FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For
July 26, 2024
Commission
File Number: 001-10306
NatWest
Group plc
Gogarburn,
PO Box 1000
Edinburgh
EH12 1HQ
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form
20-F X Form 40-F
___
Indicate
by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities
Exchange Act of 1934.
Yes ___
No X
If
"Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-
________
The following information was issued as Company announcements
in London, England and is furnished pursuant to General Instruction
B to the General Instructions to Form
6-K:
Condensed consolidated income statement
for the period ended 30 June 2024 (unaudited)
|
|
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
|
Condensed consolidated statement of comprehensive
income
for the period ended 30 June 2024 (unaudited)
|
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
|
(1)
Refer to footnote 3 of the consolidated statement of changes in
equity.
Condensed consolidated balance sheet
as at 30 June 2024 (unaudited)
|
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
|
Condensed consolidated statement of changes in equity
for the period ended 30 June 2024 (unaudited)
|
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
|
Condensed consolidated statement of changes in equity for the
period ended 30 June 2023 (unaudited) continued
|
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.
|
Condensed consolidated cash flow statement
for the period ended 30 June 2024 (unaudited)
|
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
|
Notes
1. Presentation of condensed consolidated financial
statements
The
condensed consolidated financial statements should be read in
conjunction with NatWest Group plc's 2023 Annual Report and
Accounts. The accounting policies are the same as those applied in
the consolidated financial statements.
The directors have prepared the condensed consolidated financial
statements on a going concern basis after assessing the principal
risks, forecasts, projections and other relevant evidence over the
twelve months from the date they are approved and in accordance
with IAS 34 Interim Financial Reporting, as adopted by the UK and
as issued by the International Accounting Standards Board (IASB),
and the Disclosure Guidance and Transparency Rules sourcebook of
the UK's Financial Conduct Authority.
Amendments to IFRS effective from 1 January 2024 had no material
effect on the condensed consolidated financial
statements.
2. Net interest income
|
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
|
Notes continued
3. Non-interest income
|
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
|
(1)
Refer to Note 5 for further analysis.
(2)
Includes fair value changes on derivatives which have not been
designated in a hedge accounting relationship and gains and losses
from the management of the NatWest Group's funding requirements
involving the use of derivatives including FX. These are aimed at
managing the interest rate and foreign exchange risk that NatWest
Group is exposed to.
(3)
Includes related derivatives.
(4)
Includes income from instruments that have failed solely payments
of principal and interest testing under IFRS 9. 30 June 2023
Includes £305 million FX recycled to profit or loss upon
completion of a capital repayment by UBIDAC.
Notes continued
4. Operating expenses
|
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
|
(1) Includes
depreciation on right of use assets of £53 million (30 June
2023 - £53 million).
Notes continued
5. Segmental analysis
The business is organised into
the following reportable segments: Retail Banking,
Private Banking, Commercial & Institutional and Central items
& other.
Analysis of operating profit/(loss) before tax
The following tables provide a segmental analysis of operating
profit/(loss) before tax by the main income statement
captions.
|
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
|
Notes continued
5. Segmental analysis
Total revenue (1)
|
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
|
(1) Total
revenue comprises interest receivable, fees and commissions
receivable, income from trading activities and other operating
income.
Total assets and liabilities
|
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
|
Notes continued
5. Segmental analysis continued
Analysis of net fees and commissions
|
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
|
Notes continued
6. Tax
The
actual tax charge differs from the expected tax charge computed by
applying the standard UK corporation tax rate of 25% (2023 -
23.5%), as analysed below:
|
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)
|
At 30 June 2024, NatWest Group has recognised a deferred tax asset
of £1,719 million (31 December 2023 - £1,894 million) and
a deferred tax liability of £108 million (31 December 2023 -
£141 million). These
amounts include deferred tax assets recognised in respect of
trading losses of £853 million (31 December 2023 - £1,019
million). NatWest
Group has
considered the carrying value of these assets as at 30 June 2024
and concluded that they are recoverable.
Notes continued
7. Financial instruments - classification
The
following tables analyse financial assets and liabilities in
accordance with the categories of financial instruments in IFRS
9.
|
|
|
|
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
|
For the notes to this table refer to the following
page.
Notes continued
7. Financial instruments - classification continued
|
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
|
(1)
Includes net hedging derivative assets of £103 million (31
December 2023 - £114 million) and net hedging derivative
liabilities of £359 million (31 December 2023 - £270
million).
(2)
Includes items in the course of collection from other banks of
£281 million (31 December 2023 - £255
million).
(3)
Includes finance lease receivables of £8,974 million (31
December 2023 - £8,731 million).
(4)
Includes £972 million (31 December 2023 - £841 million)
of assets of disposal groups held at FVTPL. The portfolio is
classified as level 3 in the fair value hierarchy.
(5)
Includes items in the course of transmission to other banks of
£496 million (31 December 2023 - £92
million).
(6)
The carrying amount of other customer accounts designated at fair
value through profit or loss is the same as the principal amount
for both periods. No amounts have been recognised in the profit or
loss for changes in credit risk associated with these liabilities
as the changes are immaterial both during the period and
cumulatively.
(7)
Includes lease liabilities of £610 million (31 December 2023 -
£670 million), held at amortised cost.
Notes continued
8. Financial instruments - valuation
Disclosures relating to the
control environment, valuation techniques and related aspects
pertaining to financial instruments measured at fair value are
included in NatWest Group plc's 2023 Annual Report and
Accounts. Valuation,
sensitivity methodologies and inputs at 30 June 2024 are consistent
with those described in Note 11 to NatWest Group plc's 2023 Annual
Report and Accounts.
Fair value hierarchy
The
table below shows the assets and liabilities held by NatWest Group
split by fair value hierarchy level. Level 1 are considered the
most liquid instruments, and level 3 the most illiquid, valued
using expert judgment and hence carry the most significant price
uncertainty.
|
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.
|
Notes continued
8. Financial instruments - valuation continued
Valuation adjustments
When
valuing financial instruments in the trading book, adjustments are
made to mid-market valuations to cover bid-offer spread, funding
and credit risk. These adjustments are presented in the table
below. For further information refer to the descriptions of
valuation adjustments within 'Financial instruments - valuation' on
page 345 of NatWest Group plc's 2023 Annual Report and
Accounts.
|
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
|
− Valuation reserves comprising credit
valuation adjustments (CVA), funding valuation adjustment (FVA),
bid-offer and product and deal specific reserves, increased to
£569 million at 30 June 2024 (31 December 2023 - £557
million).
− The movements in FVA and CVA were driven by
a reduction in exposure as interest rates increased. The decrease
in bid-offer was driven by overall risk reduction over the period.
Product and deal specific increased following valuation adjustments
on specific trades.
Notes continued
8. Financial instruments - valuation continued
Level 3 sensitivities
The
table below shows the high and low range of fair value of the level
3 assets and liabilities.
|
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)
|
Alternative assumptions
Reasonably
plausible alternative assumptions of unobservable inputs are
determined based on a specified target level of certainty of 90%.
Alternative assumptions are determined with reference to all
available evidence including consideration of the following:
quality of independent pricing information considering consistency
between different sources, variation over time, perceived
tradability or otherwise of available quotes; consensus service
dispersion ranges; volume of trading activity and market bias (e.g.
one-way inventory); day 1 profit or loss arising on new trades;
number and nature of market participants; market conditions;
modelling consistency in the market; size and nature of risk;
length of holding of position; and market
intelligence.
