,
certain mortgage products - including CLOs, most bank loans, repos
and reverse repos, state and municipal obligations, most notes
issued, certain money market securities, loan commitments and most
OTC derivatives.
Level 3
- Instruments valued using a valuation technique where at least one
input which could have a significant effect on the instrument's
valuation, is not based on observable market data. Examples include
non-derivative instruments which trade infrequently, certain
syndicated and commercial mortgage loans, private equity, and
derivatives with unobservable model inputs.
|
(2)
|
Transfers
between levels are deemed to have occurred at the beginning of the
quarter in which the instrument was transferred.
|
(3)
|
For an
analysis of debt securities held at mandatorily fair value through
profit or loss by issuer as well as ratings and derivatives, by
type and contract, refer to Risk and capital management - Credit
risk.
|
|
30 June
|
31 December
|
|
2024
|
2023
|
|
£m
|
£m
|
Funding - FVA
|
125
|
132
|
Credit - CVA
|
220
|
236
|
Bid - Offer
|
75
|
86
|
Product and deal specific
|
149
|
103
|
Total
|
569
|
557
|
|
30 June 2024
|
|
31 December 2023
|
||||
|
Level 3
|
Favourable
|
Unfavourable
|
|
Level 3
|
Favourable
|
Unfavourable
|
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
Assets
|
|
|
|
|
|
|
|
Trading assets
|
|
|
|
|
|
|
|
Loans
|
230
|
-
|
-
|
|
209
|
-
|
-
|
Securities
|
-
|
-
|
-
|
|
14
|
-
|
-
|
Derivatives
|
|
|
|
|
|
|
|
Interest
rate
|
561
|
20
|
(20)
|
|
650
|
20
|
(20)
|
Foreign
exchange
|
132
|
10
|
(10)
|
|
65
|
-
|
-
|
Other
|
69
|
-
|
-
|
|
108
|
10
|
(10)
|
Other financial assets
|
|
|
|
|
|
|
|
Loans
|
416
|
-
|
(10)
|
|
657
|
-
|
(40)
|
Securities
|
248
|
20
|
(40)
|
|
258
|
20
|
(50)
|
Total financial assets held at fair value
|
1,656
|
50
|
(80)
|
|
1,961
|
50
|
(120)
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
Trading liabilities
|
|
|
|
|
|
|
|
Deposits
|
-
|
-
|
-
|
|
1
|
-
|
-
|
Short
positions
|
2
|
-
|
-
|
|
2
|
-
|
-
|
Derivatives
|
|
|
|
|
|
|
|
Interest
rate
|
440
|
10
|
(10)
|
|
439
|
10
|
(10)
|
Foreign
exchange
|
67
|
-
|
-
|
|
58
|
-
|
-
|
Other
|
151
|
10
|
(10)
|
|
188
|
10
|
(10)
|
Other financial liabilities
|
|
|
|
|
|
|
|
Debt securities in
issue
|
3
|
-
|
-
|
|
3
|
-
|
-
|
Other
deposits
|
23
|
-
|
(20)
|
|
-
|
-
|
-
|
Total financial liabilities held at fair value
|
686
|
20
|
(40)
|
|
691
|
20
|
(20)
|
|
|
Other
|
Other
|
|
|
Other
|
Other
|
|
|
Derivatives
|
trading
|
financial
|
Total
|
Derivatives
|
trading
|
financial
|
Total
|
|
assets
|
assets (2)
|
assets (3)
|
assets
|
liabilities
|
liabilities (2)
|
liabilities
|
liabilities
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
At 1 January 2024
|
823
|
223
|
915
|
1,961
|
685
|
3
|
3
|
691
|
Amounts recorded in the income statement (1)
|
(70)
|
2
|
5
|
(63)
|
(28)
|
-
|
-
|
(28)
|
Amount recorded in the statement of comprehensive
income
|
-
|
-
|
(13)
|
(13)
|
-
|
-
|
-
|
-
|
Level 3 transfers in
|
7
|
-
|
-
|
7
|
1
|
-
|
23
|
24
|
Level 3 transfers out
