REG - NatWest Group plc - Filing of Annual Report on Form 20-F with US SEC

NatwestAnnouncement

26/02/2024 07:00

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RNS Number : 4126E  NatWest Group plc  26 February 2024

NatWest Group plc

26 February 2024

 

FILING OF ANNUAL REPORT ON FORM 20-F WITH US SEC

 

NatWest Group plc (the "Company") announces that, on 23 February 2024, it
filed its Annual Report on Form 20-F with the US Securities and Exchange
Commission (SEC).  The document is available for viewing on the SEC website
at www.sec.gov (http://www.sec.gov/)  and also on the Company's website
at www.natwestgroup.com (http://www.natwestgroup.com/) .  The Company will
send any holder of the Company's securities, upon request, a hard copy of the
Company's complete audited financial statements free of charge.  Requests may
be made by writing to the Chief Governance Officer and Company Secretary,
NatWest Group plc, Gogarburn, PO Box 1000, Edinburgh EH12 1HQ.

 

 

Jan Cargill

Chief Governance Officer and Company Secretary

26 February 2024

 

 

 

 Legal Entity Identifier

 NatWest Group plc  2138005O9XJIJN4JPN90

 

 

Forward-looking statements

Cautionary statement regarding forward-looking statements

Certain sections in this document contain 'forward-looking statements' as that
term is defined in the United States Private Securities Litigation Reform Act
of 1995, such as statements that include 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. In particular,
this document includes forward-looking targets and guidance relating to
financial performance measures, such as income growth, operating expense,
RoTE, ROE, discretionary capital distribution targets, impairment loss rates,
balance sheet reduction, including the reduction of RWAs, CET1 ratio (and key
drivers of the CET1 ratio including timing, impact and details), Pillar 2 and
other regulatory buffer requirements and MREL and non-financial performance
measures, such as NatWest Group's initial area of focus, climate and
sustainability-related performance ambitions, targets and metrics, including
in relation to initiatives to transition to a net zero economy, Climate and
Sustainable Funding and Financing (CSFF) and financed emissions. In addition,
this document includes forward-looking statements relating, but not limited
to: implementation of NatWest Group's strategy (including in relation to:
cost-controlling measures, the Commercial & Institutional segment and
achieving a number of various targets within the relevant timeframe); the
timing and outcome of litigation and government and regulatory investigations;
direct and on-market buy-backs; funding plans and credit risk profile;
managing its capital position; liquidity ratio; portfolios; net interest
margin and drivers related thereto; lending and income growth, product share
and growth in target segments; impairments and write-downs; restructuring and
remediation costs and charges; NatWest Group's exposure to political risk,
economic assumptions and risk, climate, environmental and sustainability risk,
operational risk, conduct risk, financial crime risk, cyber, data and IT risk
and credit rating risk and to various types of market risk, including interest
rate risk, foreign exchange rate risk and commodity and equity price risk;
customer experience, including our Net Promoter Score; employee engagement and
gender balance in leadership positions.

Limitations inherent to forward-looking statements

These statements are based on current plans, expectations, estimates, targets
and projections, and are subject to significant inherent risks, uncertainties
and other factors, both external and relating to NatWest Group's strategy or
operations, which may result in NatWest Group being unable to achieve the
current plans, expectations, estimates, targets, projections and other
anticipated outcomes expressed or implied by such forward-looking statements.
In addition, certain of these disclosures are dependent on choices relying on
key model characteristics and assumptions and are subject to various
limitations, including assumptions and estimates made by management. By their
nature, certain of these disclosures are only estimates and, as a result,
actual future results, gains or losses could differ materially from those that
have been estimated. Accordingly, undue reliance should not be placed on these
statements. The forward-looking statements contained in this document speak
only as of the date we make them and we expressly disclaim any obligation or
undertaking to update or revise any forward-looking statements contained
herein, whether to reflect any change in our expectations with regard thereto,
any change in events, conditions or circumstances on which any such statement
is based, or otherwise, except to the extent legally required.