Notes continued
8. Financial instruments - valuation continued
Movement in level 3 assets and liabilities
The
following table shows the movement in level 3 assets and
liabilities.
|
|
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)
|
(1)
There were £40 million net losses on trading assets and
liabilities (30 June 2023 - £4 million net losses) recorded in
income from trading activities. Net gains on other instruments of
£5 million (30 June 2023 - nil) were recorded in other
operating income and interest income as appropriate.
(2)
Other trading assets and other trading liabilities comprise assets
and liabilities held at fair value in trading
portfolios.
(3) Other
financial assets comprise fair value through other comprehensive
income, designated as at fair value through profit or loss and
other fair value through profit or loss.
Notes continued
8. Financial instruments - valuation continued
Fair value of financial instruments measured at amortised cost on
the balance sheet
The following table
shows the carrying value and fair value of financial instruments
carried at amortised cost on the balance sheet.
|
|
|
|
|
|
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
|
The assumptions and methodologies underlying the calculation of
fair values of financial instruments at the balance sheet date are
as follows:
Short-term financial instruments
For
certain short-term financial instruments: cash and balances at
central banks, items in the course of collection from other banks,
settlement balances, items in the course of transmission to other
banks, customer demand deposits and notes in circulation, carrying
value is deemed a reasonable approximation of fair
value.
Loans to banks and customers
In
estimating the fair value of net loans to customers and banks
measured at amortised cost, NatWest Group's loans are segregated
into appropriate portfolios reflecting the characteristics of the
constituent loans. Two principal methods are used to estimate fair
value: contractual cash flows and expected cash flows.
Debt securities and subordinated liabilities
Most
debt securities are valued using quoted prices in active markets or
from quoted prices of similar financial instruments in active
markets. For the remaining population, fair values are determined
using market standard valuation techniques, such as discounted cash
flows.
Bank and customer deposits
Fair value of
deposits is estimated using discounted cash flow valuation
techniques.
Notes continued
9. Trading assets and liabilities
Trading
assets and liabilities comprise assets and liabilities held at fair
value in trading portfolios.
|
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
|
Notes continued
10. Loan impairment provisions
Loan exposure and impairment metrics
The
table below summarises loans and related credit impairment measures
on an IFRS 9 basis.
|
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
|
(1)
The table shows gross loans only and excludes amounts that were
outside the scope of the ECL framework. Other financial assets
within the scope of the IFRS 9 ECL framework were cash and balances
at central banks totalling £114.8 billion (31 December 2023 -
£103.1 billion) and debt securities of £51.4 billion (31
December 2023 - £50.1 billion).
(2)
Fair value through other comprehensive income (FVOCI). Includes
loans to customers and banks.
(3) Includes
£4 million (31 December 2023 - £9 million) related to
assets classified as FVOCI and £0.1 billion (31 December 2023
- £0.1 billion) related to off-balance sheet
exposures.
(4)
ECL provisions coverage is calculated as ECL provisions divided by
loans - amortised cost and FVOCI. It is calculated on loans and
total ECL provisions, including ECL for other (non-loan) assets and
unutilised exposure. Some segments with a high proportion of debt
securities or unutilised exposure may result in a not meaningful
(nm) coverage ratio.
(5) Includes
a £6 million release (June 2023 - £5 million release)
related to other financial assets, of which £5 million release
(June 2023 - £1 million charge) related to assets classified
as FVOCI and includes a £4 million charge (June 2023 - £3
million release) related to contingent
liabilities.
Notes continued
11. Provisions for liabilities and charges
|
|
|
|
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
|
(1) Other
materially comprises of provisions relating to restructuring costs
and Bank of England Levy. The charge for the year includes
restructuring costs of £149 million and Bank of England Levy
of £79 million.
Provisions are liabilities of uncertain timing or amount and are
recognised when there is a present obligation as a result of a past
event, the outflow of economic benefit is probable and the outflow
can be estimated reliably. Any difference between the final outcome
and the amounts provided will affect the reported results in the
period when the matter is resolved.
12. Dividends
The
2023 final dividend was approved by shareholders at the Annual
General Meeting on 23 April 2024 and the payment made on 29 April
2024 to shareholders on the register at the close of business on 15
March 2024.
NatWest Group plc announces an interim dividend for 2024 of
£500 million or 6 pence per ordinary share. The interim
dividend will be paid on 13 September 2024 to shareholders on the
register at close of business on 9 August 2024. The ex-dividend
date will be 8 August 2024.
13. Contingent liabilities and commitments
The
amounts shown in the table below are intended only to provide an
indication of the volume of business outstanding at 30 June 2024.
Although NatWest Group is exposed to credit risk in the event of a
customer's failure to meet its obligations, the amounts shown do
not, and are not intended to, provide any indication of NatWest
Group's expectation of future losses.
|
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
|
Commitments and contingent obligations are subject to NatWest
Group's normal credit approval processes.
Notes continued
14. Litigation and regulatory matters
NatWest
Group plc and certain members of NatWest Group are party to various
legal proceedings and are involved in, or subject to, various
regulatory matters, including as the subject of investigations and
other regulatory and governmental action (Matters) in the United
Kingdom (UK), the United States (US), the European Union (EU) and
other jurisdictions.
NatWest Group recognises a provision for a liability in relation to
these Matters when it is probable that an outflow of economic
benefits will be required to settle an obligation resulting from
past events, and a reliable estimate can be made of the amount of
the obligation.
In many of the Matters, it is not possible to determine whether any
loss is probable, or to estimate reliably the amount of any loss,
either as a direct consequence of the relevant proceedings and
regulatory matters or as a result of adverse impacts or
restrictions on NatWest Group's reputation, businesses and
operations. Numerous legal and factual issues may need to be
resolved, including through potentially lengthy discovery and
document production exercises and determination of important
factual matters, and by addressing novel or unsettled legal
questions relevant to the proceedings in question, before the
probability of a liability, if any, arising can reasonably be
estimated in respect of any Matter. NatWest Group cannot predict
if, how, or when such claims will be resolved or what the eventual
settlement, damages, fine, penalty or other relief, if any, may be,
particularly for Matters that are at an early stage in their
development or where claimants seek substantial or indeterminate
damages.
There are situations where NatWest Group may pursue an approach
that in some instances leads to a settlement agreement. This may
occur in order to avoid the expense, management distraction or
reputational implications of continuing to contest liability, or in
order to take account of the risks inherent in defending or
contesting Matters, even for those for which NatWest Group believes
it has credible defences and should prevail on the merits. The
uncertainties inherent in all Matters affect the amount and timing
of any potential economic outflows for both Matters with respect to
which provisions have been established and other contingent
liabilities in respect of any such Matter.
It is not practicable to provide an aggregate estimate of potential
liability for our Matters as a class of contingent
liabilities.
The future economic outflow in respect of any Matter may ultimately
prove to be substantially greater than, or less than, the aggregate
provision, if any, that NatWest Group has recognised in respect of
such Matter. Where a reliable estimate of the economic outflow
cannot be reasonably made, no provision has been recognised.
NatWest Group expects that in future periods, additional provisions
and economic outflows relating to Matters that may or may not be
currently known by NatWest Group will be necessary, in amounts that
are expected to be substantial in some instances. Refer to Note 11
for information on material provisions.
Matters which are, or could be, material, either individually or in
aggregate, having regard to NatWest Group, considered as a whole,
in which NatWest Group is currently involved are set out below. We
have provided information on the procedural history of certain
Matters, where we believe appropriate, to aid the understanding of
the Matter.