|
(2)
|
(14)
|
(258)
|
(274)
|
(2)
|
(1)
|
-
|
(3)
|
Purchases/originations
|
82
|
25
|
23
|
130
|
67
|
1
|
-
|
68
|
Settlements/other decreases
|
(38)
|
(7)
|
-
|
(45)
|
(29)
|
-
|
-
|
(29)
|
Sales
|
(40)
|
-
|
(2)
|
(42)
|
(34)
|
(1)
|
-
|
(35)
|
Foreign exchange and other adjustments
|
-
|
1
|
(6)
|
(5)
|
(2)
|
-
|
-
|
(2)
|
At 30 June 2024
|
762
|
230
|
664
|
1,656
|
658
|
2
|
26
|
686
|
|
|
|
|
|
|
|
|
|
Amounts recorded in the income statement in respect of balances
held
|
|
|
|
|
|
|
|
|
at period end -
unrealised
|
116
|
-
|
4
|
120
|
123
|
-
|
-
|
123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 January 2023
|
1,007
|
396
|
930
|
2,333
|
975
|
1
|
-
|
976
|
Amounts recorded in the income statement (1)
|
(52)
|
(28)
|
-
|
(80)
|
(84)
|
-
|
-
|
(84)
|
Amount recorded in the statement of comprehensive
income
|
-
|
-
|
12
|
12
|
-
|
-
|
-
|
-
|
Level 3 transfers in
|
4
|
-
|
(72)
|
(68)
|
6
|
1
|
-
|
7
|
Level 3 transfers out
|
(2)
|
(32)
|
-
|
(34)
|
(5)
|
-
|
-
|
(5)
|
Purchases/originations
|
86
|
6
|
68
|
160
|
89
|
-
|
-
|
89
|
Settlements/other decreases
|
(20)
|
(4)
|
-
|
(24)
|
(27)
|
-
|
-
|
(27)
|
Sales
|
(92)
|
(58)
|
(25)
|
(175)
|
(54)
|
-
|
-
|
(54)
|
Foreign exchange and other adjustments
|
(1)
|
(3)
|
(15)
|
(19)
|
(5)
|
-
|
-
|
(5)
|
At 30 June 2023
|
930
|
277
|
898
|
2,105
|
895
|
2
|
-
|
897
|
|
|
|
|
|
|
|
|
|
Amounts recorded in the income statement in respect of balances
held
|
|
|
|
|
|
|
|
|
at period end -
unrealised
|
(52)
|
(28)
|
(1)
|
(81)
|
(84)
|
-
|
-
|
(84)
|
|
|
|
|
|
|
Items where
|
|
|
|
|
|
|
fair value
|
|
Carrying
|
|
Fair value hierarchy level
|
approximates
|
||
|
value
|
Fair value
|
Level 1
|
Level 2
|
Level 3
|
carrying value
|
30 June 2024
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
Financial assets
|
|
|
|
|
|
|
Cash and balances at central banks
|
115.8
|
115.8
|
-
|
-
|
-
|
115.8
|
Settlement balances
|
6.3
|
6.3
|
-
|
-
|
-
|
6.3
|
Loans to banks
|
6.0
|
6.0
|
-
|
1.3
|
0.8
|
3.9
|
Loans to customers
|
379.3
|
372.4
|
-
|
25.2
|
347.2
|
-
|
Other financial assets - securities
|
23.9
|
23.9
|
4.9
|
10.7
|
8.3
|
-
|
|
|
|
|
|
|
|
31 December 2023
|
|
|
|
|
|
|
Financial assets
|
|
|
|
|
|
|
Cash and balances at central banks
|
104.3
|
104.3
|
-
|
-
|
-
|
104.3
|
Settlement balances
|
7.2
|
7.2
|
-
|
-
|
-
|
7.2
|
Loans to banks
|
6.9
|
7.0
|
-
|
2.2
|
0.6
|
4.2
|
Loans to customers
|
381.4
|
373.2
|
-
|
27.5
|
345.7
|
-
|
Other financial assets - securities
|
21.7
|
21.6
|
4.0
|
6.6
|
11.0
|
-
|
|
|
|
|
|
|
|
30 June 2024
|
|
|
|
|
|
|
Financial liabilities
|
|
|
|
|
|
|
Bank deposits
|
25.6
|
25.6
|
-
|
17.5
|
3.7
|
4.4
|
Customer deposits
|
433.0
|
432.6
|
-
|
29.9
|
49.8
|
352.9
|
Settlement balances
|
7.1
|
7.1
|
-
|
-
|
-
|
7.1
|
Other financial liabilities
|
|
|
|
|
|
|
- debt
securities in issue
|
55.0
|
55.0
|
-
|
45.0
|
10.0
|
-
|
Subordinated liabilities
|
5.8
|
5.8
|
-
|
5.8
|
-
|
-
|
Notes in circulation
|
3.3
|
3.3
|
-
|
-
|
-
|
3.3
|
|
|
|
|
|
|
|
31 December 2023
|
|
|
|
|
|
|
Financial liabilities
