REG - NatWest Group plc - NWG plc 2024 Interim Results - Part 2 of 2
26/07/2024 07:15
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RNS Number : 9471X NatWest Group plc 26 July 2024
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 (26) (4)
through profit or loss (FVTPL) due to changes in credit risk
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 (7) 9
own credit risk - debt securities in issue
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 (43) (3)
value through profit or loss (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 (10) (38)
recognised
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.
Amortised Other
cost
assets
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 Amortised Other
cost
liabilities
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 Frank Dangeard
Katie Murray 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 31 March 31 December
2024 2024 2023
Ordinary share price 312 266 219
(pence)
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 (http://www.rbs.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) The cost:income ratio (excl. litigation and conduct) is calculated as other
operating expenses (operating expenses less litigation and conduct costs)
Refer to table 2. Cost:income ratio (excl. litigation and conduct) on page divided by total income. Litigation and conduct costs are excluded as they are
115. one-off in nature, difficult to forecast for Outlook purposes and distort
period-on-period comparisons.
Customer deposits excluding central items Customer deposits excluding central items is calculated as total NatWest Group
customer deposits excluding Central items & other customer deposits.
Refer to Segmental performance on pages 12-16 for components of calculation. 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 Funded assets is calculated as total assets less derivative assets. This
measure allows review of balance sheet trends exclusive of the volatility
Refer to Condensed consolidated balance sheet on page 79 for components of associated with derivative fair values.
calculation.
Loan:deposit ratio (excl. repos and reverse repos) Loan:deposit ratio (excl. repos and reverse repos) is calculated as net
customer loans held at amortised cost excluding reverse repos divided by total
Refer to table 5. Loan:deposit ratio (excl. repos and reverse repos) on page customer deposits excluding repos. This metric is used to assess liquidity.
116.
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 NatWest Group return on tangible equity comprises annualised profit or loss
for the period attributable to ordinary shareholders divided by average
Refer to table 6. NatWest Group return on tangible equity on page 117. 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 Net interest margin is net interest income, as a percentage of average
interest earning assets (IEA). Average IEA are average IEA of the banking
Refer to Segmental performance on pages 12-16 for components of calculation. 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 Net loans to customers excluding central items is calculated as total NatWest
Group net loans to customers excluding Central items & other net loans to
Refer to Segmental performance on pages 12-16 for components of calculation. 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 The management analysis of operating expenses shows litigation and conduct
costs separately. These amounts are included within staff costs and other
Refer to table 4. Operating expenses - management view on page 116. 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 Segment return on equity comprises segmental operating profit or loss,
adjusted for paid-in equity and tax, divided by average notional equity.
Refer to table 7. Segmental return on equity on page 117. 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 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
Refer to table 3. Tangible net asset value (TNAV) per ordinary share on page valuing the bank and allows for comparison with other per ordinary share
115. 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 Total income excluding notable items is calculated as total income less
notable items. The exclusion of notable items aims to remove the impact of
Refer to table 1. Total income excluding notable items on page 115. 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 126 52 67 59 (23)
relationships
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.
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