For a discussion of certain risks associated with NatWest Group's
litigation and regulatory matters (including the Matters), refer to
the Risk Factor relating to legal, regulatory and governmental
actions and investigations set out on pages 440 to 441 of NatWest
Group plc's 2023 Annual Report and Accounts.
Litigation
London
Interbank Offered Rate (LIBOR) and other rates
litigation
NWM Plc and certain other members of NatWest Group, including
NatWest Group plc, are defendants in a number of claims pending in
the United States District Court for the Southern District of New
York (SDNY) with respect to the setting of USD LIBOR. The
complainants allege that certain members of NatWest Group and other
panel banks violated various federal laws, including the US
commodities and antitrust laws, and state statutory and common law,
as well as contracts, by manipulating LIBOR and prices of
LIBOR-based derivatives in various markets through various
means.
Several purported class actions relating to USD LIBOR, as well as
more than a dozen non-class actions concerning USD LIBOR and
involving NatWest Group companies, are part of a co-ordinated
proceeding in the SDNY. The class actions include claims on behalf
of persons who purchased LIBOR-linked instruments from defendants,
bonds issued by defendants, persons who transacted futures and
options on exchanges, and lenders who made LIBOR-based loans. The
coordinated proceeding is currently in the discovery
phase.
Notes continued
14.
Litigation and regulatory matters continued
In
March 2024, NatWest Group companies reached an agreement, which
remains subject to final court approval, to settle the USD LIBOR
class action that asserts claims on behalf of lenders who
made LIBOR based loans. In April 2024, NatWest Group companies
reached an agreement, which remains subject to final court
approval, to settle the USD LIBOR class action that asserts claims
on behalf of persons who transacted futures and options on
exchanges. The settlement amounts are covered in full by existing
provisions.
The non-class claims filed in the SDNY include claims that the
Federal Deposit Insurance Corporation (FDIC) is asserting on behalf
of certain failed US banks. In July 2017, the FDIC, on behalf of 39
of those failed US banks, commenced substantially similar claims
against NatWest Group companies and others in the High Court of
Justice of England and Wales. The action alleges collusion with
regard to the setting of USD LIBOR and that the defendants breached
UK and European competition law, as well as asserting common law
claims of fraud under US law. The defendant banks consented to a
request by the FDIC for discontinuance of the claim in respect of
20 failed US banks, leaving 19 failed US banks as claimants. The
trial is currently anticipated to commence in Q1 2026.
In addition to the USD LIBOR cases described above, there is a
class action relating to derivatives allegedly tied to JPY LIBOR
and Euroyen TIBOR, which was dismissed by the SDNY in relation to
NWM Plc and other NatWest Group companies in September 2021. That
dismissal may be the subject of a future appeal.
Two other IBOR-related class actions involving NWM Plc, concerning
alleged manipulation of Euribor and Pound Sterling LIBOR, were
previously dismissed by the SDNY for various reasons. The
plaintiffs' appeals in those two cases remain pending.
In August 2020, a complaint was filed in the United States District
Court for the Northern District of California by several United
States retail borrowers against the USD ICE LIBOR panel banks and
their affiliates (including NatWest Group plc, NWM Plc, NWMSI and
NWB Plc), alleging (i) that the very process of setting USD ICE
LIBOR amounts to illegal price-fixing; and (ii) that banks in the
United States have illegally agreed to use LIBOR as a component of
price in variable retail loans. In September 2022, the district
court dismissed the complaint.
The plaintiffs filed an amended complaint but in October 2023, the
district court dismissed that complaint as well, and indicated that
further amendment would not be permitted. The plaintiffs have
commenced an appeal to the United States Court of Appeals for the
Ninth Circuit, which is currently pending.
NWM Plc is also named as a defendant in a motion to certify a class
action relating to LIBOR in the Tel Aviv District Court in Israel.
NWM Plc filed a motion for cancellation of service outside the
jurisdiction, which was granted in July 2020. The claimants
appealed that decision and in November 2020 the appeal was refused
and the claim dismissed by the Appellate Court. The claim could in
future be recommenced depending on the outcome of an appeal to
Israel's Supreme Court in respect of the dismissal of the
substantive case against banks that had a presence in
Israel.
Foreign exchange litigation
NWM
Plc, NWMSI and/or NatWest Group plc are defendants in several cases
relating to NWM Plc's foreign exchange (FX) business.
An FX-related class action, on behalf of 'consumers and end-user
businesses', was proceeding in the SDNY against NWM Plc and others.
In March 2023, the court granted summary judgment in favour of the
defendants, dismissing the plaintiffs' claims. The plaintiffs
appealed that decision but the appeal was denied by the United
States Court of Appeals for the Second Circuit (US Court of
Appeals), subject to potential review by the United States Supreme
Court.
In May 2019, a cartel class action was filed in the Federal Court
of Australia against NWM Plc and four other banks on behalf of
persons who bought or sold currency through FX spots or forwards
between 1 January 2008 and 15 October 2013 with a total transaction
value exceeding AUD 0.5 million. The claimant has alleged that the
banks, including NWM Plc, contravened Australian competition law by
sharing information, coordinating conduct, widening spreads and
manipulating FX rates for certain currency pairs during this
period. NatWest Group plc and NWMSI have been named in the action
as 'other cartel participants', but are not respondents. The claim
was served in June 2019 and NWM Plc filed its defence in March
2022. The court has ordered that potential class members are
required to either opt out of the proceedings or register to be
included in or benefit from any potential settlement of the
claim.
In July and December 2019, two separate applications seeking
opt-out collective proceedings orders were filed in the UK
Competition Appeal Tribunal (CAT) against NatWest Group plc, NWM
Plc and other banks. Both applications were brought on behalf of
persons who, between 18 December 2007 and 31 January 2013, entered
into a relevant FX spot or outright forward transaction in the
European Economic Area with a relevant financial institution or on
an electronic communications network. In March 2022, the CAT
declined to certify as collective proceedings either of the
applications, which was appealed by the applicants and the subject
of an application for judicial review.
Notes continued
14. Litigation and regulatory matters continued
In
its amended judgment in November 2023, the Court of Appeal allowed
the appeal and decided that the claims should proceed on an opt-out
basis. Separately, the court determined which of the two competing
applicants can proceed as class representative, and dismissed the
application for judicial review of the CAT's decision. The other
applicant has discontinued its claim and withdrawn from the
proceedings. The banks sought permission to appeal the Court of
Appeal decision directly to the UK Supreme Court, which was granted
in April 2024.
Two motions to certify FX-related class actions were filed in the
Tel Aviv District Court in Israel in September and October 2018,
and were subsequently consolidated into one motion. The
consolidated motion to certify, which names The Royal Bank of
Scotland plc (now NWM Plc) and several other banks as defendants,
was served on NWM Plc in May 2020. The applicants sought the
court's permission to amend their motions to certify the class
actions. NWM Plc filed a motion challenging the permission granted
by the court for the applicants to serve the consolidated motion
outside the Israeli jurisdiction. That NWM Plc motion remains
pending. In February 2024, NWM Plc executed an agreement to settle
the claim, subject to court approval. The settlement amount is
covered in full by an existing provision.