|
|
|
|
|
|
|
Bank deposits
|
22.2
|
22.3
|
-
|
15.4
|
2.7
|
4.2
|
Customer deposits
|
431.4
|
431.0
|
-
|
30.7
|
48.8
|
351.5
|
Settlement balances
|
6.6
|
6.6
|
|
-
|
-
|
6.6
|
Other financial liabilities
|
|
|
|
|
|
|
- debt
securities in issue
|
52.2
|
52.2
|
-
|
41.7
|
10.5
|
-
|
Subordinated liabilities
|
5.5
|
5.4
|
-
|
5.4
|
-
|
-
|
Notes in circulation
|
3.2
|
3.2
|
-
|
-
|
-
|
3.2
|
|
30 June
|
31 December
|
|
2024
|
2023
|
Assets
|
£m
|
£m
|
Loans
|
|
|
Reverse
repos
|
18,245
|
23,694
|
Collateral
given
|
7,506
|
9,141
|
Other
loans
|
487
|
762
|
Total loans
|
26,238
|
33,597
|
Securities
|
|
|
Central and
local government
|
|
|
-
UK
|
5,170
|
2,729
|
-
US
|
5,507
|
2,600
|
-
Other
|
4,646
|
3,062
|
Financial
institutions and corporate
|
4,413
|
3,563
|
Total securities
|
19,736
|
11,954
|
Total
|
45,974
|
45,551
|
|
|
|
Liabilities
|
|
|
Deposits
|
|
|
Repos
|
29,321
|
26,902
|
Collateral
received
|
14,030
|
15,075
|
Other
deposits
|
800
|
1,150
|
Total deposits
|
44,151
|
43,127
|
Debt securities in issue
|
307
|
706
|
Short positions
|
|
|
Central
and local government
|
|
|
-
UK
|
2,515
|
1,893
|
-
US
|
813
|
2,071
|
- Other
|
4,836
|
4,049
|
Financial institutions and
corporate
|
1,545
|
1,790
|
Total short positions
|
9,709
|
9,803
|
Total
|
54,167
|
53,636
|
|
30 June
|
31 December
|
2024
|
2023
|
|
|
£m
|
£m
|
Loans - amortised cost and
FVOCI (1,2)
|
|
|
Stage 1
|
345,847
|
348,586
|
Stage 2
|
37,288
|
37,891
|
Stage 3
|
5,812
|
5,563
|
Of which: individual
|
1,216
|
1,031
|
Of which: collective
|
4,596
|
4,532
|
|
388,947
|
392,040
|
ECL provisions (3)
|
|
|
Stage 1
|
585
|
709
|
Stage 2
|
802
|
976
|
Stage 3
|
1,956
|
1,960
|
Of which: individual
|
366
|
332
|
Of which: collective
|
1,590
|
1,628
|
|
3,343
|
3,645
|
ECL provisions
coverage (4)
|
|
|
Stage 1 (%)
|
0.17
|
0.20
|
Stage 2 (%)
|
2.15
|
2.58
|
Stage 3 (%)
|
33.65
|
35.23
|
|
0.86
|
0.93
|
|
|
|
|
Half year ended
|
|
|
30 June
|
30 June
|
|
2024
|
2023
|
|
£m
|
£m
|
Impairment losses
|
|
|
ECL (release)/charge (5)
|
48
|
223
|
Stage 1
|
(364)
|
(209)
|
Stage 2
|
190
|
296
|
Stage 3
|
222
|
136
|
Of which: individual
|
80
|
13
|
Of which: collective
|
142
|
123
|
|
|
|
Amounts written off
|
369
|
122
|
Of which: individual
|
64
|
22
|
Of which: collective
|
305
|
100
|
|
|
|
|
Financial
|
|
|
|
Customer
|
Litigation and
|
|
commitments
|
|
|
|
redress
|
other regulatory
|
Property
|
and guarantees
|
Other (1)
|
Total
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
At 1 January 2024
|
486
|
156
|
99
|
78
|
171
|
990
|
Expected credit losses impairment release
|
-
|
-
|
-
|
(22)
|
-
|
(22)
|
Currency translation and other movements
|
1
|
1
|
-
|
-
|
(2)
|
-
|
Charge to income statement
|
39
|
18
|
32
|
-
|
228
|
317
|
Release to income statement
|
(22)
|
(20)
|
(21)
|
-
|
(16)
|
(79)
|
Provisions utilised
|
(50)
|
(18)
|
(11)
|
-
|
(85)
|
(164)
|
At 30 June 2024
|
454
|
137
|
99
|
56
|
296
|
1,042
|
|
30 June
|
31 December
|
2024
|
2023
|
|
|
£m
|
£m
|
Contingent liabilities and commitments
|
|
|
Guarantees