Important factors that could affect the actual outcome of the forward-looking
statements

We caution you that a large number of important factors could adversely affect
our results or our ability to implement our strategy, cause us to fail to meet
our targets, predictions, expectations and other anticipated outcomes or
affect the accuracy of forward-looking statements described in this document.
These factors include, but are not limited to, those set forth in the risk
factors and the other uncertainties described in NatWest Group plc's Annual
Report on Form 20-F and its other filings with the US Securities and Exchange
Commission. The principal risks and uncertainties that could adversely affect
NatWest Group's future results, its financial condition and/or prospects and
cause them to be materially different from what is forecast or expected,
include, but are not limited to: economic and political risk (including in
respect of: political and economic risks and uncertainty in the UK and global
markets, including due to GDP growth, inflation and interest rates, political
uncertainty and instability, supply chain disruption and geopolitical tensions
and armed conflict); changes in foreign currency exchange rates; uncertainty
regarding the effects of Brexit; and HM Treasury's ownership as the largest
shareholder of NatWest Group plc); strategic risk (including in respect of the
implementation of NatWest Group's strategy; future acquisitions and
divestments (including the phased withdrawal from ROI), and the transfer of
its Western European corporate portfolio); financial resilience risk
(including in respect of: NatWest Group's ability to meet targets and to make
discretionary capital distributions; the competitive environment; counterparty
and borrower risk; liquidity and funding risks; prudential regulatory
requirements for capital and MREL; reductions in the credit ratings; the
requirements of regulatory stress tests; model risk; sensitivity to accounting
policies, judgements, estimates and assumptions (and the economic, climate,
competitive and other forward looking information affecting those judgements,
estimates and assumptions); changes in applicable accounting standards; the
value or effectiveness of credit protection; the adequacy of NatWest Group's
future assessments by the Prudential Regulation Authority and the Bank of
England; and the application of UK statutory stabilisation or resolution
powers); climate and sustainability risk (including in respect of: risks
relating to climate-related  and sustainability-related risks; both the
execution and reputational risk relating to NatWest Group's climate
change-related strategy, ambitions, targets and transition plan; climate and
sustainability-related data and model risk; the failure to implement climate
change resilient governance, systems, controls and procedures; increasing
levels of climate, environmental, human rights and sustainability-related
regulation and oversight; increasing anti-greenwashing regulations; climate,
environmental and sustainability-related litigation, enforcement proceedings
investigations and conduct risk; and reductions in ESG ratings); operational
and IT resilience risk (including in respect of: operational risks (including
reliance on third party suppliers); cyberattacks; the accuracy and effective
use of data; complex IT systems; attracting, retaining and developing diverse
senior management and skilled personnel; NatWest Group's risk management
framework; and reputational risk); and legal, regulatory and conduct risk
(including in respect of: the impact of substantial regulation and oversight;
the outcome of legal, regulatory and governmental actions, investigations and
remedial undertakings; and changes in tax legislation or failure to generate
future taxable profits).

Climate and sustainability-related disclosures

Climate and sustainability-related disclosures in this document are not
measures within the scope of International Financial Reporting Standards
('IFRS'), use a greater number and level of judgements, assumptions and
estimates, including with respect to the classification of climate and
sustainable funding and financing activities, than our reporting of historical
financial information in accordance with IFRS. These judgements, assumptions
and estimates are highly likely to change materially over time, and, when
coupled with the longer time frames used in these disclosures, make any
assessment of materiality inherently uncertain. In addition, our climate risk
analysis, net zero strategy, including the implementation of our climate
transition plan remain under development, and the data underlying our analysis
and strategy remain subject to evolution over time. The process we have
adopted to define, gather and report data on our performance on climate and
sustainability-related measures is not subject to the formal processes adopted
for financial reporting in accordance with IFRS and there are currently
limited industry standards or globally recognised established practices for
measuring and defining climate and sustainability-related metrics. As a
result, we expect that certain climate and sustainability-related disclosures
made in this document are likely to be amended, updated, recalculated or
restated in the future. Please also refer to the cautionary statement in the
section entitled 'Climate-related and other forward-looking statements and
metrics' of the NatWest Group 2023 Climate-related Disclosures Report.

Cautionary statement regarding Non-IFRS financial measures and APMs

NatWest Group prepares its financial statements in accordance with generally
accepted accounting principles (GAAP). This document may contain financial
measures and ratios not specifically defined under GAAP or IFRS ('Non-IFRS')
and/or alternative performance measures ('APMs') as defined in European
Securities and Markets Authority ('ESMA') guidelines. Non-IFRS measures and
APMs 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. 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. Any Non-IFRS measures and/or APMs
included in this document, are not measures within the scope of IFRS, are
based on a number of assumptions that are subject to uncertainties and change,
and are not a substitute for IFRS measures.

The information, statements and opinions contained in this document do not
constitute a public offer under any applicable legislation or an offer to sell
or a solicitation of an offer to buy any securities or financial instruments
or any advice or recommendation with respect to such securities or other
financial instruments.

 

END

 

 

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