In December 2021, a summons was served in the Netherlands against
NatWest Group plc, NWM Plc and NWM N.V. by Stichting FX Claims on
behalf of a number of parties, seeking declarations from the court
concerning liability for anti-competitive FX market conduct
described in decisions of the European Commission (EC) of 16 May
2019, along with unspecified damages. The claimant amended its
claim to also refer to a 2 December 2021 decision by the EC, which
described anti-competitive FX market conduct. NatWest Group plc,
NWM Plc and other defendants contested the jurisdiction of the
Dutch court. In March 2023, the district court in Amsterdam
accepted that it has jurisdiction to hear claims against NWM N.V.
but refused jurisdiction to hear any claims against the other
defendant banks (including NatWest Group plc and NWM Plc) brought
on behalf of the parties represented by the claimant that are
domiciled outside of the Netherlands. The claimant is appealing
that decision. The defendant banks have brought cross-appeals which
seek a ruling that the Dutch court has no jurisdiction to hear any
claims against the defendant banks domiciled outside of the
Netherlands, irrespective of whether the claim has been brought on
behalf of a party represented by the claimant that is domiciled
within or outside of the Netherlands. The Amsterdam Court of Appeal
has stayed these appeal proceedings until the Court of Justice of
the European Union has answered preliminary questions that have
been referred to it in another matter.
In September 2023, second summonses were served by Stichting FX
Claims on NWM N.V., NatWest Group plc and NWM Plc, for claims on
behalf of a new group of parties that have been brought before the
district court in Amsterdam. The summonses seek declarations from
the Dutch court concerning liability for anti-competitive FX market
conduct described in the above referenced decisions of the EC of 16
May 2019 and 2 December 2021, along with unspecified damages.
NatWest Group plc, NWM Plc and other defendants are contesting the
Dutch court's jurisdiction. The district court has stayed
proceedings pending judgment in the above-mentioned
appeals.
In May 2024, a new letter of claim was received from Stichting FX
Claims on behalf of a further group of parties, containing
allegations that are similar in nature to those contained in the
above-mentioned claims.
Certain other foreign exchange transaction related claims have been
or may be threatened. NatWest Group cannot predict whether all or
any of these claims will be pursued.
Government securities antitrust litigation
Class action antitrust claims commenced in March 2019 are pending
in the SDNY against NWM Plc, NWMSI and other banks in respect of
Euro-denominated bonds issued by various European central banks
(European government bonds or EGBs). The complaint alleges a
conspiracy among dealers of EGBs to widen the bid-ask spreads they
quoted to customers, thereby increasing the prices customers paid
for the EGBs or decreasing the prices at which customers sold EGBs.
The class consists of those who purchased or sold EGBs in the US
between 2007 and 2012. Previously, in March 2022, the SDNY
dismissed the claims against NWM Plc and NWMSI on the ground that
the complaint's conspiracy allegations were insufficient. However,
in September 2023, the SDNY ruled that new allegations which
plaintiffs have included in an amended complaint are sufficient to
bring those NatWest entities back into the case as
defendants.
In March 2024, NatWest Group companies reached an agreement,
subject to court approval, to settle the class action. The
settlement amount is covered in full by an existing
provision.
Notes continued
14. Litigation and regulatory matters continued
Swaps antitrust litigation
NWM
Plc and other members of NatWest Group, including NatWest Group
plc, as well as a number of other interest rate swap dealers, are
defendants in several cases pending in the SDNY alleging violations
of the US antitrust laws in the market for interest rate swaps.
There is a consolidated class action complaint on behalf of persons
who entered into interest rate swaps with the defendants, as well
as non-class action claims by three swap execution facilities
(TeraExchange, Javelin, and trueEx). The plaintiffs allege that the
swap execution facilities would have successfully established
exchange-like trading of interest rate swaps if the defendants had
not unlawfully conspired to prevent that from happening through
boycotts and other means. Discovery in the non-class action claims
is complete. In March 2024, NatWest Group companies reached an
agreement to settle the class action, which remains subject to
court approval. The settlement amount is covered in full by an
existing provision.
In June 2021, a class action antitrust complaint was filed against
a number of credit default swap dealers, in New Mexico federal
court on behalf of persons who, from 2005 onwards, settled credit
default swaps in the United States by reference to the ISDA credit
default swap auction protocol. The complaint alleges that the
defendants conspired to manipulate that benchmark through various
means in violation of the antitrust laws and the Commodity Exchange
Act. The defendants filed a motion to dismiss the complaint and, in
June 2023, such motion was denied as regards to NWMSI and other
financial institutions, but granted as regards to NWM Plc on the
ground that the court lacks jurisdiction over that entity. As a
result, the case entered the discovery phase as against the
non-dismissed defendants. In January 2024, the SDNY issued an order
barring the plaintiffs in the New Mexico case from pursuing claims
based on conduct occurring before 30 June 2014 on the ground that
such claims were extinguished by a 2015 settlement agreement that
resolved a prior class action relating to credit default swaps. The
SDNY's decision is the subject of a pending appeal to the US Court
of
Appeals.
Odd lot corporate bond trading antitrust litigation
In July 2024, the US Court of Appeals vacated the
SDNY's October 2021 dismissal of the class action antitrust
complaint alleging that from August 2006 onwards various securities
dealers, including NWMSI, conspired artificially to widen spreads
for odd lots of corporate bonds bought or sold in the United States
secondary market and to boycott electronic trading platforms that
would have allegedly promoted pricing competition in the market for
such bonds. The appellate court held that the district judge who
made the decision should not have been presiding over the case
because a member of the judge's family had owned stock in one of
the defendants while the motion was pending. The
case will now return to the SDNY where the defendants will seek
dismissal by a different district court judge.
Spoofing litigation
In
December 2021, three substantially similar class actions complaints
were filed in federal court in the United States against NWM Plc
and NWMSI alleging Commodity Exchange Act and common law unjust
enrichment claims arising from manipulative trading known as
spoofing. The complaints refer to NWM Plc's December 2021
spoofing-related guilty plea (described below under "US
investigations relating to fixed-income securities") and purport to
assert claims on behalf of those who transacted in US Treasury
securities and futures and options on US Treasury securities
between 2008 and 2018. In July 2022, defendants filed a motion to
dismiss these claims, which have been consolidated into one matter
in the United States District Court for the Northern District of
Illinois.
Madoff
NWM
N.V. was named as a defendant in two actions filed by the trustee
for the bankrupt estates of Bernard L. Madoff and Bernard L. Madoff
Investment Securities LLC, in bankruptcy court in New York, which
together seek to clawback more than US$298 million that NWM N.V.
allegedly received from certain Madoff feeder funds and certain
swap counterparties. The claims were previously dismissed, but as a
result of an August 2021 decision by the US Court of Appeals, they
are now proceeding in the discovery phase in the bankruptcy court,
where they have been consolidated into one action.
Offshoring VAT assessments
HMRC issued protective tax assessments in 2018 against NatWest
Group plc totalling £143 million relating to unpaid VAT in
respect of the UK branches of two NatWest Group companies
registered in India. NatWest Group formally requested
reconsideration by HMRC of their assessments, and this process was
completed in November 2020. HMRC upheld their original decision
and, as a result, NatWest Group plc lodged an appeal with the Tax
Tribunal and an application for judicial review with the High Court
of Justice of England and Wales, both in December 2020. In order to
lodge the appeal with the Tax Tribunal, NatWest Group plc was
required to pay £143 million to HMRC, and payment was made in
December 2020. The appeal and the application for judicial review
have both been stayed pending resolution of separate cases
involving other banks.
US Anti-Terrorism Act litigation
NWM
N.V. and certain other financial institutions are defendants in
several actions filed by a number of US nationals (or their
estates, survivors, or heirs), most of whom are or were US military
personnel, who were killed or injured in attacks in Iraq between
2003 and 2011. NWM Plc is also a defendant in some of these
cases.