|
3,197
|
2,810
|
Other contingent liabilities
|
1,367
|
1,380
|
Standby facilities, credit lines and other commitments
|
118,218
|
115,441
|
Total
|
122,782
|
119,631
|
Richard
Haythornthwaite
|
John-Paul
Thwaite
|
Katie
Murray
|
Chair
|
Group
Chief Executive Officer
|
Group
Chief Financial Officer
|
Chair
|
Executive directors
|
Non-executive directors
|
Richard
Haythornthwaite
|
John-Paul
Thwaite
Katie
Murray
|
Frank
Dangeard
Roisin
Donnelly
Patrick
Flynn
Geeta
Gopalan
Yasmin
Jetha
Stuart
Lewis
Mark
Seligman
Lena
Wilson
|
|
30 June
2024
|
31
March
2024
|
31
December
2023
|
|
|
|
|
Ordinary
share price
(pence)
|
312
|
266
|
219
|
|
|
|
|
Number
of ordinary shares in issue (millions)
|
8,307
|
8,727
|
8,792
|
2024
third quarter interim management statement
|
25
October 2024
|
|
Management presentation
|
Fixed income call
|
Date:
|
26 July
2024
|
26 July
2024
|
Time:
|
9
am
|
1:30
pm
|
Zoom ID:
|
937
3466 0813
|
953
2264 1234
|
−
Interim
Results 2024 and presentation slides.
|
−
A
financial supplement containing income statement, balance sheet and
segment performance information for the five quarters ended 30 June
2024.
|
−
NatWest
Group Pillar 3 at 30 June 2024.
|
Measure
|
Description
|
Cost:income ratio (excl. litigation and conduct)
Refer
to table 2. Cost:income ratio (excl. litigation and conduct) on
page 115.
|
The
cost:income ratio (excl. litigation and conduct) is calculated as
other operating expenses (operating expenses less litigation and
conduct costs) divided by total income. Litigation and conduct
costs are excluded as they are one-off in nature, difficult to
forecast for Outlook purposes and distort period-on-period
comparisons.
|
Customer deposits excluding central items
Refer
to Segmental performance on pages 12-16 for components of
calculation.
|
Customer deposits excluding central items is calculated as total
NatWest Group customer deposits excluding Central items & other
customer deposits. Central items & other includes Treasury repo
activity and Ulster Bank RoI. The exclusion
of Central items & other removes the volatility relating to
Treasury repo activity and the reduction of deposits as part of our
withdrawal from the Republic of Ireland.
These items may distort period-on-period comparisons and their
removal gives the user of the financial statements a better
understanding of the movements in customer
deposits.
|
Funded assets
Refer
to Condensed consolidated balance sheet on page 79 for components
of calculation.
|
Funded assets is calculated as total assets less derivative assets.
This measure allows review of balance sheet trends exclusive of the
volatility associated with derivative fair
values.
|
Loan:deposit ratio (excl. repos and reverse repos)
Refer
to table 5. Loan:deposit ratio (excl. repos and reverse repos) on
page 116.
|
Loan:deposit
ratio (excl. repos and reverse repos) is calculated as net customer
loans held at amortised cost excluding reverse repos divided by
total customer deposits excluding repos. This metric is used to
assess liquidity.
The
removal of repos and reverse repos reduces volatility and presents
the ratio on a basis that is comparable to UK peers. The nearest
ratio using IFRS measures is: loan:deposit ratio - this is
calculated as net loans to customers held at amortised cost divided
by customer deposits.
|
NatWest Group return on tangible equity
Refer
to table 6. NatWest Group return on tangible equity on page
117.
|
NatWest
Group return on tangible equity comprises annualised profit or loss
for the period attributable to ordinary shareholders divided by
average tangible equity. Average tangible equity is average total
equity excluding average non-controlling interests, average other
owners' equity and average intangible assets. This measure shows
the return NatWest Group generates on tangible equity deployed. It
is used to determine relative performance of banks and used widely
across the sector, although different banks may calculate the rate
differently. The nearest ratio using IFRS measures is: return on
equity - this comprises profit attributable to ordinary
shareholders divided by average total equity.
|
Measure
|
Description
|
Net interest margin and average interest earning
assets
Refer
to Segmental performance on pages 12-16 for components of
calculation.
|
Net
interest margin is net interest income, as a percentage of average
interest earning assets (IEA). Average IEA are average IEA of the
banking business of NatWest Group and primarily consists of cash
and balances at central banks, loans to banks, loans to customers
and other financial assets mostly comprising of debt securities.
Average IEA shows the average asset base generating interest over
the period.
|
Net loans to customers excluding central items
Refer
to Segmental performance on pages 12-16 for components of
calculation.
|
Net
loans to customers excluding central items is calculated as total
NatWest Group net loans to customers excluding Central items &
other net loans to customers. Central items & other includes
Treasury reverse repo activity and Ulster Bank RoI. The exclusion
of Central items & other removes the volatility relating to
Treasury reverse repo activity and the reduction of loans to
customers as part of our withdrawal from the Republic of
Ireland.
This
allows for better period-on-period comparisons and gives the user
of the financial statements a better understanding of the movements
in net loans to customers.
|
Operating expenses excluding litigation and conduct
Refer
to table 4. Operating expenses - management view on page
116.
|
The
management analysis of operating expenses shows litigation and
conduct costs separately. These amounts are included within staff
costs and other administrative expenses in the statutory analysis.
Other operating expenses excludes litigation and conduct costs,
which are more volatile and may distort period-on-period
comparisons.
|
Segmental return on equity
Refer
to table 7. Segmental return on equity on page 117.
|
Segment
return on equity comprises segmental operating profit or loss,
adjusted for paid-in equity and tax, divided by average notional
equity. Average RWAe is defined as average segmental RWAs
incorporating the effect of capital deductions. This is multiplied
by an allocated equity factor for each segment to calculate the
average notional equity. This measure shows the return generated by
operating segments on equity deployed.
|
Tangible net asset value (TNAV) per ordinary share
Refer
to table 3. Tangible net asset value (TNAV) per ordinary share on
page 115.
|
TNAV
per ordinary share is calculated as tangible equity divided by the
number of ordinary shares in issue. This is a measure used by
external analysts in valuing the bank and allows for comparison
with other per ordinary share metrics including the share price.
The nearest ratio using IFRS measures is: net asset value (NAV) per
ordinary share - this comprises ordinary shareholders' interests
divided by the number of ordinary shares in issue.
|
Total income excluding notable items
Refer
to table 1. Total income excluding notable items on page
115.
|
Total
income excluding notable items is calculated as total income less
notable items. The exclusion of notable items aims to remove the
impact of one-offs and other items which may distort
period-on-period comparisons.