Notes continued
14. Litigation and regulatory matters continued
According
to the plaintiffs' allegations, the defendants are liable for
damages arising from the attacks because they allegedly conspired
with and/or aided and abetted Iran and certain Iranian banks to
assist Iran in transferring money to Hezbollah and the Iraqi terror
cells that committed the attacks, in violation of the US
Anti-Terrorism Act, by agreeing to engage in 'stripping' of
transactions initiated by the Iranian banks so that the Iranian
nexus to the transactions would not be detected.
The first of these actions, alleging conspiracy claims but not
aiding and abetting claims, was filed in the United States District
Court for the Eastern District of New York in November 2014. In
September 2019, the district court dismissed the case, finding that
the claims were deficient for several reasons, including lack of
sufficient allegations as to the alleged conspiracy and causation.
In January 2023, the US Court of Appeals affirmed the district
court's dismissal of this case. The plaintiffs have now filed a
motion in the district court to re-open the case to assert aiding
and abetting claims that they previously did not assert, which the
defendants are opposing. Another action, filed in the SDNY in 2017,
which asserted both conspiracy and aiding and abetting claims, was
dismissed by the SDNY in March 2019 on similar grounds as the first
case, but remains subject to appeal to the US Court of Appeals.
Other follow-on actions that are substantially similar to those
described above are pending in the same courts.
1MDB litigation
A
Malaysian court claim was served in Switzerland in November 2022 by
1MDB, a sovereign wealth fund, in which Coutts & Co Ltd was
named, along with six others, as a defendant in respect of losses
allegedly incurred by 1MDB. It is claimed that Coutts & Co Ltd
is liable as a constructive trustee for having dishonestly assisted
the directors of 1MDB in the breach of their fiduciary duties by
failing (amongst other alleged claims) to undertake due diligence
in relation to a customer of Coutts & Co Ltd, through which
funds totalling c.US$1 billion were received and paid out between
2009 and 2011. 1MDB seeks the return of that amount plus interest.
Coutts & Co Ltd filed an application in January 2023
challenging the validity of service and the Malaysian court's
jurisdiction to hear the claim, and a hearing took place in
February 2024. In March 2024, the court granted that application.
1MDB filed an appeal in April 2024.
Coutts & Co Ltd (a subsidiary of RBS Netherlands Holdings B.V.,
which in turn is a subsidiary of NWM Plc) is a company registered
in Switzerland and is in wind-down following the announced sale of
its business assets in 2015.
Regulatory matters (including investigations and customer redress
programmes)
NatWest
Group's businesses and financial condition can be affected by the
actions of various governmental and regulatory authorities in the
UK, the US, the EU and elsewhere. NatWest Group has engaged, and
will continue to engage, in discussions with relevant governmental
and regulatory authorities, including in the UK, the US, the EU and
elsewhere, on an ongoing and regular basis, and in response to
informal and formal inquiries or investigations, regarding
operational, systems and control evaluations and issues including
those related to compliance with applicable laws and regulations,
including consumer protection, investment advice, business conduct,
competition/anti-trust, VAT recovery, anti-bribery, anti-money
laundering and sanctions regimes.
NatWest Group expects government and regulatory intervention in
financial services to be high for the foreseeable future, including
increased scrutiny from competition and other regulators in the
retail and SME business sectors.
Any matters discussed or identified during such discussions and
inquiries may result in, among other things, further inquiry or
investigation, other action being taken by governmental and
regulatory authorities, increased costs being incurred by NatWest
Group, remediation of systems and controls, public or private
censure, restriction of NatWest Group's business activities and/or
fines. Any of the events or circumstances mentioned in this
paragraph or below could have a material adverse effect on NatWest
Group, its business, authorisations and licences, reputation,
results of operations or the price of securities issued by it, or
lead to material additional provisions being taken.
NatWest Group is co-operating fully with the matters described
below.
US investigations relating to fixed-income securities
In December 2021, NWM Plc pled guilty in the United States District
Court for the District of Connecticut to one count of wire fraud
and one count of securities fraud in connection with historical
spoofing conduct by former employees in US Treasuries markets
between January 2008 and May 2014 and, separately, during
approximately three months in 2018. The 2018 trading occurred
during the term of a non-prosecution agreement (NPA) between NWMSI
and the United States Attorney's Office for the District of
Connecticut (USAO CT), under which non-prosecution was conditioned
on NWMSI and affiliated companies not engaging in criminal conduct
during the term of the NPA. The relevant trading in 2018 was
conducted by two NWM traders in Singapore and breached that NPA.
The plea agreement reached with the US Department of Justice (DOJ)
and the USAO CT resolved both the spoofing conduct and the breach
of the NPA.
Notes continued
14. Litigation and regulatory matters continued
As
required by the resolution and sentence imposed by the court, NWM
Plc is subject to a probationary period until the conclusion of the
independent monitorship, which is also required under the plea
agreement. In addition, NWM Plc has committed to compliance
programme reviews and improvements and agreed to reporting and
co-operation obligations.
In the event that NWM Plc does not meet its obligations to the DOJ,
this may lead to adverse consequences such as increased costs from
any extension of monitorship and/or the period of the probation,
findings that NWM Plc violated its probation term and possible
re-sentencing, amongst other consequences. Other material adverse
collateral consequences may occur as a result of this matter, as
further described in the Risk Factor relating to legal, regulatory
and governmental actions and investigations set out on pages 440 to
441 of NatWest Group plc's 2023 Annual Report and
Accounts.
RBSI Ltd reliance regime and referral to enforcement
In
January 2023, the Jersey Financial Services Commission (JFSC)
notified RBSI Ltd that it had been referred to its Enforcement
Division in relation to RBSI Ltd's operation of the reliance
regime. The reliance regime is specific to certain Crown
Dependencies and enables RBSI Ltd to rely on regulated third
parties for specific due diligence information. RBSI Ltd has
provided information to the JFSC at its request.
Investment advice review
In
October 2019, the FCA notified NatWest Group of its intention to
appoint a Skilled Person under section 166 of the Financial
Services and Markets Act 2000 to conduct a review of whether
NatWest Group's past business review of investment advice provided
during 2010 to 2015 was subject to appropriate governance and
accountability and led to appropriate customer outcomes. The
Skilled Person's review has concluded and, after discussion with
the FCA, NatWest Group is undertaking additional review /
remediation work.
Reviews into customer account closures
In
July 2023, NatWest Group plc commissioned an independent review by
the law firm Travers Smith LLP into issues that had arisen from
treatment of a customer in connection with an account closure
decision that attracted significant public attention and certain
related interactions with the media. NatWest Group plc received
reports in connection with that review (and in October and December
2023 published summaries of the key findings and
recommendations).
In addition, NatWest Group plc has conducted internal reviews with
respect to certain governance processes, policies, systems and
controls, including with respect to customer account
closures.
A programme of work is underway to implement the recommendations of
the external and internal reviews.
The FCA is conducting supervisory work into how the governance,
systems and controls of NatWest Group and Coutts & Company are
working, to identify and address any significant
shortcomings.
Review and investigation of treatment of tracker mortgage customers
in Ulster Bank Ireland DAC
In
December 2015, correspondence was received from the Central Bank of
Ireland setting out an industry examination framework in respect of
the sale of tracker mortgages from approximately 2001 until the end
of 2015. The redress and compensation process has now largely
concluded, although a small number of cases remain outstanding
relating to uncontactable customers.
UBIDAC customers have lodged tracker mortgage complaints with the
Financial Services and Pensions Ombudsman (FSPO). UBIDAC challenged
three FSPO adjudications in the Irish High Court. In June 2023, the
High Court found in favour of the FSPO in all matters and a
provision was recognised. UBIDAC has appealed that decision to the
Court of Appeal. A hearing took place in February 2024 and judgment
is awaited.
Other customer remediation in Ulster Bank Ireland DAC
UBIDAC
identified other legacy issues leading to the establishment of
remediation requirements and progress is ongoing to conclude
activities.
Notes continued
15. Related party transactions
UK Government
The
UK Government's shareholding in NatWest Group plc is managed by UK
Government Investments Limited, a company wholly owned by the UK
Government. At 30 June 2024 HM Treasury's holding in NatWest Group
plc's ordinary shares was 20.92% (31 December 2023 - 37.97%). As a
result, the UK Government through HM Treasury is no longer the
controlling shareholder of NatWest Group plc as per UK listing
rules. The UK Government and UK Government-controlled bodies remain
related parties of the NatWest Group.
At 12 July 2024 HM Treasury's holding in NatWest Group plc's
ordinary shares fell below 20% to 19.97%.
NatWest Group enters into transactions with many of these bodies.
Transactions include the payment of: taxes - principally UK
corporation tax and value added tax; national insurance
contributions; local authority rates; regulatory fees and levies;
together with banking transactions such as loans and deposits
undertaken in the normal course of banker-customer
relationships.
Bank of England facilities
NatWest
Group may participate in a number of schemes operated by the Bank
of England in the normal course of business.
Other related parties
(a) In their roles as providers of finance, NatWest Group companies
provide development and other types of capital support to
businesses. These investments are made in the normal course of
business.
(b) To further strategic partnerships, NatWest Group may
seek to
invest in third parties or allow third parties to hold a minority
interest in a subsidiary of NatWest Group. We disclose as related
parties for associates and joint ventures and where equity
interests are over 10%. Ongoing business transactions with these
entities are on normal commercial terms.
(c) NatWest Group recharges the NatWest Group Pension Fund with the
cost of pension management services incurred by it.
(d) In accordance with IAS 24, transactions or balances between
NatWest Group entities that have been eliminated on consolidation
are not reported.
Full details of NatWest Group's related party transactions for the
year ended 31 December 2023 are included in NatWest Group plc's
2023 Annual Report and Accounts.
16. Acquisitions
On
20 June 2024 NatWest Group plc announced an agreement with
Sainsbury's Bank plc to acquire the retail banking assets and
liabilities of Sainsbury's Bank plc, subject to court and
regulatory approvals. We expect to acquire approximately £2.5
billion of gross customer assets, comprising £1.4 billion of
unsecured personal loans and £1.1 billion of credit cards
balances, together with approximately £2.6 billion of customer
deposits. The transaction is expected to complete during the first
half of 2025 and have a 20 basis point impact on NatWest Group's
CET1 ratio upon completion and be EPS and RoTE accretive upon
completion.
NatWest Group plc has also agreed to acquire a £2.5 billion
portfolio of prime UK residential mortgages from Metro Bank plc,
with a weighted average current loan to value of c.62%. Completion
is conditional on a satisfactory response from the Competition and
Markets Authority and is expected to occur during H2 2024. On
completion of the transaction, NatWest Group plc expects to welcome
around 10,000 customer accounts which will continue to be serviced
by Metro Bank plc, in accordance with current arrangements,
following the transfer to NatWest Group plc. The impact of the
transaction, based on NatWest Group's CET1 ratio at 30 June 2024,
equates to a reduction of less than 10 basis points.
17. Post balance sheet events
As
part of the ongoing on-market share buyback programme, NatWest
Group plc has repurchased and cancelled a further 12.5 million
shares since 30 June 2024 for a total consideration (excluding
fees) of £40.9 million.
Other
than as disclosed in this document, there have been no significant
events between 30 June 2024 and the date of approval of this
announcement which would require a change to, or additional
disclosure, in the announcement.
18. Date of approval
This
announcement was approved by the Board of Directors on 25 July
2024.
Independent review report to NatWest Group plc
Conclusion
We
have been engaged by NatWest Group ("the Group") to review the
condensed consolidated financial statements in the half-yearly
financial report for the six months ended 30 June 2024 which
comprises of the condensed consolidated income statement, the
condensed consolidated statement of comprehensive income, the
condensed consolidated balance sheet, the condensed consolidated
statement of changes in equity, the condensed consolidated cash
flow statement, related Notes 1 to 18 and the Risk and capital
management disclosures for those identified as within the scope of
our review (together "the condensed consolidated financial
statements"). We have read the other information contained in the
half yearly financial report and considered whether it contains any
apparent misstatements or material inconsistencies with the
information in the condensed consolidated financial
statements.
Based on our review, nothing has come to our attention that causes
us to believe that the condensed consolidated financial statements
in the half-yearly financial report for the six months ended 30
June 2024 are not prepared, in all material respects, in accordance
with International Accounting Standard 34 "Interim Financial
Reporting" as adopted by the United Kingdom (UK) and as issued by
the International Accounting Standards Board (IASB), and the
Disclosure Guidance and Transparency Rules of the UK's Financial
Conduct Authority.
Basis for conclusion
We conducted our review in accordance with International Standard
on Review Engagements 2410 (UK) "Review of Interim Financial
Information Performed by the Independent Auditor of the Entity"
(ISRE) issued by the Financial Reporting Council. A review of
interim financial information consists of making enquiries,
primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK) and
consequently does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in
an audit. Accordingly, we do not express an audit
opinion.
As disclosed in Note 1, the annual financial statements of the
Group are prepared in accordance with UK adopted International
Accounting Standards, and International Financial Reporting
Standards as issued by the International Accounting Standards
Board. The condensed consolidated financial statements included in
this half-yearly financial report have been prepared in accordance
with International Accounting Standard 34, as adopted by the UK and
as issued by the IASB, and the Disclosure Guidance and Transparency
Rules of the UK's Financial Conduct Authority.
Conclusions relating to Going Concern
Based on our review procedures, which are less extensive than those
performed in an audit as described in the Basis for Conclusion
section of this report, nothing has come to our attention to
suggest that management have inappropriately adopted the going
concern basis of accounting or that management have identified
material uncertainties relating to going concern that are not
appropriately disclosed.
This conclusion is based on the review procedures performed in
accordance with this ISRE, however future events or conditions may
cause the entity to cease to continue as a going
concern.
Responsibilities of the directors
The directors are responsible for preparing the half-yearly
financial report in accordance with the Disclosure Guidance and
Transparency Rules of the UK's Financial Conduct
Authority.
In preparing the half-yearly financial report, the directors are
responsible for assessing the Group's ability to continue as a
going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the
directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do
so.
Auditor's responsibilities for the review of the financial
information
In reviewing the half-yearly report, we are responsible for
expressing to the Group a conclusion on the condensed consolidated
financial statements in the half-yearly financial report. Our
conclusion, including our Conclusions Relating to Going Concern,
are based on procedures that are less extensive than audit
procedures, as described in the Basis for Conclusion paragraph of
this report.
Use of our report
This report is made solely to the Group in accordance with guidance
contained in International Standard on Review Engagements 2410 (UK)
"Review of Interim Financial Information Performed by the
Independent Auditor of the Entity" issued by the Financial
Reporting Council. To the fullest extent permitted by law, we do
not accept or assume responsibility to anyone other than the Group,
for our work, for this report, or for the conclusions we have
formed.