|
|
Half year ended
|
|
Quarter ended
|
|||
|
30 June
|
30 June
|
|
30 June
|
31 March
|
30 June
|
|
2024
|
2023
|
|
2024
|
2024
|
2023
|
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
Continuing operations
|
|
|
|
|
|
|
Total income
|
7,134
|
7,727
|
|
3,659
|
3,475
|
3,851
|
Less notable items:
|
|
|
|
|
|
|
Commercial & Institutional
|
|
|
|
|
|
|
Own credit
adjustments (OCA)
|
(7)
|
9
|
|
(2)
|
(5)
|
3
|
Central items & other
|
|
|
|
|
|
|
Liquidity
Asset Bond sale losses
|
-
|
(24)
|
|
-
|
-
|
(11)
|
Share of
associate profits/(losses) for Business Growth
Fund
|
11
|
(15)
|
|
4
|
7
|
(3)
|
Interest and
FX management derivatives not in hedge accounting
relationships
|
126
|
52
|
|
67
|
59
|
(23)
|
FX recycling
gains
|
-
|
322
|
|
-
|
-
|
322
|
|
130
|
344
|
|
69
|
61
|
288
|
Total income excluding notable items
|
7,004
|
7,383
|
|
3,590
|
3,414
|
3,563
|
|
Half year ended
|
|
Quarter ended
|
|||
|
30 June
|
30 June
|
|
30 June
|
31 March
|
30 June
|
|
2024
|
2023
|
|
2024
|
2024
|
2023
|
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
Continuing operations
|
|
|
|
|
|
|
Operating expenses
|
4,057
|
3,915
|
|
2,005
|
2,052
|
1,927
|
Less litigation and conduct costs
|
(101)
|
(108)
|
|
(77)
|
(24)
|
(52)
|
Other operating expenses
|
3,956
|
3,807
|
|
1,928
|
2,028
|
1,875
|
|
|
|
|
|
|
|
Total income
|
7,134
|
7,727
|
|
3,659
|
3,475
|
3,851
|
|
|
|
|
|
|
|
Cost:income ratio
|
56.9%
|
50.7%
|
|
54.8%
|
59.1%
|
50.0%
|
Cost:income ratio (excl. litigation and conduct)
|
55.5%
|
49.3%
|
|
52.7%
|
58.4%
|
48.7%
|
|
As at
|
||
|
30 June
|
31 March
|
31 December
|
|
2024
|
2024
|
2023
|
Ordinary shareholders' interests (£m)
|
32,831
|
33,958
|
33,267
|
Less intangible assets (£m)
|
(7,590)
|
(7,598)
|
(7,614)
|
Tangible equity (£m)
|
25,241
|
26,360
|
25,653
|
|
|
|
|
Ordinary shares in issue (millions) (1)
|
8,307
|
8,727
|
8,792
|
|
|
|
|
NAV per ordinary share (pence)
|
395p
|
389p
|
378p
|
TNAV per ordinary share (pence)
|
304p
|
302p
|
292p
|
|
Half year ended
|
|
Quarter ended
|
|||
|
30 June
|
30 June
|
|
30 June
|
31 March
|
30 June
|
|
2024
|
2023
|
|
2024
|
2024
|
2023
|
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
Other operating expenses
|
|
|
|
|
|
|
Staff expenses
|
2,112
|
1,974
|
|
1,064
|
1,047
|
948
|
Premises and equipment
|
579
|
570
|
|
286
|
293
|
284
|
Other administrative expenses
|
757
|
794
|
|
343
|
415
|
386
|
Depreciation and amortisation
|
508
|
469
|
|
235
|
273
|
257
|
Total other operating expenses
|
3,956
|
3,807
|
|
1,928
|
2,028
|
1,875
|
|
|
|
|
|
|
|
Litigation and conduct costs
|
|
|
|
|
|
|
Staff expenses
|
35
|
31
|
|
21
|
15
|
17
|
Other administrative expenses
|
66
|
77
|
|
56
|
9
|
35
|
Total litigation and conduct costs
|
101
|
108
|
|
77
|
24
|
52
|
|
|
|
|
|
|
|
Total operating expenses
|
4,057
|
3,915
|
|
2,005
|
2,052
|
1,927
|
Operating expenses excluding litigation and conduct
|
3,956
|
3,807
|
|
1,928
|
2,028
|
1,875
|
|
As at
|
||
|
30 June
|
31 March
|
31 December
|
|
2024
|
2024
|
2023
|
|
£m
|
£m
|
£m
|
Loans to customers - amortised cost
|
379,331
|
378,010
|
381,433
|
Less reverse repos
|
(24,961)
|
(23,120)
|
(27,117)
|
Loans to customers - amortised cost (excl. reverse
repos)
|
354,370
|
354,890
|
354,316
|
|
|
|
|
Customer deposits
|
432,975
|
432,793
|
431,377
|
Less repos
|
(6,846)
|
(11,437)
|
(10,844)
|
Customer deposits (excl. repos)
|
426,129
|
421,356
|
420,533
|
|
|
|