Ernst & Young LLP
London, United Kingdom
25 July 2024
NatWest Group plc Summary Risk Factors
Summary of Principal Risks and Uncertainties
Set out below is a summary of the principal risks and uncertainties
for the remaining six months of the financial year which could
adversely affect NatWest Group.
This summary should not be regarded as a complete and comprehensive
statement of all potential risks and uncertainties; a fuller
description of these and other risk factors is included on pages
417 to 441 of the NatWest Group plc 2023 Annual Report and Accounts
and pages 160 to 184 of NatWest Group plc's 2023 Form 20-F. Any of
the risks identified may have a material adverse effect on NatWest
Group's business, operations, financial condition or
prospects.
Economic and political risk
−
NatWest
Group, its customers and its counterparties face continued economic
and political risks and uncertainties in the UK and global markets,
including as a result of inflation and interest rates, supply chain
disruption, fiscal and monetary policy changes (such as increases
in bank levies), and geopolitical developments.
−
Changes
in interest rates will continue to affect NatWest Group's business
and results.
−
Fluctuations
in currency exchange rates may adversely affect NatWest Group's
results and financial condition.
−
Continuing
uncertainty regarding the effects and extent of the UK's post
Brexit divergence from EU laws and regulation, and NatWest Group's
post Brexit EU operating model may adversely affect NatWest Group
and its operating environment.
−
HM
Treasury (or UKGI on its behalf) could exercise a significant
degree of influence over NatWest Group and further offers or sales
of NatWest Group's shares held by HM Treasury may affect NatWest
Group's reputation or the price of its
securities.
Business change and execution risk
−
NatWest
Group continues to implement its strategy, which carries
significant execution and operational risks and it may not achieve
its stated aims and targeted outcomes.
−
Acquisitions,
divestments, other transactions and/or the withdrawal from the
Republic of Ireland by NatWest Group may not be successful, and
consolidation or fragmentation of the financial services industry
may adversely affect NatWest Group.
−
The
transfer of NatWest Group's Western European corporate portfolio
involves certain risks.
Financial resilience risk
−
NatWest
Group may not achieve its ambitions, targets, guidance it
communicates or be in a position to continue to make discretionary
capital distributions (including dividends to
shareholders).
−
NatWest
Group operates in markets that are highly competitive, with
competitive pressures and technology
disruption.
−
NatWest
Group has significant exposure to counterparty and borrower risk
including credit losses, which may have an adverse effect on
NatWest Group.
−
NatWest
Group may not meet the prudential regulatory requirements for
liquidity and funding or may not be able to adequately access
sources of liquidity and funding, which could trigger the execution
of certain management actions or recovery
options.
−
NatWest
Group may not meet the prudential regulatory requirements for
regulatory capital and MREL, or manage its capital effectively,
which could trigger the execution of certain management actions or
recovery options.
−
Any
reduction in the credit rating and/or outlooks assigned to NatWest
Group plc, any of its subsidiaries or any of their respective debt
securities could adversely affect the availability of funding for
NatWest Group, reduce NatWest Group's liquidity and funding
position and increase the cost of funding.
−
NatWest
Group may be adversely affected if it fails to meet the
requirements of regulatory stress tests.
−
NatWest
Group could incur losses or be required to maintain higher levels
of capital as a result of limitations or failure of various
models.
−
NatWest
Group's financial statements are sensitive to underlying accounting
policies, judgments, estimates and assumptions.
−
Changes
in accounting standards may materially impact NatWest Group's
financial results.
−
The
value or effectiveness of any credit protection that NatWest Group
has purchased depends on the value of the underlying assets and the
financial condition of the insurers and
counterparties.
NatWest Group plc summary risk factors continued
Financial resilience risk continued
−
NatWest
Group is subject to Bank of England and PRA oversight in respect of
resolution, and NatWest Group could be adversely affected should
the Bank of England in the future deem NatWest Group's preparations
to be inadequate.
−
NatWest
Group may become subject to the application of UK statutory
stabilisation or resolution powers which may result in, for
example, the cancellation, transfer or dilution of ordinary shares,
or the write-down or conversion of certain other of NatWest Group's
securities.
Climate and sustainability-related risks
−
NatWest
Group and its value chain face climate-related and
sustainability-related risk that may adversely affect NatWest
Group.
−
Climate-related
risks may adversely affect the global financial system, NatWest
Group or its value chain.
−
NatWest
Group and its value chain may face other sustainability-related
risks that may adversely affect NatWest Group.
−
NatWest
Group's climate change related strategy, ambitions, targets and
transition plan entail significant execution and/or reputational
risks and are unlikely to be achieved without significant and
timely government policy, technology and customer behavioural
changes.
−
There
are significant limitations related to accessing accurate,
reliable, verifiable, auditable, consistent and comparable climate
and other sustainability-related data that contribute to
substantial uncertainties in accurately modelling and reporting on
climate and sustainability information, as well as making
appropriate important internal decisions.
−
Failure
to implement effective governance, procedures, systems and controls
in compliance with legal, regulatory requirements and societal
expectations to manage climate and sustainability-related risks and
opportunities could adversely affect NatWest
Group.
−
Increasing
levels of climate and other sustainability-related laws, regulation
and oversight may adversely affect NatWest
Group.
−
Increasing
regulation of "greenwashing" is likely to increase the risk of
regulatory enforcement and investigation and
litigation.
−
NatWest
Group may be subject to potential climate and other
sustainability-related litigation, enforcement proceedings,
investigations and conduct risk.
−
A
reduction in the ESG ratings of NatWest Group could have a negative
impact on NatWest Group's reputation and on investors' risk
appetite and customers' willingness to deal with NatWest
Group.
Operational and IT resilience risk
−
Operational
risks (including reliance on third party suppliers and outsourcing
of certain activities) are inherent in NatWest Group's
businesses.
−
NatWest
Group is subject to sophisticated and frequent
cyberattacks.
−
NatWest
Group operations and strategy are highly dependent on the accuracy
and effective use of data.
−
NatWest
Group's operations are highly dependent on its complex IT systems
and any IT failure could adversely affect NatWest
Group.
−
NatWest
Group relies on attracting, retaining and developing diverse senior
management and skilled personnel, and is required to maintain good
employee relations.
−
A
failure in NatWest Group's risk management framework could
adversely affect NatWest Group, including its ability to achieve
its strategic objectives.
−
NatWest
Group's operations are subject to inherent reputational
risk.
Legal, regulatory and conduct risk
−
NatWest
Group's businesses are subject to substantial regulation and
oversight, which are constantly evolving and may adversely affect
NatWest Group.
−
NatWest
Group is exposed to the risks of various litigation matters,
regulatory and governmental actions and investigations as well as
remedial undertakings, the outcomes of which are inherently
difficult to predict, and which could have an adverse effect on
NatWest Group.
−
Changes
in tax legislation or failure to generate future taxable profits
may impact the recoverability of certain deferred tax assets
recognised by NatWest Group.
Statement of directors' responsibilities
We, the directors listed below, confirm that to the best of our
knowledge:
−
the
condensed financial statements have been prepared in accordance
with IAS 34 'Interim Financial Reporting', as adopted by the UK and
as issued by the International Accounting Standards Board
(IASB);
−
the
interim management report includes a fair review of the information
required by DTR 4.2.7R (indication of important events during the
first six months and description of principal risks and
uncertainties for the remaining six months of the year);
and
−
the
interim management report includes a fair review of the information
required by DTR 4.2.8R (disclosure of related parties' transactions
and changes therein).
By order of the Board
Richard
Haythornthwaite
|
John-Paul
Thwaite
|
Katie
Murray
|
Chair
|
Group
Chief Executive Officer
|
Group
Chief Financial Officer
|
25 July 2024
Board of directors
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
|
Presentation of information
'Parent company' refers to NatWest Group plc and 'NatWest Group'
and 'we' refers to NatWest Group plc and its subsidiary and
associated undertakings. The term 'NWH Group' refers to NatWest
Holdings Limited (NWH) and its subsidiary and associated
undertakings. The term 'NWM Group' refers to NatWest Markets Plc
(NWM Plc) and its subsidiary and associated undertakings. The term
'NWM N.V.' refers to NatWest Markets N.V. The term 'NWMSI' refers
to NatWest Markets Securities, Inc. The term 'RBS plc' refers to
The Royal Bank of Scotland plc. The term 'NWB Plc' refers to
National Westminster Bank Plc. The term 'UBIDAC' refers to Ulster
Bank Ireland DAC.
NatWest Group publishes its financial statements in pounds sterling
('£' or 'sterling'). The abbreviations '£m' and
'£bn' represent millions and thousands of millions of pounds
sterling, respectively, and references to 'pence' or 'p' represent
pence where the amounts are denominated in pounds sterling ('GBP').
Reference to 'dollars' or '$' are to United States of America
('US') dollars. The abbreviations '$m' and '$bn' represent millions
and thousands of millions of dollars, respectively. The
abbreviation '€' represents the 'euro', and the abbreviations
'€m' and '€bn' represent millions and thousands of
millions of euros, respectively.
Statutory accounts
Financial information contained in this document does not
constitute statutory accounts within the meaning of section 434 of
the Companies Act 2006 ('the Act'). The statutory accounts for the
year ended 31 December 2023 have been filed with the Registrar of
Companies. The report of the auditor on those statutory accounts
was unqualified, did not draw attention to any matters by way of
emphasis and did not contain a statement under section 498(2) or
(3) of the Act.
Forward-looking statements
This document may include forward-looking statements within the
meaning of the United States Private Securities Litigation Reform
Act of 1995, such as statements that include, without limitation,
the words 'expect', 'estimate', 'project', 'anticipate', 'commit',
'believe', 'should', 'intend', 'will', 'plan', 'could',
'probability', 'risk', 'Value-at-Risk (VaR)', 'target', 'goal',
'objective', 'may', 'endeavour', 'outlook', 'optimistic',
'prospects' and similar expressions or variations on these
expressions. These statements concern or may affect future matters,
such as NatWest Group's future economic results, business plans and
strategies. In particular, this document may include
forward-looking statements relating to NatWest Group plc in respect
of, but not limited to: its economic and political risks, its
financial position, profitability and financial performance
(including financial, capital, cost savings and operational
targets), the implementation of its strategy, its climate and
sustainability-related targets, increasing competition from
incumbents, challengers and new entrants and disruptive
technologies, its access to adequate sources of liquidity and
funding, its regulatory capital position and related requirements,
its exposure to third party risks, its ongoing compliance with the
UK ring-fencing regime and ensuring operational continuity in
resolution, its impairment losses and credit exposures under
certain specified scenarios, substantial regulation and oversight,
ongoing legal, regulatory and governmental actions and
investigations, and NatWest Group's exposure to operational risk,
conduct risk, cyber, data and IT risk, financial crime risk, key
person risk and credit rating risk. Forward-looking statements are
subject to a number of risks and uncertainties that might cause
actual results and performance to differ materially from any
expected future results or performance expressed or implied by the
forward-looking statements. Factors that could cause or contribute
to differences in current expectations include, but are not limited
to, future growth initiatives (including acquisitions, joint
ventures and strategic partnerships), the outcome of legal,
regulatory and governmental actions and investigations, the level
and extent of future impairments and write-downs, legislative,
political, fiscal and regulatory developments, accounting
standards, competitive conditions, technological developments,
interest and exchange rate fluctuations, general economic and
political conditions and the impact of climate-related risks and
the transitioning to a net zero economy. These and other factors,
risks and uncertainties that may impact any forward-looking
statement or NatWest Group plc's actual results are discussed in
NatWest Group plc's 2023 Annual Report on Form 20-F, NatWest Group
plc's Interim Management Statement for Q1 and H1 2024 on Form 6-K,
and its other public filings. The forward-looking statements
contained in this document speak only as of the date of this
document and NatWest Group plc does not assume or undertake any
obligation or responsibility to update any of the forward-looking
statements contained in this document, whether as a result of new
information, future events or otherwise, except to the extent
legally required.
Additional information
Share information
|
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
|
Financial calendar
2024
third quarter interim management statement
|
25
October 2024
|
Contacts
Analyst enquiries:
Claire Kane, Investor
Relations
+44 (0) 20 7672 1758
Media
enquiries: NatWest
Group Press
Office
+44 (0) 131 523 4205
|
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
|
Available on natwestgroup.com/results
−
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.
|
Non-IFRS financial measures
NatWest Group prepares its financial statements in accordance with
UK-adopted International Accounting Standards (IAS) and
International Financial Reporting Standards (IFRS). This document
contains a number of non-IFRS measures, also known as alternative
performance measures, defined under the European Securities and
Markets Authority (ESMA) guidance or non-GAAP financial measures in
accordance with the Securities and Exchange Commission (SEC)
regulations. These measures are adjusted for notable and other
defined items which management believes are not representative of
the underlying performance of the business and which distort
period-on-period comparison.
The non-IFRS measures provide users of the financial statements
with a consistent basis for comparing business performance between
financial periods and information on elements of performance that
are one-off in nature. The non-IFRS measures also include a
calculation of metrics that are used throughout the banking
industry.
These non-IFRS measures are not a substitute for IFRS measures and
a reconciliation to the closest IFRS measure is presented where
appropriate.
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.
|
Non-IFRS financial measures continued
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.
|
Non-IFRS financial measures continued
1. Total income excluding notable items
|
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
|
2. Cost:income ratio (excl. litigation and conduct)
|
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%
|
3. Tangible net asset value (TNAV) per ordinary share
|
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
|
(1) The
number of ordinary shares in issue excludes own shares
held.
Non-IFRS financial measures continued
4. Operating expenses - management view
|
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
|
5. Loan:deposit ratio (excl. repos and reverse repos)
|
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%
|
Non-IFRS financial measures continued
6. NatWest Group return on tangible equity
|
|
|
|
|
|
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%
|
7. Segmental return on equity
|
|
|
|
|
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%
|
Performance measures not defined under IFRS
The table below summarises other performance measures used by
NatWest Group, not defined under IFRS, and therefore a
reconciliation to the nearest IFRS measure is not
applicable.
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.
|
Legal Entity Identifier: 2138005O9XJIJN4JPN90
Date: 26
July 2024
|
NATWEST
GROUP plc (Registrant)
|
|
|
|
By: /s/
Jan Cargill
|
|
|
|
Name:
Jan Cargill
|
|
Title:
Chief Governance Officer and Company Secretary
|
NatWest (PK) (USOTC:RBSPF)
Gráfica de Acción Histórica
De Jun 2024 a Jul 2024
NatWest (PK) (USOTC:RBSPF)
Gráfica de Acción Histórica
De Jul 2023 a Jul 2024