|
Loan:deposit ratio (%)
|
88%
|
87%
|
88%
|
Loan:deposit ratio (excl. repos and reverse repos) (%)
|
83%
|
84%
|
84%
|
|
|
|
|
|
|
Half
year ended and as at
|
|
Quarter ended and as at
|
|||
|
|
|
|
|
|
30 June
|
30 June
|
|
30 June
|
31 March
|
30 June
|
|
|
|
|
|
|
2024
|
2023
|
|
2024
|
2024
|
2023
|
|
|
|
|
|
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
Profit attributable to ordinary shareholders
|
|
|
|
|
|
2,099
|
2,299
|
|
1,181
|
918
|
1,020
|
Annualised profit attributable to ordinary
shareholders
|
|
|
|
|
|
4,198
|
4,598
|
|
4,724
|
3,672
|
4,080
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total equity
|
|
|
|
|
|
37,535
|
36,562
|
|
37,659
|
37,490
|
36,216
|
Adjustment for average other owners' equity and intangible
assets
|
|
|
|
|
(11,909)
|
(11,352)
|
|
(12,080)
|
(11,684)
|
(11,378)
|
|
Adjusted total tangible equity
|
|
|
|
|
|
25,626
|
25,210
|
|
25,579
|
25,806
|
24,838
|
Return on equity
|
|
|
|
|
|
11.2%
|
12.6%
|
|
12.5%
|
9.8%
|
11.3%
|
Return on tangible equity
|
|
|
|
|
|
16.4%
|
18.2%
|
|
18.5%
|
14.2%
|
16.4%
|
|
|
|
|
|
Half year ended 30 June 2024
|
|
Half year ended 30 June 2023
|
||||
|
|
|
|
|
Retail
|
Private
|
Commercial &
|
|
Retail
|
Private
|
Commercial &
|
|
|
|
|
|
Banking
|
Banking
|
Institutional
|
|
Banking
|
Banking
|
Institutional
|
Operating profit (£m)
|
|
|
|
|
1,098
|
99
|
1,707
|
|
1,560
|
234
|
1,741
|
Paid-in equity cost allocation (£m)
|
|
|
|
|
(34)
|
(8)
|
(83)
|
|
(30)
|
(11)
|
(86)
|
Adjustment for tax (£m)
|
|
|
|
|
(298)
|
(25)
|
(406)
|
|
(428)
|
(62)
|
(414)
|
Adjusted attributable profit (£m)
|
|
|
|
|
766
|
66
|
1,218
|
|
1,102
|
161
|
1,241
|
Annualised adjusted attributable profit (£m)
|
|
|
|
|
1,532
|
131
|
2,436
|
|
2,203
|
321
|
2,483
|
Average RWAe (£bn)
|
|
|
|
|
62.2
|
11.1
|
109.0
|
|
56.1
|
11.3
|
105.1
|
Equity factor
|
|
|
|
|
13.4%
|
11.2%
|
13.8%
|
|
13.5%
|
11.5%
|
14.0%
|
Average notional equity (£bn)
|
|
|
|
|
8.3
|
1.2
|
15.0
|
|
7.6
|
1.3
|
14.7
|
Return on equity (%)
|
|
|
|
|
18.4%
|
10.5%
|
16.2%
|
|
29.1%
|
24.7%
|
16.9%
|
|
Quarter ended 30 June 2024
|
|
Quarter ended 31 March 2024
|
|
Quarter ended 30 June 2023
|
||||||
|
Retail
|
Private
|
Commercial &
|
|
Retail
|
Private
|
Commercial &
|
|
Retail
|
Private
|
Commercial &
|
|
Banking
|
Banking
|
Institutional
|
|
Banking
|
Banking
|
Institutional
|
|
Banking
|
Banking
|
Institutional
|
Operating profit (£m)
|
609
|
66
|
938
|
|
489
|
33
|
769
|
|
766
|
101
|
747
|
Paid-in equity cost allocation (£m)
|
(18)
|
(4)
|
(43)
|
|
(16)
|
(4)
|
(40)
|
|
(15)
|
(6)
|
(42)
|
Adjustment for tax (£m)
|
(165)
|
(17)
|
(224)
|
|
(132)
|
(8)
|
(182)
|
|
(210)
|
(27)
|
(176)
|
Adjusted attributable profit (£m)
|
426
|
45
|
671
|
|
341
|
21
|
547
|
|
541
|
68
|
529
|
Annualised adjusted attributable profit (£m)
|
1,702
|
179
|
2,685
|
|
1,362
|
84
|
2,187
|
|
2,163
|
274
|
2,115
|
Average RWAe (£bn)
|
62.7
|
11.1
|
109.0
|
|
61.7
|
11.2
|
109.0
|
|
56.8
|
11.4
|
106.0
|
Equity factor
|
13.4%
|
11.2%
|
13.8%
|
|
13.4%
|
11.2%
|
13.8%
|
|
13.5%
|
11.5%
|
14.0%
|
Average notional equity (£bn)
|
8.4
|
1.2
|
15.0
|
|
8.3
|
1.3
|
15.0
|
|
7.7
|
1.3
|
14.8
|
Return on equity (%)
|
20.3%
|
14.4%
|
17.8%
|
|
16.5%
|
6.7%
|
14.6%
|
|
28.2%
|
20.8%
|
14.3%
|
Measure
|
Description
|
AUMAs
|
AUMAs
comprises both assets under management (AUMs) and assets under
administration (AUAs) serviced through the Private Banking segment.
AUMs comprise assets where the investment management is undertaken
by Private Banking on behalf of Private Banking, Retail Banking and
Commercial & Institutional customers.
AUAs
comprise i) third party assets held on an execution-only basis in
custody by Private Banking, Retail Banking and Commercial &
Institutional for their customers, for which the execution services
are supported by Private Banking, and for which Private Banking
receives a fee for providing investment management and execution
services to Retail Banking and Commercial & Institutional
business segments ii) AUA of Cushon, acquired on 1 June 2023, which
are supported by Private Banking and held and managed by third
parties.
This
measure is tracked and reported as the amount of funds that we
manage or administer, and directly impacts the level of investment
income that we receive.
|
AUM net
flows
|
AUM net
flows refer to client cash inflows and outflows relating to
investment products (this can include transfers from savings
accounts). AUM net flows exclude the impact of European Economic
Area (EEA) resident client outflows following the UK's exit from
the EU and Russian client outflows since Q1 2022.
AUM net
flows is reported and tracked to monitor the business performance
of new business inflows and management of existing client
withdrawals across Private Banking, Retail Banking and Commercial
& Institutional.
|
Climate
and sustainable funding and financing
|
The
climate and sustainable funding and financing metric is used by
NatWest Group to measure the level of support it provides
customers, through lending products and underwriting activities, to
help in their transition towards a net zero, climate resilient and
sustainable economy. We have a target to provide £100 billion
of climate and sustainable funding and financing between the 1 of
July 2021 and the end of 2025. As part of this, we aim to provide
at least £10 billion in lending for residential properties
with EPC ratings A and B between 1 January 2023 and the end of
2025.
|
Loan
impairment rate
|
Loan
impairment rate is the annualised loan impairment charge divided by
gross customer loans. This measure is used to assess the credit
quality of the loan book.
|
Third
party rates
|
Third party customer asset rate is calculated as annualised
interest receivable on third-party loans to customers as a
percentage of third-party loans to customers. This excludes assets
of disposal groups, intragroup items, loans to banks and liquid
asset portfolios. Third party customer funding rate reflects
interest payable or receivable on third-party customer deposits,
including interest bearing and non- interest bearing customer
deposits. Intragroup items, bank deposits, debt securities in issue
and subordinated liabilities are excluded for customer funding rate
calculation.
|
Wholesale
funding
|
Wholesale funding comprises deposits by banks (excluding repos),
debt securities in issue and subordinated liabilities. Funding risk
is the risk of not maintaining a diversified, stable and
cost-effective funding base. The disclosure of wholesale funding
highlights the extent of our diversification and how we mitigate
funding risk.
|
|
NATWEST
GROUP plc (Registrant)
|
|
|
|
By: /s/
Jan Cargill
|
|
|
|
Name:
Jan Cargill
|
|
Title:
Chief Governance Officer and Company Secretary
|
1 Year NatWest (PK) Chart |
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